The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1857-05-30

The Ceans valley Railroad Loan.
A few days ago Ne noticed the fast,
that subscriptions were being circulated
among sur citizens with the object d
getting stock taken in railroad 70 con.
meet this city with Cedar Valley. W.
stated in brief terms the vast importance
to this city Of such = railroad, and en-.
deavored 10 show how much Of our future
prosperity depended upon this enterprise.
We also noticed the vigorous efforts Of
other points on the river 70 secure ths
trade Of this certain region, and to de.
velope through themselves the wealth Of
this, the richest and one Of the most thick.
y settled portions of tho State, and urged
that corresponding efforts at once he made
on our part to tap this Valley by rail.
road. Under these circumstance We were
glad to hear that the private subscriptions
wero liberal, and to notice the following
action on the part Of our City Council
From the proceedings Of the meeting
held last Wednesday afternoon, We make
the following extract.
Aid. LeClairc offered the following pre-.
amblc and resolutions, which we're pas.
sed:
Whereas, It is Of great and important
interest to the city Of Davenport, the in.
habitants and property holders thereof,
that there should be railroad connection
with the upper valley Of Cedar Rapids,
and
Whereas, In the opinion Of the City
Council Of said city such desirable and
important result is not likely to be OBJ
tanned without some material aid in the
construction thereof from this city, and
Whereas, Past experience has proven
the utility and benefits Of such aid being
rendered BY this city, therefore.
Resoiced, That the following question
be submitted to vote Of the electors Of
this city, in accordance with the provisi-
ons of the charter and the laws of Iowa
"Shall the City Council have power to
subscribe in the name Of the city in it,
corporate capacity for Three Hundred &
Fifty Thousand Dollars Of capital stock Ia
aid in the construction Of railroad from
some point on the Mississippi l. Missouri
Railroad, not further west than the town
Of DuraAt, by the way Of Upton to Cedar
Rapids or Marion, and thence up the
valley Of the Cedar River, and issue the
bonds Of said city, payable in the city Of
New York to the same amount, bearing
interest at ten per cent. per annunl, psya-
bic half yearly, the principle redeemable
within twenty years from the time Of the
issue, to pay said subscription; said sub
subscription to be made to the capital
stock of the Third Division of the Mis-
sissippi and Missouri Railroad Company,
under the name of Davenport, Cedar Val
ley and Minnesota Railroad, or to the
capital stock of some other company or
ganized to build said railroad, as the city
Council may direct In the event OF
said subscription the Bonds to be issued,
and payments made on such capital stock,
only IS the grading shall be actually done
BY the company, commencing at the
southern end of said road. Aud shall the
City Council have power and be required
if necessary, to levy specific annual tax
to pay the interest upon such bonds when
SO issued, and to redeem the principal At
maturity"
Resotced, That polls be opened at the
following places on the 3Oth day Of May,
1857, at ten o'clock in the morning, and
be kept open until O'Clock in the after
noon, to wit:
(The usual ward voting places with the
names of Judges are given, and the arti-
Gle closes thus.)
All voters who wish 10 vote in the A.
6rmative will vote ballot upon which is
written or printed .sFor the subscription
and loan,' and all in the negative against
the subscription and loan. From the
Daily Davenport Gazett, ellie 23d inst