The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-06-01
THE OLD BONDS.

THE OLD BONDS.
Donnelly's Interchangeable. chad fondlv
hoped somebody else would Lave had to nav
the state railroad bonds but since the decision
OF the supreme court. is convinced that we
have TO settle the debt ourselves; and in view
OF this fact, more apparent now than ever be-
fore, Donnelly asks: els not there enough
craftsmanship in the state of Minnesota to ef-
feet some fair, equitable, reasonable adjustment
Of this ancient soreg" A high order of states
manshlp may be required to settle the tariff
issue, the currency question and other things
upon which the prosperity of the country de-
ponds, but little common sense and common
honesty are amply sufficient guides in dealing
with debt which has been declared q valid
obligation by the highest legal tribunal in the
iani The best and the only way to settle or
adjust such debt, is to pay it, more es-
pecially'because it is debt Of honor, involving
the plighted faith of great state, and of all il
Inhabitants Let us turn deaf ear to the talk
OF the li'tle damagogee abont Settling and
adjusting" the debt, and devote what states-
manship is required to the task of providing
ways and means of payment-St. Paul Pion-
eer Press & Tribune.
THE is precisely the kind of insanity
which has always prevented the settle
ment of the old railroad bonds It has
awakened q counter sentiment of hostil-
ity to any adjustment Of the question.
The people OF Minnesota are not pre-
pared, aud never will be, to pay those
old bonds, dollar for dollar, principal and
interest. It would swamp the state.
They are however ready, we think, 10 en-
ter into negotiations, keeping in view
their equities of defence nd their obliga-
tons, and ascertain whether or not some
settlement. is not possible, fair and just
to all parties the tax payers az we'll as
the bond-ho!ders-
For our part we think it cowardly to
shift this burden upon the shoulders of
our innocent posterity. We incurred
the obligation; we alone are capable of
adjusting it,
II we leave it unsettled our deaths will
not end the controversy In fact the
claim Of the bond-holdcrs, will be tenfold
stronger after all the witnesses are
gathered to their graves, than it is now.
The next Legislature should appoint
commission OF the very best men in
the state men in whose honesty and in.
intelli gence the people have full con-
fidence; and let them take year to in
vestigate the whole subject, but with no
power to bind the state bv any final act
ior, until approved by the vote Of the
whole people.
Let them ascertain
/. How many Of the bondboders will
take their pay in Internal Improvement
u ancs, and at what rate.
4. How many will take their pay in
special Internal Improvement Land
Bond, the principal and interest of which
IS to be paid out Of the proceeds Of the
sale OF such lands.
Ill. How many will refuse both these
propositions and at what rate these will
receive 40 years Ia per ct. state bond.
Amay he that three fourths Of the
bonds could be settled in lands, or land
bonds, and the balance in 40 year IA per
Ct bonds.
At least we should try what can be-
done. Il may be said that all suck
efforts a: adjustment serve to keep tho
subject matter aliv3; but it must be re-
| membered that if we were to remAn
perfectly silent the. bond~holders are
determined that public attention shall
not flag. They have had the Circuit
Court of the u. s. read Us one lecture
last year: and now the Supreme Court
ofthe U. $. has just read us another;
while the newspapers Of this countrNand
OF Europe keep up constant fire upon
our good name
While all this pressure should not
force as TO pay one dollar that we do not
honestly owe. it should at least induce
us to make some reasonable effort TO
| silence our adversaries and settle tho
question.
Such editorials as that which we have
| quoted from the Pioneer-Press and Tri.
| bune, at the head of this article, are per-
nicious in their effect. They lead the
! bond holders to believe that they will
be paid every dollar Of the debt, priccip-
! al. interest, and compound interest !;
| while a. tbs same time they frichten the
! people from even attempting settle
! mcns D. the question. lest that settlement
should imply the payment Of every dol
! lar claimed On TIE bonds. The Pioneer
Press and Tribune may sheer at our
| phrase adjustment bat that il what
IS necr.ed: aud no sucn adjustment can
i be had untila middle gfound Of com
promise il found between the extseme
/ 7iews0f b0thparties.o the controversy.