The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-05-31
ANOTHER LETTER FROM HON
e. AYRES ON THE BOND
QUESTION.
Friend D07snelly:

thank you for the kindly tone of
your comments on my first article on
the Bond Question, and also for the
invitation to continue the discussion.
I wish to make a few comments on
your criticisms and shall endeavor to
do so in as generous spirit as you
have manifested towards me.
1st. AS to the bondholders' claim
being "a debt de noro.' We as a
State, have persistently refused to ac-
knowledge an Indebtedness, on ac-
count of the non-validity of the bonds.
AS no Legislature met in 1859, the first
that met after the collapse of the Old
r. r. Companies was that of 1850,
fresh from the people and fresh from
the incidents connected with the Loan
Amendment. What was their action?
10 propose amendments as follows
lst to foreclose ssfurther issue Of
Minnesota State r. r. Bonds
I'd. To ''expunge" the Loan Amend
ment, Saving the rights Of the State,
o,aly,) ssfrom the constitution
Sd. That ssno law-making provis-
ions for payment Of interest or prin-
cipal Of Minnesota r. r. Bonds, shall
be in force till such law has been SUBJ
mitted to the people and adopted by a
majority"
If this is a further issue Of the r.
R. Bonds, it certainly ignores the
constitutiOn;-if it is an issue of new
bonds on a a,eaoly acknowledge indebt-
edness, it equally violates the consti-
tuition, where it forbids a State in
debtedness of over one quarter Of a
million. There are worse things
ssstaring us in the face" than this
old lifeless skeleton. Countless mort
cages, store debts, many giving up
their homes-many out Of employ
ment some with starvation staring
them in the face besides our State is
| heavily taxed to help the destitute
whose fields have been devastated by
grasshoppers-our State badly in debt,
and our counties and cities also.
Self-preservatiOn is the first law OF
nature. Acknowledged claims should
first demand our attention. In rela.
tiOn to your next criticism / would
state, that you misconceive my mean
ing. / admit that the State had the
24O miles Of imperfect grading -but
that nO1O>She has not. was trying
to point out the difference between
handing a valuable consideration
down to posterity and handing dowr
nothing. New York owned hel
canals-Minnesota owns her interna
! improvements. You say you agree
with me that the State has not re-
lgarded the bonds as a ssvalid claim
| for the achole amount" Then ths
point to arrive at between the State
and the bond-holders would seem Il
be, as to 1chdt is equitable. Chamber
lain says one-half- your speech il
the Senate you said you would rather
it had been One-fOurth. Now, there
is a wide difference between one-halI
and one-fourth-about two million
dOllars-an amount not to be triflet
with. | was educated in the day.
| when Andrew Jackson was president
One Of his maxims was-ssTo demand
nothing but. what was clearly righ
and to submit to nothing s0r0ng."
/ cannot concur with yOn that w,
legally owe anything. If / deal will
a minor who undertakes to transac
business without the consult Of paren
or guardian-I can have no Legd
claim against him. If do 50, know
ing all the circumstances, can bu
| poorly set up moral claim especial,
. if / deceive and cheat him. The 500,
, 600 acres Of land, if it were legitimat
} to appropriate them to pay thes
bonds or interest-will not pay TIL
interest, let alone the principal. The,
will not sell fast enough to pay ha!
the interest. They have only accu
. mulated fund Of $82, 600 in FIVE year
} and the annual interest on the ney
} bonds will be at least, $22O, 900.
: If we vote no, we are still out Of tn
trap, and posterity is also, still out
} and the bond holders taught anothe
( lesson, and that is, to consent to some
. thing that looks like equity and justic
J to the people. / cannot concur wit
: you that the sentiment is CROWN
. stronger in favor Of paying tho bond,
Chamberlain and his ass0ciates 81
! growing weaker in their demand.
t is dividing our State into Bond IN
Anti Bond men, and by-ond-by theI
b win be thorough State OrGanixotiOI
!, then Voc TO pettffogging Governor