The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-03-01
THE OLDRAILROAD BONDS
Speech of Hon, l. DonneiIy of Dakota Count
ty, in the State Senate, Friday, Feb
guary 23d, 1877.

MIR. PRESIDENT II shall vote lof IhlS
bill.
nave no right to refuse 10 submit 10
the Judgment oi the people II proposition
whioh Involves, in any degree, their pros
perity or honor. have 40 right 10 pres
sumo that am wiser til an my cOnstltu-
rnt- am willing To trust the people.
Fhis proposition touches their ntrpe sts ;
they have been familiar with the suhjett~
matter Tor years; they are c9npetens 10
settle it. | cannot by my vote refuse t.
give them an opportunity.
am aware that some cheap popularity
mi hit be had y opposing the bill, bui
absolute ri4 hit IS, after all. me highest
expcd ency and that alone VI i'll stand the
test Of time and events.
What is tho absolute right OF this mat
, ter? It lies.--;.s truth generally does
in the middle. 1t will be found in what
this bill is-a compromise.
The S Ate was not without justification
when, Tor 80 many years, 1t refused 10 pay
the interest on the old State railroad
,nds These bonds We're the result ~ Il
wild and foolish scheme which attempted
something far out Of proportion to tl G
population and resources ol Il new com
munt, just emerging from i territorial
condition. 1t WAS the chlld assumin {
the tasks and responsibilities OF the III IN
'rne bin under which the bombs were
issued were uuwisel,, il not corruplly,
50 drawn :hat 81 0uO, 900 d The bonds
could be Issued Tor gtau,Dg alone; and
the int mt community thus 10 ,tled itscli
! down with q crushing burden Of deht
| wlthon, securing 4 singl e mile o! railroad
! The bill was passed when the common
wealth WAS III IN intermediate condition.
between a Territory and 4 State. 1t had
ceased 10 be u Territory amt yet WAS
acting under territorial officers; it had
organized as one Oh the UnIted States
AMI yet was not "A member ut the Unlted
States.
The 81 2115 900 of bonds gave the peo-
pie. instead OF railroads 2l0 miles o! use.
less roadbedS, III my ol thr.n IN detached
fragments. tt vile distances apart. 4
popular revolution followed and The
bond, were repudiated.
This r"pudiali N OF the do bit had beer
accompaLie by araiu sal { reco-uiz n,
| p ut oi The transaction out Ut which The
! debt arose. the position at the State
would have been logically consistent. Bu
! instead ut this the State, while denying
| The deOt, proceeded 10 lureclose The
mortgage which secured the debt; W hilt
! claimlu1 that it was not liable tor t0t
money invested IN the construction 0
ths road beds, il Ut once took possession
of the road beds. 1t was AS one shout,
refuse 10 ply promisory note, Is
which, rs he alleged. his signature hat
been iradu!entlv Obtaned. ald ut th'
same time should insist in carving II
the coilaterals, oelonglng 10 i 1hirl
party. Given 10 secure The note. En-
common sense o! mankinl Wouid affirm
that, 1t ne proi:ed ny the cali,terll-, II,
shouid,d ~ least. pay so mncL 81 the not
As the cullaterais were worth.
The position have held t1r fiiteel
years past has been that the Safe slloul,
ascertain ,he value ot The property which
She obtained from the holders ri Ae
hond-.aud pay InHt amount with lulores
10 date OF tulVmeut.
This was The position also held bv tn
Legislature IN iSoO>t. when it app0lnle,
u committee 10 enquire wirts was tn
value Of the property So taken h7 IL
State. That committee repared il;,
The bonds. on this basis. h.d cos la
} holders something over twenty live cent
or The duil'r IL was cl,im ii by other
that il was fifty cents on The i li,r.
2 The feeling Ut the people ut the Sat
has been, and this has been u gown cou
vlclion, that ne Safe should never pa
the ttee ot those bonds with the iuteres
thereon :and time and again the peopl
have voted down propositions 10 tha
end, however cuuulngly worded o
urgently pressed. but on tae oihe
haud. lhe peopie OF The State have AWAY
tell that something ought To 0c p,id o
these bonds. and that they should b
compromised on some lair anu equita bl
Oasi-. The State having taken th,. prop
erty, the road bed, created BY the none
: Toe which these bonds were issued. an,
used II 10 develop the State by securin.
hr early construction OF railroads. equity
isir-play aud honest dealing all dictate,
|, tha. We should settle with The partie