New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1881-10-19

have upon their own motion proposed an ADJUST
ment upon more favorable terms, an opportunity
tial payment, without any necessary compromise
This good offer by the bondholders and the re:
- essentially q contract The holders OF these
obligations submitted \ proposition which you &C.
esPted by the passage Ct an yet Ess;ng the same
Supreme Court, while condemning the means thus
provided, has itself reached the end proposed by
rendering the decision upon which legislative set
Element was conditioned, that while the COM
pact remains binding upon both parties, its faith.
full performance is rendered obligatory and the
mode Of such performance simplited by the action
Of our highest judicial authority.
Under these circumstances the duty Of the Legs-
lature seems to me obvious and imperative. The
reasons which induced the adjustment legislation
tonsof public policy and honor which cannol be
mistaken. What was then conditional, and to
some extent a matter Of doubt and experiment,
now rests upon the immutable basis of adjudicated
law and justice. Both the power and the duty to
provide for this adjustment being lodged in the
legislature it seems clear to me that the simple
volved. And cannot believe that . deliberative
body, which, to- attain the ends Of JUSTICE entered
esa ses
Of that contract now that the way has been made
clear, easy and certain: deem it unnecessary to
result 90 desirable. However it may have been
heretofore, the Minnesota State Railroad Bonds
are now clearly on footing, precisely similar in
great seal Of the State egned by it's executive, and
for the payment of which its faith and credit are
solemly pledged. The legality Of their issueis IS
their redemption devolyes as surely upon the same
legislative authority. But II any discrimination
could rightfully be made between the several ob!-
cations Issued by the State it should clearly not be
against these bonds. They were not issued through
hasty or ilconsidered action, but after long and
exhaustive discussion before the Legislature, the
people and by the pnblic press Their issue was az
the people, and consumated under the solemn
form of a constitutional amendment. The issue of
carefully guarded ana It may we'll be questioned
upon the State '.' ~ ''% s'~ .'E.
nature of this Indebtedness, I could not consis-
tently sanction its qualified settlement did i not
look upon the proposition OF the bondholders and
the resulting Legislation OF last winter as in the ma
I pletion Of which is demanded alike by sound po-
icy and by every consideration pertaining to the
credit and reputation OF the State. The practical
4 question simply is whether. we shall now save
i some four millions Of dollars to the State without
loss of honor, or incur the reproach of reputation
KEEP gg soorcs q constant ana an a1
pay the debtin flll for it cannot be possible thai
an intelligent and progressive people, with moral
religions 1enss the final
honest neighbours. What must be thought OF ,
prosperous State that does it, using its sovereign
The holders Of more than $s,o0o,oOo of tn
whole issue of 900 have deposited thei
written agreement to accept in new bonds cash
so per Cent of the nominal amount of such surren
, dercd bonds and coupons, IN accordance with tn
act of last March. Many Of the bondholders hav
demanded the return Of their bonds since the dc
cisiOn of the Supreme Court, which demand ha
been refused on the ground that the contract re
; ing affected only the Means Of performance, IN
J. | that the bonds cannot fairly be withdrawn, unit
the Legislature shall have taken action in the mat
ter. Others, while still Offering liberal conce.
their original proposition in view of the decisio
I Of the Supreme Court and the marked enchanc.
meilt Of the value Of their bonds; but Mr.. Sela
: Chamberlain, the holder Of about one half c
these bonds, has adhered to his contract and n
newed his proposition to accept 5op cent Of tn
f press condition that the adjustment be consnmate
during the present year, and there is reason to b.
lieve that most OF the other bondholdcrs will nc
cluded. We have thus on opportunity to honora1
~ settle this debt upon terms of rare liberalty
is because the sonndest expediency and the impel
( prompt action that have felt it my duty to cor
vene you in extra session. ~
The act Of the last Legislature, proposing a
ceeds Of the Internal Improvement lands to tn
e payment Of the adjustment bonds has been rem
dered imperative by the decision Of the Suprem
re.adjust and re.enact Its provisions to conform
the new sction to be TAKEN in order to submit til
proposed amendment to the people at the ap
realized thus far for the land sold is about 81 pc
8 acre, and the fund for such sale already amount
to $780, 900. In view Of the rapid settlement Of tn
will be finally realized from the sale Of these land
d Gent 70 pay tne whole indebtedness without re
That tlere.may 30 no wrong impression on you
e m inds regarding the whole amount due on thes
. bonds, would say that by a former decision
est a. we'll as the bonds to which they are al
tached, and should interest be computed in &C
cordance with this decision, the whole det
: o. 100000 and, should the pending propositio
i. be about q, 100000. s.s.lss ! a s
bracsa an fully psr.usdsS VIII newer oe s@
j.. again. for 1t cannot longer be expected that tn
partial payment VIII hereafter be accepted By III
M TIE
highest court assigning to the legislature the dut
to provide for payment. Unless, therefore, III
e q boS VIII
: payment and naked repudiation Dare we con
template his final alternatiye7 What are all GU
and the proud achievement Of industry, il we pre-
. serve not our honor ~ their crown and shield
p OF what avail are the institutions and the pros
pcrity Of which we boast? These are but perisha
bic things, which--lacking the stay and fulfllmeu
, conferred bylove of justice-may bury Us in thei
! ruins. Like the brazen trappings purchased b!
loss Of virtue. the property we parade may b
our badge Of shame. Every bushel Of wheat an,
barrel OF donr we send abroad will bear the ndeli
8 Bile brand Of repAdiation. In every reputable
Z community, a reference to what should feed al
pride will provoke jeering reminders of our dis
grace, and the beautiful name we bear will be
come SYNONYM Of public dishonor.
, Senator'S and Representatives., without ques
tiOning the sincerity of such OF you as differ from
me In OpiniOn-acc0rdingt to each and all OF 70,
tho purity Of motive claim for my self-I am pro
f0undly impressed with the conviction that thi
. ! grave question cannot be safely postponed, and
| ask you by every cUdsideratiOs OF equity, public
policy and fair dealing, to give it your earnest at
? tentiOn..
For the enduring welfare Of the fair State W
: havec chosen for our home; as VIC would: just !,
share in the national heritage of financial, homo
Which IS tho wonder ofthe world; that we ma!
, deserve the reward Ola generous prosperity, an
you as parting word to perform simple act Q
justice which shall forever put at rest the haunt
ing spectre Of reputation, and place our youn
3 commonwealth irrey0ca BIZ In the sisterh0od q
honorable States. IS PILLSBURY.
ExEcUT1vE CJASpEE, ~
ST. PAUL, OCT. IL, 1875 l8,' RIA 3tE$sff1s
No more Hard Times.
# you will stop spending 50 mucl
OH fine clothes, rich food and, style