New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-22
MLNNESOTA'S CONTENTS ON MR. NCUL-
LOCHS LETTER.

From The 81. Paul Pioneer Press.

From IN, s. Paul Pioneer Press ,
Mr. McCulOch states tcrsely and accurately
the history Of Tic Minnesota state railroad bonds He
has omitted. however, TO state one iact Wncn ",o
wckedness OF this policy OF bad faith. and that Is tha
the bonds issued by virtue OF special hnehu,;
amendment was deliberately ratified after full discus
son by the nearly unanimous vote OF the heGpe r"
bonds issued the faith vt and efea
ties were to be cxacted against default and that al these
conditions precedent to the Issue of the poius WI
strictly complied with. The issuance OF these pohus
plcdgg the faith and credit OF the state for thelr pay
mcnt in the railroad companies deiaiied was
upon a general constitutional power previously con ON
fcrred II the deliberate unconstraned ACT Oh ,'
ton OF pcbscitum TO the contract under which inc
bonds were issued as part Of me Consttnoh sd
more solemn sanctions, for IL pledge OF ubic Iat
by the people Themselves. in their highest ana most
sovereign capacity and never was contract oe wa"
tcnly and shancfuly Tcpudiatcd
DIsGRACEFUL DISHONESTY.
From The ST. Paul Dispatch.
Whatever diversity of opinion may exist IN
Minnesota, and however honestly entertained az 10 tne
Rpndiatio of the state oil Wna, 81 y onn"n cn ihe
subject throughout the financial circles ~ me worIu
The effect OF that opinion Is le ta London and
to New York and everywhere on the cash BOOKS OF UNI
over her Otherwise brilliant record hangs this
shadowing cloud of dishonor Is not necessary nov
10 THE TKiBNE is important as re1ccng truthfuy The
position of Minnesota before the honorable people OF te
stated SUP rior however. above all minor consdcIa
tons rises the question Of state honor and state credit
Reconciliation dshOnOT DishonOr ~ the result o acls
~ bad faith, when the result Of Reputation Ol noheS
liabilities-by honest liabilities mean unqnesoheu
legal Iiailiticsthat dishOnOr l. the outcome ana lnt
stigma fastened dishonesty Minnesota must az any
cost wine out this dshOnOr Tho state * not vdlcatrd
before the world After years the fearful skeleton oi
rrudation rises to taunt and mock the good fath ana
good Of our people. In Europe ana ~ himer'o"
minnesota is considered az tainted with repudiation
A STATE WITHOUT CREDIT OR STANDING.
From, The Minneapolis Trttne -,
We have heretofore commented very tuily on
the subject Of MnesOta's reputation OF her bonds ana
The disgrace which attaches IN her III inc eyes o ,l
world because of such reputation That ACT mas oaG'
our young State down with weight OF opIuy WIFI
will be ict 10 shake Of. IT Is no excuse for us llt
other states are equally disgaced by similar ac's n
fact that Minnesota refuses pay her honest deh-tha
she is in fact doing business on capital obtained ~ tr
most dishono able practices-ls enough 10 man. t'i5
resident of the state blush for very shame Americans III
foreign countries have the story OF our shame tr"S,
unon them constantly. and daily mortified 10 learn
flat AiinucsO has credit abroad ana 10 riiuis Nv
the ewes of honorable business men Az tne thlc 'H'
bonds were issued the State received III the OPINION o
her statesmen that day, full value ior thel-iI c.ts'
they enabled her 10 naugurate her system Oh rai"aN
from which has flowed her subsequent deYcOpne aiu
prosperity These bonds bought in the Lnarhet III
good faith and the who invested in them nave pee
ist as completely and thoroughly robbed oil thGI no.y
s THOUGH the state had picked their pockets. lncre
widespread desire among the people 10 nave tiS VIZ,
upon orr fair fame wiped out and II or legislators heN
Winter will hut take the intialOry steps 10 accomplish
the end so mich 10 desired they will lid The peopie
will sustain them.