Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-03-19
RAILROAD BONDS.
q 4

AN ACT providing for the adjustmentof the
Minnesota State Railroad Bonds.
Whereas, there has for long time existed
and still remains outstanding, certain con-
troverted claims against the State, commonly
known as the Minnesota State Railroad BOuds,
and certain other claims more particularly re-
ferred to and set forth in chapter 152 of the
special laws of the year 1867, the validity of
all which claims has ever been and still is dis
puted by the people of this State.
And whereas, certain holders of such dis
puted claims, among whom is Selah Cham
berlain, have recently made propositions for
the compromise and settlement OF certain OF
the said claims held by them, which PROPOSE
tions are now pending, and the substance of
which propositions is embraced within the
provisions 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 PROPOSE
tiOns should be treated with fairness by the
State, to the end that all such controverted
claims may, if possible, be compromised, set
tied and eXtinguished. Therefore,
Be it enacted by the Legislature Of the State
of Minnesota:
Section 1. 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
the State Auditor, accompanied by an agree
ment in writing, Officiating himself to accept
in lieu of such bonds and coupons and in full
payment and satisfaction thereof, fifty per
cent. of the amount nominally due upon said
bonds and coupons, less the deduction herein
after provided for, in cash, or in new bonds of
he State, as provided for in this act.
Sec. 2. The judges of the supreme court,
are hereby authorized and required to hear
o,d npnf he m III.
mitted, and as in this act provided. Said
Judges shall hear arguments, determine and
decide whether the legislature has power to
provide for the payment, adjustment or settle
ment of the liability of the State on said
Minnesota State Railroad bonds, without sub
hitting the matter to vote of the electors OF
the State, notwithstanding the amendment to
section two article nine of the Constitution.
adopted November 6, 1860. They shall con-
vene at the Capitol for the purpose of hear
ing and determining the matters as in this act
provided, on the 22d day of March, 1881, or
as soon thereafter as practicable, and shall
with all convenient speed file their decision
and findings with the clerk of the supreme
court and said clerk shall act as clerk of said
tribunal. In case of any dispute or conflict
between parties respecting the title, owner
ship or interest in any of said bonds or cou-
pons, which shall be so deposited with the
State Auditor, said judges shall hear and de-
termine the facts os to such ownership or in
terest. A majority of the said judges shall
determine all questions and matters herein
submitted. 1t shall be the duty of the At
torney General to appear and protect the
rights and interest of the State under the pro-
visions of this act And the Attorney Gen
eral shall employ such additional counsel as
he may deem proper to assist him in the per-
Torrance of his duties under this act, at the
expense OF the State, not exceeding the sum
of twenty-five hundred dollars, and that sum
is hereby appropriated for that purpose.
Sec. 8. At the time said judges convene for
the hearing of said matters, or as soon there
after as practicable, 1t shall be the duty Of
the State Auditor to lay before said judges all
of said bonds and coupons which shall have
been filed with him under the provisions OF
this act, with the names OF the respective
owners or claimants thereof, and also all pa
pers, claims and demands that shall have been
filed in his office under this act. AS soon as
said hearing is closed and the judges through
with the further use of said bonds, claims
and papers, they shall be returned to the State
Auditor.
Sec 4. As soon as the decision of said tri-
burial shall be filed with the clerk thereof, it
shall be the duty of said clerk to prepare
certified copy thereof under his hand and the
seal of said court, and file the same in the Of
flee of the State Auditor; if the decision be
against the validity of said constitutional
amendment or that the Legislature has power
TO provide for the settlement of said bonds
without submission to the people, then it
shall be the duty of the Governor and Au-
ditor 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 /, 1881, and shall be
of the denomination of one thousand dollars
each and shall be payable after ten years and
not more than thirty years from their date, at
49, &c co<n in, In
city of New York, with interest payable semi
annually in the city of New York, at the
rate of five per cent. per annum, and shall
have coupons attached for such interest;
said new bonds shall be signed by the
Governor and attested by the Secretary of
State uSder the great seal of the State, and
the coupons shall have the names of the Gov
ernor and Secretary OF State thereto, ana the
bonds and coupons shall be countersigned and
registered by the State Auditor, and upon be-
ing so executed, countersigned and registered,
and within sixty days after the filing of said
decision as aforesaid, the State Auditor shall
deliver to the several owners of the Minnesota
State Railroad Bonds, their heirs and assigns,
who shall have deposited their bonds with the
State Auditor as aforesaid, such an amount of
new bonds as shall be equal to fifty per cent.
of the amount of principal and interest,
which shall be due on said Minnesota State
Railroad Bonds and the coupons thereto at
tached, ON the first day Of January, 1854, less
in the case of bonds issued in payment of
Minnesota State Railroad Bonds issued to the
railroad companies out of the construction
of whose road the claims specified in section
z, of this act originated, such sums as shall
be paid on claims allowed under said section,
and take from said several owners and hold
ers of said Minnesota State Railroad Bonds
SO deposited as aforesaid, release under seal,
reciting the number and denomination of the
State Railroad Bonds, which said new bonds
are taken in payment and settlement for and
acknowledging full satisfaction from the
State of ali liability on said Minnesota State
Railroad Bonds so owned and deposited by
such person, which release shall be filed in the
State Auditors Office. Bonds of denomina-
lions of one hundred dollars may be executed
and delivered rs aforesaid III settlement of any
fractional balance or sum to be paid less than
one thousand dollars, and any such balance or