Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-10-13

debt upon terms OF rare llberality. 1t is because
the soundest expediency and the imperative de.
mands of Justice thus unite to demand prompt
action that have felt it my duty to convene you
in extra session.
The act Of the last Legislature, proposing an
amendment to the Constitution devoting the pro.
ceeds of the Internal improvement Lands to the
payment Of the adjustment bonds has been rem
dered imperative by the decision of the Supreme
Court. 1t will therefore be necessary to promptly
re-adjus and re-enact its provisions to conform to
the new action to be taken, in order to submit the
proposed amendment 20 the people at the ap-
preaching general election. The average price
realized thus far for the lands sold is about 81 per
acre. and the fund for such sale already amounts
to 100000 In view of the rapid settlement of the
country it is believed that the total sum which
will be finally realized from the sale of these lands
will reach 81 100000, sum nearly or quite suf1i-
cient to pay the whole Indebtedness without re-
course to taxation.
That there may be no wrong impression ON your
minds regarding the whole amount due on these
bonds. / would say that by q former decision of
our Supreme Court, past-due coupons draw inter-
est as well as the bonds to which they attached,
and should interest be computed in accordance
with this decision the whole debt would amount,
on December I. 1884, to about $s.20o,OOO, and,
should the pending proposition be consummated,
the saving to the State will thus be about 81 600 600
If this opportunity be not Immediately embraced,
am fully persuaded it will never occur again, for
it cannot longer be expected that partial payment
will hereafter be accepted by the holders of these
obligations in view of the ability of the State to
pay III iuil ana lne VerCict OF 1ls nlgnest court
assigning to the Legislature the duty to provide for
payment. Unless, therefore, the pending settle
ment be now completed, we will be confronted
with the bald choice between total payment and
naked reputation. Dare we contemplate this
final alternatiyey What are all fair possessions
what the bountiful gifts Of nature and the proud
achievement Of industry, it we preserve not our
the institutions and the prosperity Of which
boast? These are but perishable things, which
lacking the stay and fulfllment conferred by love
Of justice-may bury Us in their ruins. Like the
brazen trappings purchased by loss of virtue, the
we parade may be our badge of shame.
abroad will bear the indelible brand of reputation.
In every reputable community, q reference to what
should feed an honest pride will provoke jeering
reminders of our disgrace. aud the beautiful name
we bear will become synonym of public dis
honor
ing the sincerity Of such of you differ from me
in Notwithstanding to each and all Of yon the
purity Of motive claim for myself am pro-
foundly impressed with the conviction that this
grave question cannot be safely postponed, and
ask you by every consideration Of equity, public
policy. and fair dealing, to give it your earnest
attention.
For the enduring welfare Of the fair State we
have chosen for our home; as we would Justly
share in that national heritage Of financial honor
which lie the wonder Of the world; that we may
deserve the reward Of generous prosperity, and
you as parting word to perform simple act Of
justice which shall forever put at rest the haunting
spectre of reputation, and place our young COM
irevocably in the iSterhood Of honor.
lble States.
rs. PILLsBU2y.
EXECUTIVE CHANBBR,
81. PAUL, 0cToBER Il, 1861