The History of Minnesota and Tales of the FrontierFlandrau, Charles E. (Charles Eugene)
History
The History of Minnesota and Tales of the Frontier
Flandrau, Charles E. (Charles Eugene)
Frontier and pioneer life -- Minnesota; Minnesota -- History
"I regret to be obliged to state that the measure has proved a failure,
and has by no means accomplished what was hoped for it, either in
providing means for the issue of a safe currency, or of aiding the
companies in the completion of the roads."
At the election, held on Nov. 6, 1860, the constitution was again
amended, by expunging from it the amendment of 1858 authorizing the
issue of the state railroad bonds, and prohibiting any further issue of
them. An amendment was also made to section 2 of Article IX. of the
constitution at the same time, by providing that no law levying a tax,
or making any other provisions for the payment of interest or principal
of the bonds already issued, should take effect or be in force until it
had been submitted to the people, and adopted by a majority of the
electors.
It was very proper to prohibit the issuance of any more of the bonds,
but the provision requiring a vote of the people before those already
out could be paid was practically repudiation, and the state labored
under that damaging stigma for over twenty years. Attempts were made to
obtain the sanction of the people for the payment of these bonds, but
they were defeated, until it became unpleasant to admit that one was a
resident of Minnesota. Whenever the name of Minnesota was heard on the
floor of congress as an applicant for favors, or even for justice, it
was met by the charge of repudiation. This was an era in our history
very much to be regretted, but the state grew steadily in material
wealth.
Public-domain text, read in full here on John Shaqi.
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