Kenosha tribune & telegraph. [volume] (Kenosha, Wis.) 1856-1859, 1858-11-18

ASSUMPTION BY THE STATE, OF CITY,
Town, COUNTY, AND FARM MORTGAGE
BONDS, ISSUED FOR RAILROAD PuRposEs.
The subject of the assumption by the
State of the bonds issued for Railroad
purposes, we heard preached for the first
time only few weeks ago. We sup
posed then, the matter would not as
sumo any Importance, but would most
probably pass off without exciting much
public attention. 1t seems, however,
that the project is widening in the pub
lie mind, and enlisting earnest discuss
ion in various parts of the State. Such
a stupendous scheme, if continued to be
pressed upon public attention, will ex-
cite discussion, such as has rarely been
witnessed in the State. In the mean
time, but little else besides discussion
can be had for the present; the consti-
tuition of the State must necessarily be
changed before anything of the kind
contemplated, can be effected. The
people will have abundant time and OPP
portunity, to express their will emphat-
ically at the ballot box-on more occa-
sions than ne,before the scheme can be
consummated,
We are inclined to look with suspi-
cion on all such projects-especlally one
which proposes to bring relief by stu
pendous banking operations.
a convention of citizens representing
various portions of the State, assem-
bled as Milwaukee on the 10th inst, and
devised plan for assumption by the
State, of city, town, county, and farm
mortgage bonds, issued in aid of Rail
roads. The following summary of the
plan proposed we find in the Milwaukee
papers:
lst That an issue Of bonds not exceeding
in amount six millions of dollars be made by the
State, to bear five per cent. interest, payable
semi annually, and the bonds to be redeemed
within thirty years.
2nd. That the said issue of bonds, together
with United States Stocks and the bonds of 9th
er States at par and above par in the City of
New York, be made the sole basis of banking
within this State. =
3D. That said State bonds be exchanged un-
der the direction of the Governor, Secretary Of
State and Bank Controller Of this State, for the
farm mortgage, city, town, and county bonds
within this State, that have been issued in aid
of Railroads in the State, and which shall have
been bona fde negotiated or hypothecated pre-
Vious to the first day of July, A. D. 1858, on
condition that said State bonds shall not be ex-
changed for less than par; nor shall a greater
price be paid for the farm mortgage, city, town,
and county bonds than they were sold for by
the several Railroad Companies adding interest
thereon at seven per cent, from the time inter-
est was paid on them respectively.
4th. All the bonds of the State above desert
bed, that shall not have been exchanged for the
said city, town, county, aud farm mortgage
bonds within eighteen months frem the publca-
ton of notice by the Governor, Secretary of
State and Bank Controller, offering to exchange
as aforesaid, shall be cancelled.
5fh. The Bank tax shall be set aside and ap-
propriated to pay the interest on said State
bonds and the Railroad taxes shall be increased
sufficiently to pay the balance.
9th. The Railroad companies shall be relsas-
ed from the payment ofthe city and county bonds
and the farm mortgages, all of which together
with the stock issued therefor shall be cancelled.
9TH. A sinking fund shall be levied on the
farm mortgagers, cities, towns and counties,
which shall be sufficient to redeem the princi-
pal of the said State bonds at maturity.
Sth. That the power be taken away from the
towns, counties and cities, to borrow money ex-
cept to pay the debts already incurred.
9th. There shall be no State debt beyond
the issue of the said six millions Of dollars.
An address will be published in explanation
Of the above scheme, and setting forth the rea-
sons and necessity for some relief in the premis-
es to be granted by the State. Petitions will al
so be circulated, praying the Legislature to take
the necessary and earliest steps to submit an
amendment to the constitution to veto of the
electors of the State in the manner pointed out
for the amendment thereof.
WIN. C. ALLEN, Chairman.