Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-01-07

uai ana !ihkcS the Oh lis people Inc
| first condition OF its existence.
The result of the recent election for ma
| tional chief magistrate EXHIBITS that ready ac-
ouicscense of allcontestants in the solemn will
of the people which is the boast of self govern
| ment. 1t moreover reiterates the popular de-
mand that the ideas and forces which saved the
nation shall continue to govern it. 1t means
that the costly fabric Of popular govern
| ment, which has been carefully reared upon
this continent, shall stand as the refuge and
hope of liberty for all nations, and be
transmitted as the pledge of that equality of
| right and opportunity which should lie the
common heritage of mankind. To this proud
! end am glad to discover indications that our
Southern fellow citizens will at last takefrater
nal part. Behind the sulen front of malcOn
! tent young South is beginning to assert it.
self. The vigor of a new civilization is quick
ening the torpid past. Let us hope that it
may step into the arena of the present, and be
willing to exchange the grim spectre of q
lost cause for the winning substance of re-
gained country.
DISHONORED BONDS.
In the discharge of final duty 1 should
deem myself recreant to the high trusts con-
fidcd to my care should l fail to embrace this
occasion to make a last appeal for the perform
ance of a simple act of justice toward those
who have so long and fruitlesSly held the sol
emn obligations of the State. l can but ex-
press my regret that in the performance of so
clear duty incur the displeasure of many
citizens entertaining different views for whose
candor and Judgment cherish high regard.
in my former message, as well as those of my
predecessors in office, the circumstances at
tending the issue of the sO-called Minnesota
State railroad bonds, and the urgent impOr
lance of providing for their settlement, have
been set forth.
The fact that the principal of these bonds
will become due so soon after the next regu-
lar session that too little time thereafter will be
left to provide for meeting them, invests the
subject at this time with new Importance, and
renders the prompt and final adjustment of
this long standing Indebtedness q matter OF
solemn and imperative duty. However good
citizens may honestly differ as to the nature
and force of the obligation represented by these
bonds, the absolute necessity that some kind
ofdisposition should be made of outstanding
paper bearing the sovereign pledge and attesta-
ton of our State, will be conceded by all.
Without questioning the sincerity of those who
oppose the full payment of the debt, it is diff
cult to see why there should be serious differ
enccs among honorable parties where the essen
tial conditions of the contract are undeniabc.
That the original proposition was amply
discussed, deliberately adopted, sud Overwhelm-
ngly endorsed b. the people. is 4 matter OF
u.
performed their part of the contract so far as
TO entite them to the bonds conditioned upon
such performance, is attested by the sworn
statements of official inspectors as well as by
the high character of the executive by whom
full compliance was eXacted. That the taking
possession of the property and franchises
of the companies obliges the State
to pay the bonds is beyond question,
since She acquired such property and fran
chises upon the sole condition while the sole
justification and purpose CT such acquisition
was reimbursement to the State, for payment
by the State. These, it seems clear to me,
include all the considerations that need be
embraced for an honorable settlement upon
the legal aspects of the question. When to
these is added the unquestiOnable fact that
our magnificent railroad system of to-day is
largely due to the early labor performed upon
the trunk lnes for which these bonds were
issued, there can be little need of more words
TO establish the justice of this claim upon the
State
That the scheme was premature and unwise
for so Young and feeble commonwealth was
not the fault of the holders of the bonds nor
are they blamcworthy because the railroad
property recovered upon foreclosure was not
applied to the liquidation of the debt. The
bondholders, or those they represented per-
formed the labor contracted for, so far as con-
struction went. That they did not go farther
was not their choice or desire. They were in
no wise responsible for the abandonment Of
enterprise For the services so performed
they received promise Of payment from
sovereign commonwealth, and they have been
waiting twenty-five years for the fulfillment
of that promise from a State which boasts of
its progress and prosperity.
The State having chosen foreclosure as her
remedy, and disposed of the property thus ac-
ouired Internationally as her own, the conclu-
sion seems to me irresistible that she assumed
the payment of the debt resting upon such
property by every principle of law and equity.
The liability having been voluntarily incurred,
whether it was wisely created or not is foreign
to the present question. 1t is certain that the
obligations were fairly given, for which con-
sideration was fairly received.
This debt was incurred in the darkest period
of our existence. 1t was in the struggling
hour of birth, when we had little population
or wealth; were without agriculture, manu-
facture or railroads, and were rich only in
youth and hope. Congress had just made us
munitcent land grant in aid of comprc-
hcnsivc railroad system, but before it could C
made available the financial crash OF 1851
wiped out private fortunes, overthrow public
credit, paralyzed industry and swept the coun-
try with financial ruin. Capital which had
eagerly sought investment with little tempta-
ton could scarcely now be lured by any offer
from its safe retreat Our landed endowment
promised to be but barren gift, for without
capital il was wholly useless as an incentive or
practical means for the construction OF the
contemplated railroads. In this crisis, when
stagnation and despair threatened a total
wreck of all our interests, men were found