The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-03-16
MINNESOTA STATE RAILROAD BONDS
Report Of The Special Committee, Appoint
ed Eehruavv 10 1875

ed February 10. 1876.
Your special committee, to whom was
referred S. F. Nos. PSI and 346: also,
communication from VIM. II. Temple,
all having reference to the adjustment
and liquidation ofwhat is known as the
Minnesota State Railroad Bonds; also so
much of the valedictory and inaugural
messages of the Governors of this State
as refers to that subject, have considered
the various propositions and suggestions
and the subject matter involved, and ask
leave to report the result OF their deliber-
atoms as follows:
In order to arrive at proper under
standing of the subject, it is necessary to
refer to the act OF Congress, approved
March 5rd, 1857, which granted to the
Territory of Minnesota certain lands, to
aid in the construction of certain lines of
railroads in said Territory and the future
State of Minnesota, under certain con-
ditions and restrictions, among which
were the following:
The said lands were at the disposal OF
the Legislature of the Territory or flu
ture State only in the manner following
that is to say: that a quantity of land,
not exceeding l2o sections tor each of
said roads and branches, included within
continuous length of 20 miles OF each Of
said roads and branches, may be sold
when the Governor of the TIE rritory or
future State shall certify to the Secretary
OF the Interior that any continuous 20
miles of any OF said roads or branches is
completed then another quantity of land
not exceeding 12O sections, tor each of
said roads and branches which had 20
continuous miles completed as aforesaid,
etc.
The lands thus donated in trust to the
State (then Territory of Minnesota) was,
at an extra session Of the Legislature,
convened in the spring or summer OF
1855, conferred on what is known as the
four land-grant railroad companies,
to-wit:
The Minneapolis and Cedar Valley
(now CENTRALLY, Minnesota and Pacific,
the Southern Minnesota, and Transit
(nsw Winona and St. Peter. Railroads; y
and it being soon ascertained that the
said land-grant railroad companies were
not in pecuniary situation to embark
in the enterprise OF constructing said
railroads. with anything like certainty
or CELEBRITY. when the Legislature that
convened. in the latter part OF 1857, the
members thereof were soon besie2ed
with various propositions, looking to
the construction OF tine Immigrant rail-
proposition. which was submitted to the
people on the 18th of April, 1853, under
the act known as the Five Million Loan
Bill" and there was great rejoicing
throughout the country. especially
among those who were endeavoring to
build railroads without money, for il
gave them sufficient credit for the time
being to commence the construction OF
the different lines OF Immigrant railroads
and BY inducing some contractors from
abroad. who had some ready money.
and employing laborers that would wait
for their pay until general estimate day
which estimate day, as we are informed,
in some instances, has not yet arrived
but the accounts will probably all be
balanced by the next centennial year.
However. be that as it may, we find
the same Immigrant companies succeed
ed in making Governor Sibley, at tina,
time believe that they had completed
the grading on their different roads and
were ready for the 'superstructure. y
follows, as we see from the Governor.
valedictorv message. delivered before
the Legislature in 1869. to-wit.
/ On the Minneapolis & Cedar Valley
50 IA miles.
On the Transit, so miles.
On the Southern Minnesota. 81 l-2miles
On the Root River Branch, 20 mile.
nd 1908 feet
On the Minnesota & Pacific, 90 mile.
and S213 feet
: For which each company was entitled
! to ten thousand dollars per mile, in Min
: nesota Railroad Bonds, in accordanc,
g with the conditions of the Five Million
: Loan Bill. so called. for which. as pro
Z vided in said bill, the company or com
q panies receiving such bonds. were to de
|. liver to the Governor like amounts Q
5 first mortgage bonds. of all their roads
l lands and franchises. which the Cover
q nor very properly construed to mean Ell
K elusive first mortgage bonds. for tbs
> was the way it was formerly lexpiaine