Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1877-05-31

LET US BEAR IN MIND THESE FACTS:
/. The debt was assumed voluntarily
by the State. ~
= She took security to indemnity her.
self against loss, ss.,..x.ss.ss
8. The State became owner of these
securities.
4. 1t docs not matter whether she gave
this property away or sold it.
, 5. The State acknowledged the validity
of the bonds when she received them for
banking purposes, and taxed them at
their face. II atf r 80
6. Giving away the property when
she did resulted in having railroads at
least five or ten years earlier than we
otherwise would; the value of which
would more than compensate for the pay.
ment Of the bonds,
7. The Supreme Court has decided
that the State is legally held to the full
payment of the principal and interest.
: 8. The State receives yearly $4,000
per centum tax upon their roads, incrcas.
ing yearly, and soon will be sufficient to
pay the interest on the bonds.
8. The sales from internal improve.
mcnt lands amounts to about 100000, and
viii; yearly increase in value.
10. The State; has obtained for her
school lands an average of So per acre.
On that basis, the internal improvement
lands will bring $4,000 10000; but if the
whole interest had TO be paid by taxing
the people, it would only be about 80 cents
per capita.
II. 1t is proposed by represent adjust.
ment TO retain sufficient bonds to pay the
interest for two years, thus providing
against the probability of taxing the peo-
pie for the same.
IL. Mr.. Chamberlain under oath de-
clarcs that the bonds he holds cost him
100 cents ON the dollar,
Is. The Commission appointed by the
Legislature in 1866, to ascertain who were
the holders of the bonds, the amounts
paid for them, ETC., reported that in most
cases sworn evidence was obtained show
ing that the average amount paid for the
bonds was over so cents on the dollar.
IA. The holders of the bonds have wait.
ed 10 years, without receiving one cent OF
principal or interest.
Is. Let every one understand that in
voting against this proposition the world
will look upon it as reputation. If, af
ter 10 years, we still refuse to adjust the
debt, what else can it be callcd?
1G. The debt can he settled now by pay
ing so cents on the dollar, undoubtedly
the best offer that ever will be made by
the bond holders.
II. AS result of our character as a re-
pudiating State, we are paying a higher
rate of interest ON all borrowed money
whether private or municipal, than we
would be compelled to if our credit were
good.
Is. In the infancy of the States of Hi
DIS and Michigan they both contracted
debts of similar character, Illinois SIS,
000, 10000, and Michigan twice that o1
ours. Yet as soon as they had the ability
they promptly met the question and set
tied the debt, to the satisfaction Of their
creditors. Shall. Minnesota do less?
10. And more than all other arguments
1t Is RIGHT to DC honest and pay our debt:
when we can.
Let no one be deceived by men who
cry "lraud! "fraud!' and who preach re
pudiation, basirg as they do their argu
mcnts on subtcrfuge and trchn, calitioe
as against a few, plain, solid unvarnishet
facts. Let no one deposit his ballot
against the proposed measure until he la: