Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-10-14
FIFTY CENTS.
The Bond Bill Introduced In the Legis-
lature by Senator G. A. Pfllsbury.

The Bond Bill introduced In the Legis
lature by Senator G. A. Pfllsbury.
WHEREAS, There has for long time exist
ed, and still remains outstanding, certain con
troverted claims against the state commonl,
known as the Minnesota state railroad bonds
and certain other claims referred to in this act
the validity of all which claims has ever beer
and still is disputed by the people of th1
state; and
WHEREAS, certain holders of such dis
puted claims, have recently made propositions
for the compromise and settlement of the sale
claims held by them, which propositions are
now pending, and the substance of which
propositions is embraced within the provis
ions hereinafter contained; and
WHEREAS, it is considered to be desirable
and for the best interests of the state and of all
the people thereof, that all such controverted
claims, If possible, should be compromised
settled and extinguished; therefore,
be 1t enacted by the Legislature of the State OF
Minnesota:
Section l. For the purposes of this act the
principal of said Minnesota state railroad
bonds shall be considered as presently due and
payable. Any holder Of said bonds who de-
sires to avail himself of the provisions of this
act must deposit his bonds and coupons with
ment in writing obligating himself to ac-
cept In lieu of such bonds and coupons, and
in full payment and satisfaction thereof, so
per cent. of the amount due upon said bonds
and coupons, less any deduction hereinafter
provided for, in cash, or in new bonds of the
state, as provided for in this act. Provided,
however, that when there has been compli-
ance with the requirements of section of the
act entitled "An act providing for the adjust
ment OF the Minnesota state railroad bonds, -
approved March 2; 1881, the same shall stand
and be considered as compliance with the
provisions ofIthis fection
Sec. 2-It shall be the duty of the governor
and auditor of state to cause to be prepared
new bonds of the state, which new bonds
shall be styled Minnesota State Railroad
Adjustment bonds, and bear date July first
~, one thousand eight hundred and eighty
one QSS1), and shall be of the denomination of
one thousand dollars (S1 ,0OO) each, and shall
be payable after ten (l0) years and not more
than thirty (S0) years from their date, at the
option of the state Of Minnesota, in the city
OF New York, with interest payable semi-an.
nually in the city of New York, at the rate OF
five (5) per cent. per annum, and shall have
coupons attached for such interest. And
shall pledge the faith and credit of the state to
the payment thereof. Said new bonds shall
be signed by the governor and attested by the
secretary of state under the great seal of the
state, and the coupons shall have the names
of the governor and secretary of state thereto,
and the bonds shall be countersigned and reg
istered by the state auditor, and upon being
SO executed, countersigned and registered, and
as soon as practicable after the passage of this
act the governor shall deliver to the several
owners OF the Minnesota State Railroad
bonds, their heirs or legal representatives who
shall have deposited their bonds with the
state auditor as aforesaid, such an amount of
new bonds as shall be equal to fifty (5O) per
cent. Of the amount of principal and interest
which shall be due on said Minnesota state
railroad bonds and the coupons thereto attach
ed on the first (1stl day of January, one thou
sand eight hundred and eighty-four (1SS4), less
of deductions resulting from the provisions of
this act, and take from said several owners
and bondholders of said Minnesota state rail-
road bonds so deposited as aforesaid, q release
under seal, reciting the number and denomina-
tiOn of the state railroad bonds which said
new bonds are taken i'll payment and settle
ment for, and acknowledging full satisfaction
from the state of all liability on said Minneso-
ia state railroad bonds so owned and deposited
by such person, which release shall be flied in
in the state auditors Office.
The first C.st) coupons shall be made payable
on the first (1st) day of Jnly, one thousand
on the first (1st) days of January
and July in each year until the maturity of
said bonds; propided that at its
election the state may In lieu of
said bonds, pay in cash (less any deductions
aforesaid to the several holders of said Min
nesota state railroad bonds so deposited as
are any of them sum equal to fifty
per cent. of the amount of principal and in
terest due and payable on said Minnesota state
T.. H. H.,
said payment is made, taking the release un-
der seal from the holder, as in the case of de-
livery of bonds hereinbefore provided; and to
chat end the governor, auditor and treasurer
of state are hereby empowered in thier discre-
tiOn to negotiate at not less than par the
bonds to be issued under the provisions of this
act, and apply the proceeds to the payment of
said holders of Minnesota state railroad bonds
as hereinbefore provided And in the case of
the delivery of said new bonds of fractional
sum less than one thousand dollars may be
paid in cash.
Sec. 3.-The judgments mentioned and re.
ferred to In chapter 152, page 33s, of the spec
ial laws 1867, with interest thereon complied
in the same manner and at the same rate as
upon said Minnesota state railroad bonds and
coupons, shall be adjusted and settled by the
payment to the plaintiffs therein, their heirs,
attorneys, executors or administrators, of
fifty per cent. of the amount therein, either
in new bonds of the state or in money, in
manner as provided in the preceding section
for the settlement of said Minnesota state
railroad bonds; provided the plaintiffs in said
judgments, their heirs or legal representatives,
shall accept the same in full settlement and
satisfaction of all claims and demands against
the state on account thereof.
Sec. 4-Any person having subsisting lega.
or valid claim against either of the land grant
railroad companies which received ony of the
said Minnesota state railroad bonds from the
state, or against any contractor, SUBJ contract
or or other person, which account is for work,
labor or other services performed in the loca-
ton or construction of either of the lines of
railroad of said companies, or for boarding
engineers, contractors, sub-cOntractOrs, work.
men or others while engaged In the location
or cons truction of said lines of road, or any
part thereof, or for hire of teams, or for pro.
visions for men or teams, goods
or other supplies, ties, piles, timber,
lumber, stone, or other material furnished for
actual use in the location or construction of
either or any part of said railroad, and which
claim SO accrued prior to the time when the
state acquired said lines of railroad, and trans
ferred the same to other companies, may have
the same adjusted and settled as herein pro.
vided.
Such claimant shall file petition with and
addressed to the state auditor within thirty
days after the passage sof this act,
verified by himself, agent or attorney,
to De true to the best of his knowledge, in
formation and belief, setting forth the nature
and character of his claim, and against whom
it accrued and subsists, and asking for an ad-
justment of the same under the provisions of
this act. Any error, mistske or defect in any
such petition remedled by an amendment in
H. of <ha
after mentioned. The petitions which have
been filed with the state auditor under chapter
102 of the general laws of 1881. entitled can
act providing for the adjustment of the Min
nesota state railroad bonds, may stand and tbe
considered and treated as filed under this act.
The governor, attorney general and state
auditor are hereby constituted commission
to consider and pass upon said claims, any
two of whom may act, and the determination
of any two shall be considered as the act of
the commissioners. They shall fix upon a
time and place for hearing the same. and NAV