Morris tribune., 1881-09-22
THE BOND DECISION.
EFFECT OF THE BOND DECISION.


The attorneys of Selah Chamberlain tele-
graphed to him the substance of the decision
of the supreme court and asked him whether
he would authorize his attorneys to renew the
proposition for the settlement of the bonds
embodied in the adjustment act Of last winter,
that is, to take half the debt in full settlement
of the whole, in new thirty year bonds at
per cent interest, on condition that the govern
or should Immediately call an extra session of
the legislature and that the necessary legisla-
ton wss had Mr.. Chamberlain responded on
Monday that ne authorized his. attorneys to re-
new the proposition on the condition named.
The proposition wGs then formally submitted
to Gov. Pillsbury, and it is understood that he
thinks that if this proposition is not accepted
to settle en- the terms provided by the act of
last winter the opportunity is never likely to
occur again to settle them on terms so favor
able for the state, and that he will issue call
for an extra session.
Mr.. Chamberlain's Proposition.
The following is the proposition submitted to the
governor by Messrs Cole and Gilman, attorneys
for Se.aa Chamberlain, looking to the continuance
of the plan for the payment of the Minnesota State
railway bonds adopted by the legislature last win
ter, with Mr. Cham berlain's telegram annexed:
CLEVELAND, O., Sept 1O.-Telegram received.
will authorize you to continue proposition to ac-
cept fifty cents on the dollar if the governo will
call an extra session of legislature and have the
matter settled. 8. CHAMBERLAIN
ST.. PAUL, Sept. ~, 1ss1.-To His Excellency
John S. Pilsbury, Governor of the State of Mime
sofa. Sir: In view of the fact that the supreme
court has decided the amendment to the constitu-
tion of this State adopted November 6. 1850. de-
cllring that no law levying a tax making other
provision for the payment of principal or interest
OF the bonds denomnated Minnesota State railroad
bonds shall take effect or be in force until such law
has been submitted to the people of the State and
adopted by majority of the electors voting upon
the same, void, as impairing the obligation of the
contract of the State, and hence, in violation of
section 10 of article 1, of the constitution of the
United States. And that most of the State bonds
are now deposit with the State auditor, pursuant
to pending proposition for settlement and that
an act is now pending which is to be submitted to
the people of the State at the next ensuing general
election providing for the appropriation of the in
ternal improvement lands TO the payment of the
principal of adjustment bonds which must he
nugatory unless the pending proposition is con-
summated, we are authorized by our client, MI.
Seah Chamberlain, to renew his proposition to
accept so cents on the dollar of the bonds held
by him as provided in and by the act
entitled act providing for the adjustment of the
Cd, 1881, provided and on the express condition
that the governor shall call extra session of the
legislature at once and the adjustment shall be
sulnmated during the present year.
In making this proposition we do not conceal
from ourselves the fact that the State bonds have
been very greatly appreciated in value by the re-
cent decision of the supreme court, nor that had
that decision been made prior to the commence
favorable proposition to the State would not have
been submitted, but desiring to deal with the State
with fairness and good faith, our client has in
structed US to continue to the State his original
offer subject to the above conditions.
We append our authority 20 this communication.
Respectfully, GORDON E. COLE,
J. NJ. GILMAN,
Attorneys for Selah Chamberlain.