Wisconsin tribune. (Mineral Point, Wis.) 1847-1854, 1853-06-09
TOT Inc IFIDunD.
How will the Vote stand on the goth June 2

Is
tor the tribune.
! How will the Vote stand on the goth June
The above question is frequently asked in rela-
ton to the proposed exchange of County Bonds
for those Of the Mineral Point Rail Road and al
though it is impossible for any one to know what
the result VIII be at the polls our answer invaria-
bly, is, "we hope the citizens Of Iowa County will
not stand 50 much in their own light as to with
hold their aid to an enterprise that promises such
| important results to the. whole County" What
is it, that is asked of the County? As we under
stand the matter, it is simply this: the County is
solicited to lend her credit towards constructing
a rail way from Mineral point to intersect either
with the Chicago and Galena or the Southern
Wisconsin road, and in exchange for that credit,
the directors propose to give the bonds of the
road the interest of which 10 be paid at the same
time and place with those of the county bonds
with additional security to the county of
mortgage upon the road, thus you see, securing
the county from ever paying one cent of either IN
terest OF principal upon these bonds. The Bonds
of the road 10 bear the same interest with
those Of the county, 10 be paid at the appointed
time ana place with those Of the county, hence
when the interest upon the bonds of the road are
paid to the county OF her agent, they have the
means Of discharging the interest due upon the
county bonds. But it may be asked in what way
is the county to be secured against the contingen
cy Of the road not paying the interest upon her
bonds, and thus mulcting the county for both in
terest and principal. The answer is at hand and
SO full and satisfactory to my mind that it seems
an insult to common sense to spread it upon pa
per.
But that all may make their own figures and
estimates for themselves, and 10 their own salts
faction, give the data upon which the answer is
based. The Road in complete running order, with
all the rolling stock depots, stations, &c, is est
mated TO cost six hundred and ninety-three thou
sand dollars, or twenty one thousand six hundred
and dfty-six dollars per mile. The contractors
will hold the first lien in mortgage upon the road
of ten thousand dollars per mile; this will leave
eleven thousand six hundred and ffty-six dollars
per mile upon the road still unincumbered Now
as the directors ask the county to loan her bonds
to the amount of one hundred and fifty thousand
dollars, they propose TO give in addition to her
bonds, mortgage upon the road, TO secure the pay
ment of the interest at the given time as well as
the certain liquidation O. the principal. The road
being thirty two miles in length, mortgage Of
four thousand six hundred and eighty seven uUi lars
and fifty cents per mile would amount to one hun
bred and fifty thousand dollars, the amount Of the
bonds required.
II this estimate be correct, how is it possible
for the county in any manner to loose one cent?
With the second mortgage upon the road, her
bonds to the amount Of $4,000, and clear sub |
scription stock over and above all membranes
Of six thousand nine hundred and sixty dollars and
fifty cents per mile, there can be no possibility Of
a loss to the county.
The only question then is, will the road oav on |
the amount invested. This matter has been so /
fully discussed by the able and efficient President
OF the road that further remarks upon it ale IN s
necessarily would only add that if it does not /
pay 1t will be the only exception in the western I
states. Il does seem 10 me as though there would /
not be a dissenting voice towa ards allowing the
County to lend her credit as proposed.
The enhanced value of property throughout ev-
cry portion of our County would be SO great in
one year from the completion of the road. that
men would be surprised that they had ever enter
tanned doubt as to the expediency of the enter
prise. To satisfy ourselves upon this point we
have only to look at the effect of the Chicago and
Galena Road upon real estate 10 the distance Of
twenty-five miles on either side. Four years ago
good improved farms could not be sold in that re-
gion for Ave dollars per acre. Now what is the
result? Those same farms are sought after ca.
gerly at twenty dollars per acre,-weath and
atiuence follow wherever the iron horse blows his
fiery breath. The best Of wheat sold for twenty
five cents per bushel, corn. pork and beef in the
same ratio-the farmer looked more Ike the
ghost Of Hamlet than the hardy and independent
yeonlan OF the soil What now is their situation
ILey have speedy access TO TIE highest and best
markets, their pockets lined with the whereyvith,
and well supplied with the necessary stock of i'm
pudence requisite to carry them where business or
pleasure may suggest.
am well satisfied that all who give the matter
a moments calm reflection, viii not oaly vote for
the proposed loan, but viii use all their influence
to effect the desired object.
SIGMA