The anti-monopolist., 1877-05-17

seven millions Of dollars. Half OF
which they Will generously throw Off.
if the State viii enter into near obliga-
tions to pay the other half. Mark lt
They want new obligations, as they are
distrustful Of the old ones.
When the great State Of New \ ork
had expended seven and One-half mil
lions Of dollars on works OF internal
improvements she had about 400
miles of magnificent canal. uniting
the Great Lakes with the Ocean-Wlth
one hundred costly loclls-a1d splen-
did stone aqueducts. spanning wide
lrivers.-and yielding princely rev
enue to the State; while it was a great
blessing to the people not only OF the
| Empire State. but of many States OF
/ the great West. The people 0t that
state were not under the necessity OF
appealing 70 the courts TO define their
rights as to the regulation OF frelghts
and fares.
! But an appeal is made TO our sense
! Of honor. Who makes this appeal
Men honest themselves Men who
have tanpered with the public press
Men who have tampered with
latures Men who have deceived the
peoDlei Let those who are without
! sin cast the first stone. But it is said
| The present holders of the bonds are
innocent purchasers. Let us see
Here is Selah Chamberlain, the largest
holder Is be an innocent purchaser
| Who guaranteed that the Treasury Of
Minnesota sh0nld be eXonerated from
any advances for interestor principal
| Was it not Selah Chamberlain Who
knew better than he what bond was
worth than Mr.. Chamberlain Who
knew better what the bonds were
worth than the lab0rers on the rail
road many OF whol0 could not get
their pay because the companiesc could
not sell their bonds Who knew bet
ter than the farmers along the lines Of
roads that could not get pay for pro-
visions furnished, because the bonds
would not sell! Who knew better
than the holders Of Glencoe and other
Wild Cat money. based on these bonds,
when they trueked it of to mer-
chants for goods at Is to 20 cents on
the dollari Innocent purchasers, III.
deed Was not committee raised
BY the Legislature Of l8G6-to enquire
of the holders what the bonds cost
them. and did not most Of the holders
acknowledge that they paid from l5
to 25 and 80 cents on the dOllart And
did not competent engineers so out
and estimate Mr.. Chamberlain $ Wssfk
and report that 1T was not worth over
33 per cent. OF his claimed expendi-
ture Everybody knew them TO be
doubtfui-at u monstrOus discount
Nobody was gulled in the purchase
but big attempt Is being made tC
gull the people If the State in paying
for them. The people Of Minnesots
are not dishonest. These bonds would
have been paid long ago.-could have
been paid when legal tenders were
worth only 80 cents on the dollar, haf
the people believed them to have beer
! honest, and a strong claim against the
State. But they did not SO consider
them. Hear Gov. Ramsey in III:
message Of 1860: Much the greater
portion of the bonds are III the posses
sion Of the +. K. companies. or theil
immediate representatives, the con
! tractors, for grading, reteived $4,000
.4per mile. an amount admitted TO mucl
- exceed its actual cost. while the small
er portion of the bonds were received
by the present holders. with few ex
ceptions. greatly below par value. a:
gratuities for doubtful services, lib
eral salaries. or in exchange for de
preciated currencyIbought up at heavy
discount
In my next propose TO speak Of the
: 500. 900 acres Of land and other mat
| ters pertaining 70 this subject.
EBENEZER AYREs-
Cottage Grore. ipra 30. 1877,
COMMENTS BY THE EDITOR.
We do not differ at all from Mr.
Ayres in his views as to the foolish
not to say fraudulent character of tht
: original bond scheme. We votee
against it and should 10 so again IN
der similar circumstances. But tia
! is not the question now. The peopl,
by an overwhelming majority adopted
the scheme: and the bonds are out
: standing. How shall we get clear O
/ thems That is the question.
: Mr. Ayres speaks of 1.-The assnmp
ton Oh the part Of the State OF a deb
) of three millions and half as ifthi
| were an attempt 70 create. de moro.
{ debt of that size, while. IN truth. i
is All attempt to scale q debt OF serei
! millions already existing. II we vot
/. up the proposed settlement we reduc,
\ - - =
I the whole sum still stares us in til
! face.
4 We think Mr.. Ayres states the cas-
a too strongly against the bondholder
n when he says that the State receive
. nothing in exchange for these bonds
i mot raiI-rDt tie-noG bridge
1 not an embankment. The State ri