Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1877-05-24

crtheless we say to everybody to investi-
gate and learn the truth. Don't take one
mans word nor anothers, but learn what
the facts are for they are accessible to
every mar Of ordinary common sense.
How IL. W. Page, Esq, will Vote ON tho
Bond Propositton.
Editors Austin Trnscaipt:
"How will you vote on the 18th of June
next" has been asked me several times
by persons who evidently were in doubt
how to vote.
In the hope that I may influence some
wavering ones, I give my answer more
publicly through your columns.
I expect TO vote "Yes."
First, Because l believe the State is lie
gally and morally bound to pay the old
railroad bonds. and that they must even
tually be paid. in full, unless the holders
shall voluntarily relinquish some portion
Of them.
Second, Because the basis of settlement
proposed seems to me to be the nearest to
an equitable adjustment which ever has
been offered or is likely to be. l under
stand that the holders of nearly three
tourths of the bonds are pledged to come
into this settlement. Many Of the remain
ing holders, without doubt, purchased for
inves tment, and paid the full face of the
bonds, having faith in the credit of Min.
~nesota, and in her promise to pay. Such
ought to be paid in full.
Third, Because, in this way, the burden
of the debt can be carried with compare
tive case. l understand that the $1,750
in new bonds at six per cent, issued for
every 1910 in old bonds at seven per
cent, includes two years interest on the
new bonds, so that for two years we shall
not be taxed for interest on bonds thus is.
sued. Thereafter, if we paid the full. in
terest, a Il mill tax would pay it. So
that a man whose property is assessed at
one thousand dollars would have to pay
only one dollar of tax. If, however, the
proceeds Of the 10000 acres should be
applied to pay interest, even this small
tax would be avoided. I should rather,
however, pay the interest by taxation, and
hold the proceeds of the lands as a SINK
ing fund to pay the principal.
Fourth, Because I think it is public
policy. I have said l believe the State is
morally bound to pay. 1t is surely public
policy to do what we arc morally bound
to do. This debt and the stigma of repu-
diation have been a heavy drag upon the
prosperity Of Jul State. For ten years.
in the line of my business, l have been
trying to bring Eastern capital to Mime
sofa. State reputation has been con.
stantay IN the way. The first I ever knew
Of this old DEBT was told me by a gentle
man in Boston, whom l was trying to in.
duce to send some money here to invest.
His final reply was, in substance, "Your
people promise we'll and you offer a large
rate Of interest, hut l rather have my
money at a lower rate where the debt will
be paid" But for this stigma upon our
credit, ] think We could get money here
at as cheap a rate as in Iowa and Illinois.
Some four or five years ago, I had strong
hopes of getting a portion of a large es-
state in Massachusetts sent here for in
vcstment. It would then have paid twelve
per cent to the heirs, but the trustee, after
a careful examination, sent the money to
Chicago; and it was loaned in Illinois at
from eight to ten per cent. I have reason
to know that the bad credit of our State
prevented its coming here. I could give
many similar instances, and produce cor
respondence, if necessary, TO- prove the
truth ot-my affirmation, that had this debt
been duly provided for, money would have
been more abundant here and rates lower.
See how this would affect individuals.
Take a small farmer, whose property is
assessed at thousand dollars, and
whose farm is mortgaged for five hundred
dollars, at twelve per cent. I have shown
that his tax, as above, would be one dollar,
but the difference in interest would have
been to him ten dollars each year.
Fifth, / snail vote "'Yes," because other.
wise I should be a repudlator.
I am hot responsible for acts of the
State before I came to it, but now that I
aim a citizen, and have the opportunity,
I should regard myself individually re-
!sponsible. i'll failed to give my vote at the
first opportunity in favor of a just settle.
ment. HARLAN W. PAGE.