St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-09-27
r cent. for nearly two and one-half years

per cent. for nearly two and one-half years
(from November, 1881, till January, 1888,
was over 5000, When the bill was re-
ported, as SO amended. to the house, such in
huences were brought to bear on the mem
bers OF the committee of ten that when the
question came up in the house, according to
my best recollection, but one (Mr. Nc
Cracken), stood with me for the amendments.
or Mr. McCracken it is simply justice to state
That ne was always fearless, always able and
always stood by his convictions. In the
house it was moved, by some one who favored
the original bill, that the senate bill, which
had not been amended, should be substituted
for the house bill, which motion prevailed
The senate bill having been taken up and the
above amendments moved one OF the most
prOtracted and heated discussions of the ses-
sion followed. 1t lasted all the afternoon,
until after dark, the lobby of the house being
filled with state officers and other spectators.
l had prepared myself in advance with the
! data to prove, and did prove, that the ponds
OF other states at per cent. were worth u
premium, and had caused an examination
of the finances and income OF the state to be
made, to show that it was wholly unnecessary
10 postpone the first
PAYMENT OF INTEREST.
until 1854; that we were able to pay it at
once. and it was therefore both wrong and
unnecessary for the state to add the interest
OF the full sum of the old bonds and coupons
up to 1884 to the principal, and that it was es-
pecially wrong to calculate that interest at Z
per cent. when we had the funds in the treas
ury to pay it, and when, according to the
claim aud proposition of even MIR. Chamber
lain. only per cent. had been demanded. /
DO not now recoect certainly whether Mr.
McCracken took any part in the discussion in
the house on the amendments According TO
my recollection he did not. though he was
! y =
aided me in the discussion, or in the prepara-
| tion for it, or in any way III the contest which
! was made: while, on the other side, there
were very numerous speakers. All or those
| who FINALLY approved the bond bill stood UNI
tlinchingly at every step. The bondhOlders'
| attorneys were in the house during the whole
| time, to be consulted by any one OF that side,
and PROMINENT senators were busy in the
house every minute during the discussion
doing all they could to influence the members
TO vote against the amendments.
ENTER MIR. FLLTJHER.
The amendments were voted down. When
the vote was taken 1 was exhausted and
nearly discouraged. Mr.. Fletcher, (the
speaker of the house,, at once came to me
| and addressed mo i'll substantially these
words:
'.You are right 1t would be an outrage on
the people to permit that bill to pass in its
present FORM and it shall not pass until YOUR
into it. After listening to your argument
there can be no doubt as to the matter [
am astonshed that the senate passed it in
that form, or that anyone should oppose your
views. [ voted against you now because l
might be misunderstood ii | did not. Be-
tween this time and the meeting OF the house
tomorrow morning | shall see the governor
and Mr. Chamberlain and induce them, if I
can, to assent to these amendments. ! do
not wish to oppose the governor; ii possible
want to avoid it. But if L cannot induce
him to consent shall have to follow
MY OWN CONVICTIONS
of right and vote for the amendment. He
told me at the same time that while was
talking he had spoken to d. M Sabin, John
+. Norish ana, L believe, with S. G. Comstock,
who agreed with him. As agreed. that night
or next morning Mr.. Fletcher, accompanied,
| think by the gentlemen named, had an in
terview with the governor and it was agreed,
as Mr.. Fletcher reported to me, that interest
after the date of the bill ON the old Minnesota
railroad bonds should not be computed at
per cent, as in the bill il was provided, but
at per cent, and that the bill should be so
modified that interest on the new bond
should be at rate not exceeding per cent.
Ut will be recolected that the bill itself pro-
vided absolutely that the interest should be
at 5 per cent? But the understanding
that the interest should, as Il matter OF fact,
be reduced to at least ~ per cent, and
THE IMPRESSION
was carried to me that it would probable be
reduced to four; but, by leaving the bill
i'm the form proposed, Gov. Pillsbury could
have the honor and credit of reducing the
rate of interest at least ona-haH of per
cent. / was willing that the governor should
have the glory if we could have the reduction
of interest. ! agreed, on the understanding
that the bonds should not bear to exceed AZ
per cent. interest, because I could secure
7 ulS a q ta n
interest after the date of the act should be
reduced from Z to per cent. because [ could
gain nothing better. [ was then Informed
(just before the house metz that the attorneys
of Chamberlain (who were the men on whose
advice the governor acted) were ready to
meet me in
THE GOVERNORS OFFICE
to agree on the wording of the amendments.
went at once to the governors office and
found there the attorneys (Gen. Cole and
Hon. John NJ. Gilman), the governor and Mr..
Chamberlain, and, according to my best
recollection, Gen. Sibley. l then and there
wrote out the amendments, which were as
scented to by the other parties present, and at
once sent them up to the house to be
offered by Col. Hicks. was informed by Mr..
Fletcher land agreed to it) that it would not
do for me to introduce the amendments; that
the governor and his friends must have the
honor of reducing the interest. 1t is but JUS
tiCe to Mr.. Fletcher and the other gentlemen
named-but especially to Mr.. Fletcher-to
say that but for his Intervention and en-
phatic action, these amendments could not
have been carried through the house. They
did pass the house and were adopted by the
senate and, in pursuance of the agreement,
the state officers who issued the bonds fixed
the rate of interest at ~ per cent. Let us
see how much these amendments saved the
state and cost the bondholders. The bonds
to be issued under the bill as above stated,
were about ST. 300 600. By the bill before the
amendments it was absolutely provided and
required that the bonds should draw 5 per
cent. interest Therefore, one-half of 1 per
cent. was saved on the bonds issued, viz;
$21, 500 ANNUALLY,
and (if the bonds run as long as it is provided
they may) there will be saved by this amend
ment to the state S645, 300; and, by the other,
reducing the interest from to per cent
for little over two years. as before ex-
planned, over 5000, 900. Indeed, this does not
state nearly the full amount Of the gain to
the state, for, by the amendments thus made,
the state saved interest from January, 1882,
to January, 1884. After this, even if this
were all, it could not be expected, and l well
knew that the railroad companies would not
look on me with favor.
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