Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1875-02-11
Legislative.
TIRE CID RAILROAD BONDS.

TIRE CID RAILROAD BONDS.
The Senate took up Senator Mcighen's
memorial to Congress for authority to trans
fer tho proceeds of the sale of tho 50H,o"o
acres Of internal Improvement lands to the
permanent school fund.
Senator Drake obtained the 1oer. He said
there was great misunderstood ding among
the people Of tho State upon the subject OF
these bonds, a Misunderstanding which had
largely grown out Of the representations Of
such men as the Senator from Dacota. He
thon procaede At length to argue upon the
question Of the legality Of the bonds giving a
clear, concise and exhaustive history of tho
legislation upon thu subject. He character
ICED tho ect exrunging the constitutional
amen amcnt under which the bonds were issued.
from the constitution rs ths blackest and dark
est act the people of the State ever permitted
1t was an entirely uusatory act, as the State
had no authority for such a course. in JUS
tico to Se'Ah Chamberlain. a gentleman he
Senator Drake) had no reason to lovo, who
seems to be the butt Of those who are the bit
terest enemies Of those bonds. he said, referring
to these bonds being made the basis for bank
ing, that Mr.. ChaEherlain had beon engaged
in banking, and paid every dollar issued BY
his bank, dollar for dollar, aad, furthermore,
paid the cupors on the bonds for tho Grst year
conditions Ct thes. bonds from bond which
ho exhibited. and claimed that there was no
way ofgetting around these conditions except
by suatcrfuse. There bonds are scattered all
over the country in the hands Of men. women,
widows and orphans. all innocent parties, who
relied upon the honor Of the State. The prae-
teal reputation by ths State is L sin . It is
bad policy, and The State has alrealy los t and
will continue to lose far moro than it would
have required to pay the bonds. Hs had the
modification Of knowing that tho State had
gone into the market to negotiate a loan Of
100000, and could not secure bidder, and
was compelled to take tho loan from tho school
fund. The judgment fthe world is that Min
nesota is a practical repuaiationist.
Senator Folsom was in the Senate whom the
loan bill was passed. and he gave history Of
the circumstances attending its passage, and
| read the protest against the passage of tho
bill, which was spread upon the journal ofth-
House at the time, to show that even at that
time there vas + doubt as to the legality Of
the bonds. He also read some Of his own re-
! marks upon the subject at tho time, taking
Ixh ~. L.
which views he still held. He held At that
time that the State would be swindled out OF
these bonds and eventually would have to pay
them. Time has shown that he was correct,
and he believed no" that the State would have
to make these bonds good. Coming back to
the question before tho Senate, he believed in
using the 5oo,CCO acres Of land for internal
improvements
Senator Buckhsm said the discussion had
revived early rceslIections. The first public
speech he had ever made Was against this loan
bill, and the first vote he cast was agai nst the
measure. The fact that he had voted agains,
thom thsn, now makes him in honor bound Ia
pay them. He was not deceived. The propo
sition was plain and unmistakable one
The people knew just what they were voting
for, and it is not right for the State to plead
the baby act now. Those bends in the hand.
Of bona .fGe holders arc a legal obligation
!, against the State, aud how any intelligen
man can look upon them in any other ligh
was moro than he could understand. He die
not helieve that the State in equity WIS i,
honor bound to pay all these bonds dollar fol
dollar, for some Of them were taken with
! full knowledge of the circumstances unde
which they were issued, at Is o. 10 cents on
tho dollar, but there were bonds held by limo
cent parties which the State shoald pay i,
u trust fund from the proceeds Of the $4,000
acres Of LAND. and he should therefore vot,
for the resolution. ~ .se J
Senator Drake offered an amendment n.em
orializing Congress for authority to sell th
lands and appropriati.g the proceeds to th
genreal school fund to b annually distributed
In support oi the amendment Senator Drak
argued that the State needed these funds 70
support Of schools now, moro than We woul
in the future.
Senator Cox again argued ia favor Of keep
ing the lands just where they were.
Senator MeiEhen opposed the amendment
Senator Macdonald opposed b.th tho bill
and the amendment. W. have no constitu
tional right to divert these lands from the pur
pote for which Congress donated them. The,
are safe whore they now are, and he believed
in keeping them there antil the old bond ques
ton was settled. Ho had voted for and advo
Gated tho lssae ofthoss bonds, and ho b.liovs'
The State vas in equity bound to pay hem
He had taken this position and maint aimed
still. 8.
81 MI ,.,o ln,,f +roo n,,n 4, ~, s1roI *,