The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-03-16


wishes of the companies, and they
applied to member of co-ordinate
branch of the government, that is, the
Chief Justice of the Supreme Court
and he issued his mandate requiring the
Governor to issue the bonds and take
the security offered, which would from
the best Information we can readily OBJ
tain, reduce the security to an infinite
decimal.
| And the Governor, although being in
regular decent in the line Of jackson,
did not say as the General did to his CO.
ordinate, on memorable and now his
torical occasion, 'You have made your
| decision, now execute it." And Chief
Justice Marshall, although giving the
law correctly, yet his decree was never
carried out, and Jackson, the President,
in that case was sustained. As we were
about saying. the bonds were issued in
accordance with the order of the Chief
Justice and taken to New York, and
an effort made at negotiation; but
there were no buyers, as will appear
from the message of Governor Sibley,
hereinbefore referred to, the language
of which. on this subject, we will here
quote: 1.-The several companies having
received the State bonds due them, at
tempted to effect their negotiation in
New York City, but were unsuccessful !;
and at their earnest solicitation, and
prompted by sense of public duty, I
visited that city. and spent several
weeks in the endeavor to sell the bonds. :"
We have now given brief history,
in direct line, Of these Minnesota State
Railroad Bonds, up to the time OF their
explosion, which was, as we have it
from official authority, in very youth
full period of their existence.
And now, we will notice some incl
dents that might have legal bearing
upon the subject matter.
The proposition upon which these
Minnesota Railroad Bonds, so called,
were issued, were entitled, Ito amend
section ten, article nine, of the Constitu-
tion," which section provided that 1.-THE
credit of the State should never be given
or loaned to any individual, association
or corporation"
Now, the Eve million loan bill, so
called, only proposed to amend this sec
ton. When section FIVE of the same ar
ticle permits the State to incur debt of
two hundred and fifty thousand dollars,
and that only on extraordinary occasions,
when the object must be plainly stated,
and receive the sanction of two-thirds of
the Legislature.
And we find in section one of article
foruteen of the Co Institution, IF two or
more alterations are submitted at the
same time it shall be 80 regulated that
the voters shall vote for and against each
separately"
Now the proposition to increase the
debt of the State never was submitted to
the people at all, and in fact, it was ex-
pressly stated in the five million loan
bill that leach company shall make
provision for the punctual payment and
redemption OF all bonds issued and de-
livered as aforesaid to said company, for
and for the punctual payment Of the in
terest which shall accrue thereon, in
such manner as to exonerate the treas
ury of the State from any advance of
money for that purpose !" and further we
find by reference to an act of the Legis-
lature, approved the 18th of March, A.
D. 1858, that the authority of the State to
increase her Indebtedness had already
been exhausted at the time the people
voted on the five million loan bill"
For that act of the 18th of March as
aforesaid, provided for loan of $780,
900. being a maximum of the indebted
ness of the State, as authorized ard re-
stricted by section five of article nine of
the constitution, as hereinbefore referred
to, hence it could not reasonably be in
ferred that the people intended to in
crease the State debt, when they voted
on the..ive million loan bill proposition,
And in order to increase the debt by
the mode prescribed in the live million
loan bill" you would have to amend
section six of said article nine OF the
constitution also. tor that section pro
vided as follows: ''All debts author
lied by the preceding section, shall be
contracted by loan on State bonds OF
amounts not less than $500 each. on
interest payable within ten years after the
| final passage of the law authorizing
such debt, and such bonds shall not be
sold by the State under par. A correct
registry OF all such bonds shall be kept
bv the Treasurer, and numbered in or
| der. so as always to exhibit the number
and amount unpaid, and to whom &C.
verally made payable
/ When the 1--we million loan bill" pro.
vided that the Minnesota Railroad Bonds
so called. should be signed by the Gov
ernor. countersigned and registered by
the treasurer, sealed with the seal of the
State. of demo ninations not exceeding
one thousand dollars payable to the or
der of the company to whom issued,
transferable By the endorsement Of the
president Of said company, and redeem
able At At any time after ten. and before
the expiration Of twenty five years from
the date thereof
Hence it viii be seen, that the name
denomination, and time Of maturity d
the Mi nnesota Railroad Bonds, 50 called
i. quite different from the bonds de
scribed in section six of article nine d
our constitution Just cited.
Hence It will be seen from the fore
going, that in order to assume that the
adoption of the live million loan bill
increased the debt of the State, yor
A-rYI havo - inns Uiuo that eocfinus f;re