Wisconsin tribune. (Mineral Point, Wis.) 1847-1854, 1853-06-16

A~-AN4NN~At-'c7
iays) Sl05,GGs,so. A comparison with other
roads no more favorably located for business than
this would give it an income of from $4,000, to
100000 ! will dismiss this branch of the sub
Jet with the single remark that if the road does
not earn more than $685. per annum it will be
just about the poorest road in he U. States.
But | propose for a moment TO examine the
darkest side of this picture and contemplate what
will be our condition in case should be mistaken
in my antcipations, and that the road would not
earn enough 10 pay the annual interest on the
ged to raise the amount by taxation and ultimate
ly to pay the principal. 1t must be borne in mind
that the bonds will not be used-that there will be
no debt and no taxation-uness the road is bnilt.
The very use of the bonds is the guaranty for the
construction OF the road. Then whatever may be
the debt or whatever the taxes, we shall have the
benefits that the road will confer, whosoeyer may
own il, whether the company or bondholders, TO
aid in paying this debt and these taxes. And /
have no hesitation in saying that it would be wise
policy if the county could secure the construction
ct ans read at 2 cost of about 100000 by isstl-
irg T. 7nds toI Sl5O,000 payable in fifteen years,
10 So ard to levy an annual tax TO pay the in
st though it should never receive back dollar
ato treasury directly from the company. The
collateral advantages of the road to the people
of the county would be more than an equivalent
for all taxes they would have to pay.
II the county should have the inferred these
bonds TO pay, the amount would be s. 900 per
annum, a little less than the present amount of
county tax, so that every mans share would be
Just about the same as his county tax, and / de-
sire that each one of you will answer this ques-
tion.-would you not cheerfully pay every year
the same amount that you paid last year for your
county tax, if by doing so you can secure the
construction of this railroad, yhen by refusing
you defeat il 2 The average amount Of county
taxes, paid by the citizens of Iowa county is less
than So, few pay more many less, and a great
many nothing at all. A very large portion Of
our taxes are PAID by non-residents. Surely every
man who pays S. year or less would be
willing if he has any public spirit to pay tax
if it was necessary, OF a corresponding amount
in aid OF this enterprise
Those who pay nothing can certainly afford to
vote for it, as they will have all to gain and no
thing 70 lose, and l am certain that no man will
permit an opportunity to pass unimproved of
taxing nonresident proprietors all he can, when
it is SO notorious that they are the greatest bane
10 our prosperity.
But then there is the principal of $500 o, how
IS that 70 be metz Yes, that Is a great bug bear
1t might only be necessary in reference to thar
to say sufficient unto the day is theey thereof
but l VIII endeavor TO meet all fears resulting
rom that IN a more satisfactory manner. This
debt f it has 20 he met at an must be me. by the
tax PAYERS Of 1868 and 4i.aoJgh I ,,oa.s ne.
ask arv one a. son ole himself with the prospect
that before then he will cease 10 have any care for
the things of this world. yet It Is proper that ]
should remind you, that those of us who survive.
and participate II the busy scenes of that day,
viii find ourselves associated with a host who are
now strangers to US. Our population will be in
creased in that length of tine at moderate est
mate four fold, and under the beneficial influence
of this Rail Road believe nearer or ten fold
The taxable property of the county viii be in
creased in corresponding ratio, so that it is safe
to say that county tax Of 100000 10 $4,000 at
this time would be as onerous as $4,000 will
be then What now seems mountain would I'M
der this changed state of things appear but a mole
hill-So that if we should have this debt and
these taxes TO pay, they will amount to a com !
paratively trifing sum, for which you viii be |
compensated in the construction of the
road.
But any alarm OF apprehension in relation ic /,
debt taxes is entirely unnecessary and unbound /
ed. The means Of the company viii be ample 10
discharge the interest on all It's bonded deb. 10
GLIDING the county bonds and to leave large sur
plus for sinking fund OF for dividends; and the /
character of the Directors, Messrs. Woodman, !
Eaton, Braeken, Nancoas, Cholvin and Keep, 20 /
say nothing of myself is a sufficient guaranty |
that they will faithfully apply the means for thai
purpose.
Having dsvelt more at length than I intended
+" e. inning the dark siae of this picture, can.
-.. en- rs mucn in detail as I should have |
been ed r. tie brighter side.--The net
TINS road when completed as already /
"a is esr mated at from $4,000 to over
~-.-Let US suppose that the Directors are |
jus Ifei in assuming the lowest figure (S75OOO) |
and see how the county would stand. 1t is appeal
rent at once that the dividends would be greatly /
over per cent. and Of course it would be for the
interest of the county to surrender up 10 the com
7any its bonds, and convert them into stock
The stock of the company would then be $3.50
BOO, Of which there would be Of individual stock
holders $4,000, owned by county in exchange
or bonds Sl50,0OO--paid 10 contractors SS3,O0oI
and he bonded debt of the company would be
$4,000 bearing per cent interest, or s24SO0l
per annum. Il the net income be $4,000, deduct
rom il S24 500 for interest on LIST mortgage bonds
II say $4,000, and it leaves $4,000 to divide
among stockholders, which would on S3S3. 900 OF
tock give a dividend of 3 per cent, so that the
,ounty could pay the interest on its bonds Is per
.ent) and have surplus from dividends of per
emit which on $4,000 would amount to ST.
100 10 90 into the county treasury annually To- h
wards the general purposes Of The county-This
5 no fancy sketch, the same result mas been real
zed in many counties in several of the States =