Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1877-04-26
TIE OLD Il. +. EONDS.

Tn the 18th of June Ecxt tue voters Of
this State will have an opportunity OF
showing to thc world whether or not they
desire amicably to adj ust the claim against
tue State raised by Ler endorsement OF
those bonds. THIS obligation has been in
existence almost twenty years, and during
all that time it las been practically rc.
pudiatcd, for not one dollar either of
principal or interest has ever been paid.
Il is claimed by some that the bonds axe
a fraud, and that they ought never 10 be
redeemed. 1t is true, no doubt, that the
bonds were endorsed by the State with the
belief on the part Of a majority OF The
voters that payment would never be dc
,nandcd. The people supposed that the
State was merely loaning its credit to aid
in business entcrprise-the building of
srailroads-in which all its citizens were
interested; this and notling more Lest
however, the State SHOULD be called upon
10 pay them she took the p1ecaution to
secure herself by 4 mortgage upon the
road beds and franchises OF the several
companies who participated in the dis
,tribution Of the bonds. This shows that
there was present with the people an idea
Of possible loss, and an acknowledgment
OF responsibility in case that any loss
should occur. The bonds were issued
and delivered 10 the parties entitled to
them, and sold,-many Of them for their
face value, but some for less. The rail.
road companies failed to build the roads,
and neglected to pay The interest on the
bonds. Recognizing her obligation in
the premises, and to secure herself against
any loss, the State By legal process seized
tho property, rights and franchises of tie
dcfaulting companies, reduced them to
her own possession, and Immediately
transferred the same fer consideration
Of eminent value, to other corporations
which have since literally fulfilled their
contracts. To restatc the case and epi:o-
mize it in single sentence, we put it thus,
viz: The State upon receiving indemnify
against loss, loaned her credit to railroad
corporations and put it in the available
form at "bonds." Being convinced Of
liability to pay them. and admitting her
obligation 10 do so, she subsequently, took
possession Of her indemnify and appro-
Ipriatcd it to her own use, thus protesting
her willingness to pay the bonds, and her
purpose to do SO. Being sovereign pow.
er. and therefore beyond the reach of any
individual by legal process, she cannot
be coerccd. Her only obligation is
moral one, and her sense of honor the
only tribune to which the bondho!der may
appeal for an adjustment of his claim,
and We submit to the sturdy integrity Of
Ninnesota's SONS whether he should an
peal in vain. 1t Is claimed that corrupt
practices were rcsorted to, and false state.
wenis made to secure the loan, and that
the people were deceived as to the advan-
tsgea to be derived and tho obligations 10
be incurred by the issuance Of the bonds,
and therefore that they ought not 10 be held
That won't do. The people
thought they were getting the best Of the
and they must accept the situa
zion; and now what is The situation! Sim
ply this: There is in existence against
the State claim amounting to s7,177, 1888.
q, which the owners offer to liquidatc
10 follows, viz: deduct from the sun,
now due %, 4a2, 2s7 90, leaving S3,754, GAG.
u, TO be put into new bonds bearing
per cent. Instead Of !, the rate of the
I'D ones, and make them payable in thirty
rears: This is q con cession of about one
half the amount now due, and is in our
sufficient 10 eradicate any ta,nt Z
Il baud WITH which The original transac.
ioa nas have been soiled, and 10 induce Z