Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1877-05-31
A HISTORY OF THE BOND QUESTION
Its Vital Importance with Reference to
the future Prosperity OF the State.

the value Of tue State liabilities in every
market in the country, for years to come.
Every business man knows that in Or
der to succeed and stand honorably in bus.
mess circles, his affairs must be con.
Quoted in such way as will inspire pub
lie confidence, and establish character
for integrity and reliability. What is
true of individuals is equally true of States
Adopt such policy as will make cap
italists with whom she deals and must
deal. receive her paper with distrust, and
all her business relations must he carried
on at great sacrifice, and her paper stand
in the market ut a discount Let the Gre
dit of our State be injured, and every tinan.
cial interest private and pub
lie, must suffer as consequence. Every
merchant who desires credit abroad
would feel the dire effects if the policy of
reputation should BIZ carried out. He
who, in the management of his private
affairs, has care only for present results,
regardless OF future consequences, will
soon find himself bankrupt So, also,
in dealing with public measures. Akind
regard only for the present, simply Shift
ing responsibilities off our own shoulders,
would he superlative folly, and must end
in financial ruin.
1t would be suicidal for the people of
Minnesota to adopt Il policy that would
make the State drag on through years of
financial embarrassment, her credit i'm.
paired, her fair name by-word and a re-
proach, placed by the side of Mississippi
"a synonym Of financial shame; and vet
this must be the result if the people at
the ballot-bo refuse to adopt measures to
pay these Railr .ad bonds, for the payment
OF which they have already, in some way
pledged the credit of the State.
Perhaps short review of the subject
may aid honest thinking men in arriving
at satisfactory conclusions.
THE ORIGIN OF TIE RAILROAD BONDS.
In the infancy of our State, and even
while it was yet territory, it became
evident that increased means Of transpor.
tation and facilities for travel were ncccs.
sary, in order to accommodate the rapidly
accommodating population, and develop the
resources of tho country. The only hope
was in the rapid Inauguration of policy
which would insure the early construc:
ton and completion Of railroads intcrscct.
ing the rich agricultural districts of the
State, and connecting with the lakes and
grand chain of railways to the East. To
accomplish this, it Was thought it would
only he necessary to obtain land grant
from the General Government. Through
the persevering efforts of our Representa-
tives and Senators in Congress and other
public.spiri,cd men, large and muniticent
grants Of Land were obtained for the dit.
crent proposed lines Of railroad. 1t was
expected by those who had spent their
time and means in obtaining these grants,
that this would he a sufficient induce.
ment to large capitalists to secure the i'm
mediate building Of the roads then needed
by the State. In this they were disap-
pointed. Moneyed men could not he in.
duced to invest their capital in our rail-
roads, even with the magnificent land
grants accompanying them, believing the
country was too new and too thinly
settled.
With this condition of things our land
grants could not be made available for the
immediate construction Of the roads.
The gentlemen who composed the diff
fcrent companies had expended their pri.
vate means in securing the grants, sur
veying the projected routes and many ex.
penses necessarily incurred in carrying
out public scheme Of this kind. The
people were clamoring tor railroads. All
alike we're anxlous-the merchant, the
mechanic, the tiller of the soil. Farmers
who had to team their wheat to market
from seventy to one hundred and fifty
miles over roads sometimes almost i'm
passible, and then camp out on the way
in order to save a few dollars from til,
sale of load Of wheat, felt that transpor
tat,on was eating up the value Of thel
productions, and that they must have {
market nearer home. Il
But how was this to be had? To bull,
railroads the companies must have money
The question everywhere was, allow cal
we secure the building Of the roads. an,
supply the pressing necessities of til
State ~ At this juncture the companie
proposed that the credit of the Stat
should be loaned and bonds issued to til
amount Of $5,000,O00 as a means Of oil
tanning money for the immediate con
= mencement of the work. The propose
y ip!an was that whenever ten miles Of roa
; had been actually constructed ready to
: the superstructure thereon, the Governe
Of the State upon satisfactory proof of til
same should Cause to be issued and d
= llvered to the companies, bonds to I'll
9 amount Of 500, 900 for every ten miles
u road.bed so graded. The Governor OF Il
State, Lot satisfied with the statement
j. the companies, and in order to qua,
U against fraud, appointed special commi
J sioners on the part OF the State, to see tn
9 the compani,s faithfully complied wi
u this part of the contract, and upon u
. joint statement of companies and comm
9. sioners, bonds were issued. The Sta
9 was the Judge whether the law was col
u piled with or not. The companies ga
e the State satisfactory proof that they III
u done the work according 10 asrccmcr