Minnesota. Railroad Bonds Commission.

The Railroad Bonds Commission was created by the Minnesota Legislature on February 28, 1866 [Laws 1866 c5] to find a solution to the redemption of the 7% Minnesota State Railroad Bonds. The bonds had been issued in the late 1850s to help four railroads build rail lines within the state. The railroads, all bankrupt in 1866, were the Minneapolis and Cedar Valley Railroad, the Transit Railroad Company, the Minnesota and Pacific Railroad, and the Southern Minnesota Railroad. The bonds were commonly known as the Five Million Dollar Loan. The Commission was to ascertain and report the names of the bondholders, the amount due each, and the amount originally paid for the bonds by each. The Commission issued its report on January 8, 1867, alphabetically listing the bondholders, the number of bonds owned by each, the date of issue, and the railroad name. It made no recommendation on how to end the state's indebtedness for the bonds. Redemption of the bonds did not occur until 1881.