The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-03-01

Speech OF Hon, |. DonneIIy of Dakota Count
\ ty in the State Senate, Friday, Feb
ruary 23d, 1877.

Mr.. PRESIDENT Il shall vote for this
bill.
nave no right to refuse 10 submit to
the Judgment oi the people a proposition
which involves, in any degree. their pros
perty or honor. have no right TO pres
sumo that am wiser th,n my constltu-
rnts. lam willing to trust The people.
rhis proposition touches their intrpe sts
they have been familiar with The suhject~
matter for years; they are competens to
settle it, cannot by my vote refuse to
give them an opportunity.
am aware that some cheap popularity
mi hit be had iy opposing the bill, but
absolute riuht is, after AL, the highest
expcd ency; and that alone gill stand the
test Of time and events.
What is tho absolute right of this mat
ter? 1t ]ies.--as truth generally does,-
in the middle 1t will be found in what
this bill is-s compromise.
The S ate was not without justification
when, iorso many years, ii refused 10 pay
the interest on The old State railroad
b ,nds. These bonds We're the result ~ 4
wild and foolish scheme which attempted
something lar out Of proportion to tie
population and resources ol II new COM
munitN just emerging from Il territorial
condition. 1t was the ciilld assumin Z
the tasks and responsibilities Of the III III .
Tue bill under which the bonds were
issued were unwisely, it not corruptly.
SO drawn that 81, 900 900 Of the bonds
could be issued tor grading alone; and
The infant community thus 10 ,led itself
down with Il crushing burden OF Debt
without securing single mile ofr;llroad
The bill was passed when the commons
wealth was III IN intermediate condition.
| between u Territory and Il State. Ii had
ceased TO be Il Territory and yet was
acting under tci ciritorial officers; it had
| organized as one OF the Unittu States
anil yet was not IA member ot the United
State-.
The S2,215, 900 of bonds gave the peo>
pie, instead OF railroads. .2l0 miles OF use
less roadbeds, IN my oi thrm in detached
fragments. ut wide di-tances apart. A
popular revolution followed and the
bonds were repudiated.
Itih's r"pudialinn Of the debt had been
accompaLie by retu ,al t recognize .uy
.rt ui The transaction out ui which the
debt arose, the position of the State
would have been logically consistent. But
instead of this the State, while denying
The debt, proceeded to loreclose The
mortgage which secured the debt; while
claiming that it WAS not liable for the
money invested in the construction oil
the road beds, it ut once took possession
of the road beds. It was as II one should
refuse 10 pay Il pramlsorv note, t.
which, rs he alleged. his signature had
been ffadulently obtained. and ut The
same time should insist in CARVING III
the collaterals, belonging 10 Il third
party. given 10 secure the no.e. the
common sense ol mankind would affirm
that, II ne proh.ed by the csllaterlls, h.
| should,at least, pay so mneh oi the note
as The culaterals were worth.
/, The position | have held lar fifteen
| years past has been that the State should
ascertain the value of the property which
She obtained from the holders uf hel
honds,and pay that amount with Interest
10 date ut s,lilrlnent
This was The position also held hv the
Legislature in lSo0~l. when it appointed
"a committee 10 enquire wins was tn.
| faiuc vi thc property 50 taken hy tAt
State. That committee reported that
The bonds, on this basis. had cos lh,
holders something over twenty live cent,
on the dullsr. 1t was cl,im s,' hy other.
that 1t was tifty cents Oh the d,li.r
The feeling ot the people ot the State
has been. and this has been u yuwn Goa
ylciiun, that the Sl;lte should never pa,
the tace OF those bonds with tile iDteres
thereon .and time and again the peopl,
have voted down propositions To thai
end, however cuuuingly worded uI
urgently pressed. But on tie Other
hand.the people of the State have alway.
selt that something ought 10 bc psid o.
these bonds, aud that they should bt
compromised on some lair aud equitable
baei-. The State having taken the prop.
erty, the road bed. created BIZ the n,uues
iof which these bonds were issued. ans
used II 10 develop The State by securing
ihr early construction ot railroads, equity
tsir-pla,, aud honest dealing ali dictated
that we should settle with the partie.