Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1858-01-13
The Farmers of Wisconsin in a Tight
Plaza

&o4A4CAo W UAoOODoAI Al q 4A6a
Place.
One Of the plans for building railroad;
in Wisconsin, has been to induce the
farmers along the route Of a road TO be
built to mortgage their farms to the Rail
road Company. and then the company
sells the mortgages to raise the money,
guaranteeing to pay the interest and the
amount of the mortgage when due
Those farmers who murtgaged theirfarms
to the La Crosse and Milwaukee Rail-
road, are just now decidedly in a tight
place. A correspondent at Fox Lake
writes the Milwaukee Wisconsin as fol-
lows:
"a principle topic Of conversation
among the people here is the condition
of those who have m~ortgaged their farms
to the La Crosse and Milwaukee Rail
road Co. A very large proportion Of the
most valuable land in this anu the ad-
joining counties. is covered by these in
cumbrances. and all the people feel a
common interest in the question whether
or not they are 10 be foreclosed. Con-
siderabIy more than half The days oil
grsce allowed after the protest OF the
mortgage bond coupons. before the mort
gage shall be executed, and the road
pass out of the hands Of the Company,
have elapsed. and it much feared that
the Directors will not be abe, if indeed
they are DESTROYS, to raise by The FIRST CT
January. money for them, and for The
interest accruing on the farm mortgs.
ges.
Should this be the case, and should
the Eastern holders of these securities
demand payment from the mortgagers, it
can hardly be doubted that theJ will be
met by well organized resistancel The
legal question OF The validity of the pa
pers may be very plain, but the ques-
lion whether they can be executed here,
in my opposition 10 The universal public
and by officers who derive
their power from the people, is not quite
so clear.
1.-The farmers think, and not without
reason, that they have been swindled.-
were induced 10 give their mort
cages by misrepresentation, and the
money raised upon them has been mis-.
appropriated. 1t may be very apparent
a disinteresled observer, that this does
lot prejudice the rights of The third par
les, who have purchased them in good
ailh. But people here will regard them
Is p0rticeps criminis, or in not much
more enviable light Of wealthy and op-
capitalists, seeking 10 drive in
lustrious laborers from their homesteads.
Coming thus as individuals from differ
mt places, with no community of inter
st, and obliged to contend with the uni
ed people, and under the disadvantage
# strong public disspprubation. they
Eill have but a sorry time of it,"
The Washington county Democrat
,ives a case in its knowledge:
In the town of Polk. a farmer mort
aged his farm for stock in the La
Railroad, 10 the amount of So.
100. The Democrat calculates that,
Iilh The interest on the mortgage, the
lture probable valuation Of his farm,
nd the present rates Of the stock, the
lrmer will lose !.34o by the operation.
Fur agricultural friend. it says, is some
hat in the situation Of a man WHO has
n euraged tiger by the tail-ex;remely
dangerous to nod on, and certain death
} lei CO."
Il is said that from 5000 to 5000
are thus mortgaged to railroads in
Wisconsin; that The railroads cannot pay.
nd to release their farms viii snip nine
Of them Of the hard earnings of
,any years. ]