The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-03-23

act Of Congress donating the lands to the
State as trustee; and for the sake of the
argument, we might admit that the
adoption ofthe FIVE million loan bill was
the act Of the State (Which is doubted by
many, that yet the State incurred no
responsibility, Notwithstanding she at
terward foreclosed on the deeds of trust
| given by the several land grant compan.
les, On their failure to comply with the
conditions thereof, (and it is doubted, in
point of law, whether foreclosure was
ever made); thai in doing 50. the State
was only carrying out faithfully the
trust conferred on her by said act Of
Congress, which donations of lands were
made expressly to aid in the construc-
ton of certain lines of railroads.
And when it was plainly developed
that the companies upon which these
grants of land were conferred by the
State, (acting as such trustee), were ut
terly unable in financial point Of view,
| to prosecute the construction of the said
State, and her imperative duty as a
faithful trustee, to turn out these hus-
bandmen that had proved unfaithful,
and confer the franchise on others that
might give evidence of greater success,
for in no other way could the benefits of
the grant be retained, for time was an
essential element in the conditions of the
trust conferred, as it will appear by the
act of Congress hereinbefore referred to,
making the grant to the Territory or
future State of Minnesota Of certain
lands for certain purposes in said act ex
pressed.
And your committee are of the opinion
that inasmuch as the several land grant
companies to whom the Minnesota State
bonds were issued, were bound by the
provisions of the FIVE million loan i'll to
make provision for the punctual pay
ment thereof, and gave security on all
their property, lands and franchises;
that the lien of the bondholders on the
same can legally be removed only by
the fault or consent of the party holding
the bonds; and that any action OF the
State not strictly necessary to the faith
full carrying out OF the trust conferred as
aforesaid, could have no effect on any
one whatever.
And the fact OF the State comforting all
her rights obtained through and by vir-
tue of the several deeds of trust, given
by the several respective Immigrant
railroads, for the purpose of securing
the payment OF the said bonds, and by
reason of foreclosure thereof, did not, in
any manner, change the lien of the bond
holders, as originally existing, for the
same land-grant railroad companies to
whom the bonds were issued, exist to-
day, as living corporations. And the
fact of other names being recognized by
the State, as proper persons to manage
and conduct the affairs of the respective
corporations, and share in the profits
and advantages, cannot release them
from mourning also their responsible
ties. And tor evidence of the tact that
twas only continuation of the same
old interpretations, we will here cite a
portion of an act Of the Legislature o
. 1861, entitled IAN act to facilitate the
construction of the Minnesota Il Paciti,
+ Railroad
!, Section /. That the road, lands
, property, rights. franchises, privileges
and immunities, belonging or pertain
ing to the Minnesota l. Pacific Railroad
Company, plior to the sale and fore
: closure thereof. by the Governor. on tn,
!, 23d day OF June. A. D. 1860. on behal
!, of the State, and now claimed or hel.
:, by the State, shall be and are hereby re-
. leased. discharged and restored to sal,
;, company The several acts pertainin:
to the other three Immigrant railroad
j. companies. relative to the same subject
contain, in substance. the same Ian
guage, except that there are new name
= inserted as proper persons upon whic
- said property. franchises. &C.. should b
- conferred.
= Now. as these land-grant railroa
n companies do persistently and success
- fully thus tar insist on rights relative t
:, taxation and responsibility OF stockho
!, ders, &C., which are unknown to GU
:, constitution. claiming such rights an
:. privileges through and by virtue of the
:! respective charters. derived from Terr
), torial authority, they should not be PEE
!, mitted to ignore the hardships entaile
- on the same.
Hence it is. in the opinion of yor
So committee. highly essential that the pee
30 pie move with caution and with gre:
D. IAit. i1A GAG aPPAtSAssy NAss's
10 into u contest with two formidable force
re- to-wit: holders OF the Minnesota Stat
Railroad Bonds. 80 called. now amour
~ ing 10 some five millions OF dollars. o
i the one side. naturally DESTROYS OF ha
to inc them paid, and on the other side
nv \ more formidable force of the land graz
10 railroad companies. controlling an il
re mense amount OF capital. and the best t.
We en-, OF the State. equally as anxious tn
he the people ''should settle up the old boz
or question And we think it is from Il
its latter force mainly that the continu
be agitation of the subject Is kept up. sub
lot died newspapers throughout the coal
Is try crying cut, ..rspndiose. repudiatt
he rsp,sdiation." and never touching on {
les merits OF the subject matter in CONT
dit versy.
This course persisted in can only ha
er. the effect Of enhancing the difficult
. it and is utterly Intellectual in the direct
be intended in this age of the universe. T