Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1858-08-11
Obedient servant,
WIN. A. GUEST, chm.
EX-SENATOR BARNES REPLY.
WATERFOWL, July 81, 1855

10Th and mailed the 18th inst, is Just
received and in compliance with your
wishes I give it ''immediate atten4
ton"
1t is a source Of much qualification
to me, and l presume it will be to
others, to learn that ga committee has
been appointed by the Board Of Direc-
tors of the La Crosse q Milwaukee
Railroad Company, for the purpose OF
setting up it's financial affairs" GER
tainly hope they will be successful in
accomplishing so desirable an end. A
management that can get rich whore
Wisconsin directors would starve--a
management that can increase the la
bilities of a comparatively bankrupt
company some six millions i'll eight
months, and who are capable of dispos-
ING of two million of "convertable
bonds" at ten per cent, and put the
same in their own pockets, can accom-
plish almost anything. 1t is assuredly
no trihing undertaking, but however
arduous it may be, the credit the COM
mittee will deserve, and the thanks
they will receive from all classes of COM
munty, from the farmer who has mort
gagged his farm, down to the officers
who>are enriching themselves from the
"stealings," will be fully commensurate
with their labors.
is related of the tabled Hercules,
who lived and foulished in ancient
times, that he accomplished q great
work in cleaning the Augean stables.
The task Of settling the affairs Of the
La Crosse & Milwaukee Railroad Com
pany may be, and undoubtedly is, a
greater one, but by a division Of labor
among your committee, it can be so
considerably reduced as to render it
possible that they will succeed, and l
will assist them in doing SO as speedily
as may be, by forwarding, at my ear
liest convenience, an unsettled demand
against the company, upon which, any
thing, however trifiing, will be thankful
ly received.
You also say that / was recipient
while Senator--of bonds known as
"Corruption Bonds" 1t is true, that
while Senator, | did receive not only
bonds, but stock and currency, from
the La Crosse Company, in considcra-
ton Of services Of an official character,
other than member Of the Legislature.
The bonds l received were, however,
known as "Construction Bonds. -
They may have been "Corruption
Bonds" but if they were, it was owing
to the source from which they emanat-
ed, the manner in which they were is
sued, or it may be that they have been
corrupted by the subsequent action of
those who professcd to deal honestly
in issuing them. BE that as itmay, the
consideration | received was for SER
vices honestly rendered.
Your statement that ! ''will perceive
the Importance and the necessity Of re-
turning those bonds TO the Company"
is incorrect. On the contrary, I do
not see "the Importance and necessity
of doing so, at least to me; and | con-
ceiyo that it is matter Of little impor
lance to a Company that, having failed
to fulfill any Of its obligation in relation
to the Gland Grant" will undoubtedly
fail to pay the bonds issued to obtain
it.
The bonds I received were disposed
of at about one-half their par value, as
was the stock. If you are really de-
sircus of procuring any of the bonds, |
think ] can obtain a considerable mum
Der for about onc-tenth Of the amount
pro rata that | received for mine. |
will also pick up what stock there is in
this section, and forward to you on re-
ceipt Of sufficient stamps to pay post
age.
really cannot imagine Of what use
the bonds can be to any one, unless it
might be for banking basis in some of
the Eastern States; for, even here in
Wisconsin, where the honest men Of
Wall street pronounce everything
worthless, they are Of less value than
Schuyler bonds or Atlantic Telegraph
stock.
Now sir having replied to your favor
and given it the ''immediate attention"
it deserved, it will be, and is proper
that | should make such suggestions as
occur to me, and in which | am war
ranted by the dictatorial terms of your
letter.
In the first place, will suggest that
if you are either DESTROYS of obtaining
"those bonds" Or avoiding their pay
ment, that you can proceed under the
statute against gambling, to recover
them, or you can plead the ''baby act"
in default of payment, either of which
positions the La Crosse road and its
present direction can assume and estab-
fish by creditable witnesses in all sec
tons of the country.
But, sir, if there is, as I suspect, an
under current beneath The surface of
this apparent honesty, such, for instance
as the purchase Of another Governor.
or an apology for repudiation, I would
suggest that while the former inproba-
bic, the latter is unnecessary; for no
one acquainted with the affairs Of the