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

and receive IN exchange LOT 'heul the
securities Of the Company.
The Directors of the Company submitted TO
the clerk proposition of this kind That the
county should issue to the company its bonds for
s. 10000, payable the lst fully, 1868, (l5years)
bearing interest al the rate of eight per cent per
annun, payable semi-annuay in the city OF New
York-Thar in exchange for such county bonds
the Rail Road company would at the time OF re-
ceiving them. execute and deliver to the county
the bonds of the company, for he same sum
6 100000 payable at the same time, bearing the
same rate of interest, payable semi-annually in
the city of New York, which bonds of the com
pany were also TO contain the obligatian of the
company 20 pay at maturity all interest which
should accrue on the bonds of the county,, and Ill
timately to pay the principal, which payments,
when made should operate as release and dis
charge of the company from the payment of the
same amount of its own bonds; the company
bonds were also to contain stipulation, that the
county might at its option at any time before the
company bonds became due (July l, 1869 sur
ender them up to the Rail Road company or
any portion OF them, and receive in exchange for
them, certificates of full paid stock in the compa
ny, which would entitle the county to receive any
dividends that should be declared by the compaa r
10 stockholders The proposition of the compa
ny to the county, further stipulated that the com
pany should execute mortgage upon its railroad
and all It's equipments, and all the property and
effects of the company OF every name and kind, TO
secure the faithful compliance on the part of the
company with all its undertakings contained in
the company bonds, including the payment Of the
county bonds-principal and interest.
On receiving this proposition the clerk conven-
ed the Board, and after mature deliberation, and
full understanding of the proposition, the Board
determined TO order an election to be held on Mon
day the goth inst. Notices to that effect have
been sent into the different towns in the county.
and it only remains for you now, TO decide, each
one for himself whether lac viii vote for or against
the Rail Road proposition which l have endeavor
ed TO explain to you.
have accomplished the principal object I had
in view, viz: TO lay before you as clearly and IN
telligibIy I could the true nature and character
Of this proposition, But feel that should fail
to discharge my whole duty to the R. r. com
pany, If I should omit to answer some of the
objections which have been urged to this propo
stiou. will here remark once for all that if
any of you opposed to the construction of
the road itself, my answer to these objections is
not intended for you. If You wish to defeat the
construction 0: this Rail Read at all hazards, you
are quite consistent in endeavoring 10 defeat the
loan, as that will be the surest way of accom-
plishing your object. All / ask Of you is fair
play and an honorable oppositioni and that in
representing the proposition" to your fellow cit
liens you viii conhne yoursel to the truth-state
the proposition as il really IS, and not present
hideous bugbear which The company never dream
ed of or submitted.
All the objections that have heard to the prop
osition are founded in a misapprehension of its
true nature, and will vanish at once before the
light of trath-I VIII however answer them sew
orally as ! have heard them.
lst The first will notice is-"That the con
tractors will get possession of the county bonds
and never build the road is a sufficient an
swer to this to refer to that provision Of the con
tract containing the terms Of payment, from
which it will be seen that they are only entitled TO
pay monthly after they earn It. and then they
take about four sevenths of their pay in the Sc
curetes (stock & bonds) of the road itself andfor
every s., $50 of work they do they will only be
entitled to $500, of bonds for every 5 900 bond
they receive they are required by their contract to
perform $500 worth of work, and in addition
to that ten per CENTS retained already stated.
ID. The second objection ! Will notice, and
the only one that has any semblance of reason in
II is That the county viii be involved in a heavy
debt, and the people burdened with excessive tax
alton" The answer TO this is that the company
guaranty N the bonds which they give to the
county, that they Will pay all the interest upon
this debt and the principal when it becomes due
and as a security for that undertaking they mort
gage the whole road and all its equipments. Il
IS true that this mortgage Is 10 be second 10 a
prior mortgage TO secure the $4,000 of bonds
issued to contractors. But let us see to what ex-
tent this impairs the security offered to the cour-
ty Ii the income Of the road is enough to NEE
the current interest on the whole Of its bonde
debt (lst and I'd mortgage then there IS la
danger of the county being taxed 10 pay the in
rerest on its bonds. The interest on the LIST mort
sage bOllttS Ns'oASSDDJ " al DC S19,oJO iI ann
On the county bonds it will be $4,000 pr annum.
All of the net income OF the road, beyond the /
S24So0 will be applicable to the interest on the
county bonds and twill require an annual income
Of only $50 500 10 discharge the current intereson
the whole debt of 100000 which embraces the /.
lst mortgage bonds and the county bonds; and all /
its income beyond that sum can either be re-
served as sinking fund with which TO redeem the
principal, distributed in dividends among stock |
holders. The only question then involved in this /
objection of heavy DEBT and ercsssire taxation, is
will this road, costing about 100000 connect /
ing by line only 80 miles with the great Cen /
trail Rail Road of Illinois and all its branches. .
thus throwing s in immediate Rail Road connex-
ion with Chicago Galena and Dubuque. with the (
immense coal fields of Illinois. with StLouis and .
Mobile and with all the Atlantic cities and open
ng 10 market the richest mineral country in the /
world, and a finer agricultural country than can
be found on this continent in the same latitude