Mower County Transcript

The Bonds.

At the appointed time the Bond Tribunal was organized, and able counsel for both State and bondholders were present. Mr. Hahn, the Attorney General, opened the case, but it was taken out of his hands by Mr. Secombe of Minneapolis, a self-constituted attorney for the State, who gave notice that he would apply to the Supreme Court for a writ prohibiting the Tribunal to take any action.

After considerable debate, the judges decided that the management of the case should be in the Attorney General, but that arguments would be respectfully heard from any attorney for either of the parties to the case. The judges also gave notice that they would answer before the Supreme Court, to the application for the writ of prohibition, and they adjourned until the 2d inst.

The parties immediately appeared before the Supreme Court, to argue whether or not the writ should issue. As the issuance of the writ would permanently stop the action of the Tribunal, the real fight was thus transferred to the Supreme Court. And a royal one it has been, too!

For several days counsel for both sides have presented arguments that are a credit to the Bar of the State, and adduced numerous weighty authorities for every point advanced. The decision of the Court will probably be rendered to-day.

We are not intending to join in the ranks of those journalists who disparage their opponents arguments and unduly laud those favorable to their own views. The arguments on both sides were strong, and whether the writ be granted or not is uncertain; and as far as the real point at issue is concerned it is immaterial.

If the question of the bonds be not now justly settled, it will appear again and again, like the ghost in the drama. It is well that the writ has been argued; every step possible should be taken to test the validity of the bonds and of the Tribunal, and to convince the people of the truth of the whole bond question. If the writ be granted, the matter of settlement will only be postponed. Those bonds bear the seal of this State, and every evasion of the claims of their holders, brands us more deeply as repudiators.

If the bonds be fraudulent, let them be so adjudged and forever disposed of; if they be true promises of the State, then let those promises be kept, and our reputation, for at least common honesty preserved.

It is not denied that the bonds were issued legally and in due form, upon a large majority vote of the people. Nor is it deniable that the railroad companies disposed of the bonds for whatever they could get, and then abandoned the enterprise, leaving the State without roads and two or three millions in debt.

But does the subsequent wrong on the part of the companies release the State from its promises, and should the parties who purchased the bonds in good faith suffer loss, because the interests of the State were not properly guarded? The people were told that they would never be called upon to pay the bonds, but they were told so by no responsible party, and the bonds bear no evidence of such a compact between the people and the railroad companies.

Nor, again, is it disputed that the constitution was so amended that no settlement of the bonds can be made without submitting such settlement to the vote of the people. But no principle of law is clearer than that subsequent legislation can in no way impair the validity and fulfillment of a contract in right and justice. In their sovereign power, the people may ignore the principle, and repudiate the claims of the bondholders; but we are certain that a universal outcry would ensue, if such practice were the rule of our courts in common business affairs.

Whether the amendment be valid or not, is the work of the Tribunal to determine, and we sincerely hope that nothing but what is legal and just will in any way interfere with its duty, and thus prevent a final settlement of the great question of the bonds.

The bond tribunal met on the 2d, and immediately adjourned until Sept. 6th, awaiting the decision of the Supreme Court as to the right of the Tribunal to act.