New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1878-01-30
Those Old Railroad Bonds.

The following bill has been introduced
in the Senate and referred to the appro-
pirate committee:
A Bill for an act to provide for the recovery
and destruction of what are commonly known
as Minnesota State Railroad Bonds.
WHEREAS, There is outstanding a large
number of documents commonly known as
Minnesota State Railroad Bonds, the validity
Of which the people of the State do not recog-
nize, but which it is desirable should be-
covered to the end that the same may be de-
stroyed. Therefore
Be 1T enacted By the Legislature Of the
State Of minnesota
SECTION l. ALI lands donated to the State
of Minnesota for the purpose of internal inn
provements, under the eighth section of the
Act of Congress, approved September IA. D.
1841, being an act to appropriate the pro-
ceeds Of the sales of public lands, and to
grant presumption rights, and the proceeds
of the sales the-eof, shall be disposed of in
the manner provided for in this act, for the
purpose of recovering the said bonds to the
end that they may be destroyed, but this act
shall not be construed as in any manner pre-
venting the sales of said lands under exist
ing laws.
SEQ 2. The Secretary of State shall cause
papers in St. Paul, and in daily newspaper
in each of the cities of Chicago, Milwaukee,
New York, Boston, Hartford and Philadel-
phia, containing copy of this act with a
statement of the quantity of the said inter
nal improvement lands, general description
of the location of said lands, a statement of
funds derived from the sales thereof, and
that the said lands will be conveyed to the
several holders of said railroad bonds, on the
surrender of the same, in the manner and
upon the terms and conditions in this act
provided, and he shall send a copy thereof
by mail to the address of each and every
known holder of any of said bonds.
Sec. 3. The Secretary of State is author
lied to receive and shall receive any one or
more of said railroad bonds with all out
standing coupons attached, at his Office at
any time before the first day of July GA. D.
1879, one thousand eight hundred and seven
ty-nine, and issue to the holder or holders
thereof, certificate for each bond so re-
turned, which shall be registered in his Office
under the same number as the bond for
which it is issued. Such certificate shall en-
title the holder thereof, his heirs or assigns
to locate the same on said internal improve
ment lands, and to receive a conveyance in
fee simple for such quantity, to be expressed
in such certificate of said lands, to be by the
holder thereof selected as in this act is pro-
vided as the whole amount Of said bonds
bear to the whole quantity OF said internal
improvement lands. On the first Tuesday
in August, in the year one thousand eight
hundred and seventy nine, and from day to
day thereafter, until such selection of lands is
completed at the Office of the Secre-
tary of State, the holders
of such certificates, in person
or by agent, may locate the same in quanti-
ties not to exceed one hundred and sixty
acres at a time, alternately, under such regu-
lations as the Secretary of State shall pre-
scribe, to give each certificate a fair oppor-
tunity to be located on favorable choice of
land. If any of said certificates are not
represented at the time of such selection
and location, the Secretary of State shall Sc
lect the land and locate such certificates
thereon. in the same manner that the holder
thereof might have done. The Governor of
the State shall execute and deliver to the
person in whose name such locations shall
have been made, deeds of conveyance in fee
simple for the lands so located.
Sec. 4. If on the first day of July, A. D.
1879, any of said railroad bonds shall be out
standing, the holder of any of them may at
any time return the same to the Secretary of
State, who shall issue such certificate for
| the same as in the former case, and the hold
er thereof, his heirs or assigns, may immedi-
ately locate the same on any part of said in
ternal improvement lands not previously To-
Gated, and if the same is not located in sixty
| days after the same has been issued, the Sec
| rotary of State shall locate the same in the
name of the party to whom issued, and in
the manner aforesaid, and in the order the
the same were issued.
SEQ. S. Immediately upon the issuance of
any certificate for the surrender of any bond
such bond shall be registered, giving date of
its receipt and name of the persons by whom
surrendered, and the same bond shall be inn
mediately destroyed by fire and the manner
| and time of it's destruction noted on the reg
lister.
| SEQ. 6. For all the purposes of this act
! the judgments legally transferred to the es-
tate of Mcdonald and Gorham and Fitz
Grindal & kupers, MENTIONED and referred
to in chapter one hundred and ffty-two, on
page three hundred and eighty -eight of the
special laws of the year A. D. 1867, fol
| which no bonds were ever issued, shall be
treated in the same manner and considered
as such bonds; and the proceeds from the
sales Of any Of said internal improvement
lands, and the funds in which the same are
invested, shall be created in the same man
ner as the lands from which they were real
lied would have been subject to if the same
had not been sold.
SEQ. Z. The said internal improvement
lands so conveyed as provided in this act
shall be free from taxation until sold, o.
= - IL L. L
State, not to exceed five years time.
1 Src This act shall he Submitted tn tht