Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1880-07-01

THE NEW YORK Law AND MINNESOTA
RAILROAD BONDS.
An Act TO protect the rights of citizens
e Of this State, ownings and holding
/ claims against other States:
SECTION 1. Any citizen of this State.
being the owner aud holder of any valid
claims ag 1inst any of the United States
of America, arising upon ~ written OBJ
legation To- pay money, made, executed
and delivered Ivy such Stale, which obi
CATION shall be past due and unpaid,
may assign the same 10 the Stale of New
York, ana deliver the assignments there
of to the attorney general OF, tho State.
Such assignments shall be in writing,
and shall be duly acknowledged before
an officer authorized to take acknowl.
edgement of deeds, and the certificate of
such xcknowledg cement shall be duly en-
dOrsed upon such assignment before the
delivery thereof. Every such assign.
ment shall contain a guarantee, on the
part Of the assignor, to be approved by
the attorney general, Of the expenses of
the collection OF such claim, and it shall
be the duty Of the attorney general, on
receiving such assignment, to require, on
behalf Of the assignee, such security for
said guarantee as he shall deem aue-
Quate.
SEC. 2. Upon the execution and de-
livery OF such assignment 10 the manner
provided for in section OF this act, aud
furnishing the security as III said section
provided, and the delivery Of such claim
to him, the attorney general shall bring
and prosecute such action or proceeding
in the name of the State of New York.
as shall be necessary for the recovery of
the money due on such claim, and the
SAID attorney general shall prosecute
such action or proce. ding TO final judg-
ment, and shall take such proceedings
after judgment as may be necessary 10
efectuate the same.
SEC. 8. The attorney general shall
forthwith deliver to the treasurer of the
State, for the use of such assignor, All
moneys collected upon such claim, first
deducting therefrom, all expenses in
cured by him in the collection thereof,
or his legal representatives, shall be paid
said money by said treasurer, upon pro.
ducing the check or draft therefor of the
attorney general TO his or their order
and proof Of his or their identity.
The law above quoted was passed by
the state of New York. for the purpose
of securing innocent purchasers Of state
bonds from loss by reputation. That i,
is pointed at Minnesota and Virginia is
certain, and that we will be called upon
before court of justice to answer fol
our d elinQuency, is only matter of time
Should this law prove ineffective, other
means will, in time, be found to compel
honesty on the part of the state, if there
be any dishonesty.
The passage of such law as the
above, is, indeed, a rebuke to our national
pride, and an unerring indication of our
national morality. A union made up of
rcpudiatlng states, or containing one or
more of them, is weak, and will become
more 50. Minnesota was loyal to the
government, as the graves of her soldiers
in the south testify, and again would
she pour out her precious blood, II neces-
sary; but, if her people persisten,ly. re-
fuse to fulfill their pledge, in order to
relieve themselves of taxation, it may be
presumed that they will be found
wanting in some other dire ct;on, should
the selfish interests of The moment 50
dictate. Never ought it be said that oar
sovereign states must be called upon to
compel each other to observe the com
mon rules Of honesty and fair dealing
But such is the case. and 1t is only step
in the chain Of reasoning, which the
subject of the state must take, in order
to justify his own nonlulfillmsnt of prom
Uses.
For years it has been dangerous, polit.
ically, for man to advocate the pay
ment Of the old railroad bonds. The
tide IS turning. Now it is becoming
quite fashionable to assail our state as Il
rspudialor, and to ring the changes ON
our inability to procure credit IN the
money markets OF the world. Not many
years hence, the advocates Of reputation
will be rs scarce as are now those who
voted for the issue of the bonds. Our
state is not wrong at heart. The cause
of right is growing and will grow until
i. prevails. So fast as the people learn
the real state OF affairs, and attain a true
knowledge of the issue OF the bonds and
the states position, so fast will the state
stride toward her true place and prepare
to fulfill her obligations, MORAL political,
and pecuniary.
We do not favor payment in full of
tue bonds, because the state received bu,
little value for them, and because the
owners, with few exceptions paid only
Is to 20 cents On the dollar tor them
But we have ever favored an equitable
adjustment which would secure both
bondholder from al loss and the state
from as much loss as possible under the
circumstances. The passage Of the New
York law pleascs us. Let the case be
tested in the highest tribunal of the
land. If it be our duty to pay the bonds,
let us know it, and do it; if we are un-
der no obligations to pay them, let US
know it, and never again be reproached
with dishonor and unredecmed pledges.
That this matter must he unequivocally
settled some time, is sure, and that the
sooner 1t is done, the better it will be, is
equally sure.
Some Of the democratic organs of the
state, charge the reputation Of the bonds
to the republican party. This is not a
party question, and no party of the state
is responsible for it. Had any party
championed the cause Of che bonds be-
fore the sentiment Of the people was
turned toward an honorable adjustment,
it would have found its grave. 1t is as
serted that the republican party, being
In power, ought to have led the senti-
ment of the people on this question.
True it had, for it has ever been the party
of progression. To 1t the country has