The Worthington advance., 1881-09-22
THE BOND DECISION.
EFFECT OF THE BOND DEc1s1o,

1FfGCI OF IdE BOND DECISION.
The attorneys Of selah Chamberlain tele-
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 ia, to take half the debt in full settlement
of the whole, In new thirty year bends at S
OF should Immediately call an extra session of
the legislature and that the necessary leg;sla-
tion was had. Mr.. Chamberlain responded on
Monday that he authorized his attorneys to re-
new tho proposition on tho condition named.
The proposition YVES 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 60 favor
able for the state, and that he will issue q call
for an ext:a 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 MIR. Chamherain's telegram annexed:
CLEVELAND, O., Sept 1O.-Telegram received
VIII authorize You to continue proposition to ac-
can an extra session of legislature and have the
matter settled. s. CHAMBEHLA1N
ST: PAUL, Sept. ~, 1ss1.--To His Excellency
John s Pi!lsbury. Governor of the State Of Minne-
sofa. Sir: In view OF the fact that the supreme
court Eas DECIDED the amendment to the constitu-
tion OF this State adopted November &. 1860 de-
u4rlng that no law levying tax or making other
provlsion for the payment Of principal or interest
ot the bonds denominated Minnesota State railroad
bonds, shall take effect 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 ilnparing the Obligation of the
contract OF the State. and hence. in violation of
section 10 of article l, Of the constitution Of the
United States. And that most of the State bonds
are now on deposit with the State auditor, pursuant
to pending proposition for settlement, and that
nm act is now pending which is to be submitted to
the peope Of the State at the next ensuing general
election, providing for the appropriation Of the in
ternat Improvement lands to the payment of the
prnc1pa! OF adjustment bonds which must he
nugatory unless the pending proposition is con-
Seiah Chamberlain, to renew his proposition to
accept 80 cents on the dollar of the bonds held
oy nm as provided in and by the act
Minnesota State railroad bonds, approved March
a. 1881, provided and on the express condition
mat the governor shall call an extra session of the
legislature at once and the adjustment shall be con-
su1nnlated during the present year.
III 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-
cont decision OF the supreme court, nor that had
that decision been made prior to the commence
favorable proposition to the State would not have
bech submitted. but desiring to deal with the State
win fairness and good faith, our client has in
structed Us to continue to the State his orgiua!
O11er subject to the above conditions,
we append our authority 20 this communication.
Respectfully, GORDON f. COLE,
j. NJ. GILMAN,
Attorneys for Selah Chamberlain.