The Grange advance., 1877-05-30
II. II. YOUNG, EDITOR.
The Old Bonds Again.

tlliS weeks pare! lcttcI from Non.
II. Fl. Sibiey, on the question of the
old railroad bonds. = Gen. S;b,cy
was Governor q, .t'lc, State at the
time tie bonds were ISSUED ard
signed them ohicially2as became hIS
duty. He was neceSssarly. cogr'i.,;zz
ant Q; n! tI,c particulars attcnt!t~s :.
their issuance and, hence, what i1c
says deserves attention. We re-
mcmbcr having had several CONVEX
sations with him during 1889 and
1860 touching this subject, and from
him we derived a good deal Of the in
formation upon which we based our
own opinions. In the letter refer
red to, he might have enlarged up
on what he says about the newspa-
per comments affecting the credit Of
the bonds and preventing their re
gotiation IN the eastern markets, but
he probably felt that it would hardly
be proper for him to do this. because
of the position he held at the time.
1t is true, nevertheless, that the
early opposition to the bonds, which
effected their depreciation and rem
dered the old railroad companies
unable to 50 on with their work,
was mainly due to the efforts of a
few disappointed individuals, who
had not been allowed to avail them
selves Of the opportunity which they
perceived to enrich themselves at
the expense Of the State. Had
Gov. Sibley been less particular and
issued the bonds without insisting
upon literal compliance with the
law, it is not likely that tie negotia-
ton of the bonds would have been
interfered with by the parties who
raised this outcry against them; and,
probably. the whole amount of the
$5,ooo,ooo would have been issued
Under the restrictions insisted upon
by the Governor, these parties who
meant to be dishonest in their deal
ings with the State, were deprived
of the chance they hoped to enjoy
to make the scheme source OF
profit to themselves. Hence, their
violent declarations against the
bonds. ....
The Governor explains fully what
will be the effect of rejecting this
proposition; that it will not relieve
us of the debt, but merely leave the
matter as it has been, except that ii
will deprive us of a chance to set
tie the Indebtedness on terms unex
pectedly favorable. For our part
we are of the opinion that, if this
proposition is not accepted, the
State will have the entire debt t.
pay and that it will make provision
for doing so at an carly day. As
for ultimate reputation we do moi
believe it possible. In SIX months
after the coming election, if the
measure is defeated, the injurious
consequences Of such result will be
SO generally felt that public opinion
will undergo an entire change and
the legislature will be urged at ap
early day to settle the matter with
out referring the plan to the people,
and such will probably be the final
method for disposing of it.
Another injury resulting from this,
matter is, that it has been and will
continue to be the means Of foistine
into public opinions class of men
utterly unfit for them. They use
questions of this sort to excite the
popular feeling and win distinction
for themselves, while honorable.
competent and thoughtful men are
pushed aside because they canno,
and will not cater to a perverted
public sentiment. We are satisfied
that opposition to the settlement o
these railroad bonds has elevated