The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1858-08-06

r
I Officers of Michigan. A mortgage wa
made prerequisite to the delivery Of the
stocks, upon the Rail Road aud upon al
Its appurtenances, and upon the rights
privileges and franchises of the Company
3 hypothecating to the Auditor General
and his successors in Office, all their rights
and property upon the same conditions
above set forth Section s of the act OF
March 9Th, 1888, contained power OF
| sale oy which the State was empowered
in case of the non-payment, either of prin.
cipal or of interest, to make absolute sale
of the Rail Road, with all its rights, in.
terests, franchises aud appurtenances, to
the highest bidder, by giving two months
notice in Pontiac paper. The same Sec
tion also provides for forfeiture of the
charter, in case of the non completion of
the Rail Road from Detroit to Pontiac, on
the first day of May, 1889.
Now all the foregoing stringent provis-
ions, look remarkably well upon paper
but observe what followed-the company
got possession of the stocks by hook or
crook and sold them. The Rail Road at
the passage of the act referred to was CON-
pleted only to Royal Oak, a distance of
twelve miles, and did not reach its ter
minus for more than five years afterwards
the first train running from Detroit to
Pontiac, on July 4th, 1913. Except in
the giving of the mortgage upon the Rail
Road appurtenances and franchise, there
was not an honest and bona tide compli-
ance, so far as the execution and delivery
OF the required mortgage, and had the
remedy under that instrument been pur-
sued, the State would not be now com
PEELED TO open it's treasury doors and
launch out $780, 900 for the benefit of the
Detroit and Pontiac Rail Road Company.
The State meanwhile have been paving
the interest semi-annually, upon their
stocks, and have paid in the form of inter
est, and as principal-in all two hundred
and twenty thousand dollars.
The Detroit and Pontiac Rail Road
Company never paid one cent upon their
Indebtedness to the State, either in form
of principal debt, or for use, and the next
we hear of that corporation in relation TO
to this subject, is more than ten wears
after, on the third day of April, is48, |
when Joint Resolution was approved, |
authorizing the Attorney General, by and |
with the advice and consent of the Gov |
ernor, Auditor General and State Treasu-
rer, or majority Of them, to receive pro-
posals from Alfred Williams, for the final
adjustment of the claim growing out OF
the loan of the stock aforesaid, after pro-
ccedlngs, IN the nature of foreclosure had |
Il
still pending. This officer, so advised
was formally authorized to accept from
Alfred Williams, any sum which they
might deem fit-here was latitude with a |
vengeance-and close the whole concern. |
Accordingly, We discover, by reference to
the official Report of Geo. v " Iothrop. |
dated Jan. | 1919, that he, under the ad- |
vice of the State Officers and Governor. !
as provided by the Joint Resolution, had |
sofa the Rail Road mortgage, which called
for nelrly two hur dred thousand dollars,
to Alfred Williams, principal corporator,
and an officer of the Road, for thirty-two
thousand dollars, which sum that dilligent
officer is happy to say had been paid
into the State Treasury, fifteen thousand
dollars in cash, and seventeen in State
Indebtedness, and adds, " that after very
full and careful consideration, it was unan-
imously decided that it was for the inter
est of the State that the offer should be
accepted" which opinion, coming from
the principal agent in the allowance of the
a" Phoenix Bank claim" at a subsequent
day, must prove satisfactory to all parties
by this most brilliant financial opera
ton, the State of Michigan made fair
exchange Of its own bonds and cash paid
as interest, to the amount of two hundred
and twenty thousand dollars, receiving ff-
teen thousand dollars in cash, and its own
g recognized Indebtedness" to the amount {
of seventeen thousand dollars 1t should i
be borne in mind, that the beginning, the .
middle, the end, and every step concern
ing it, was in the hands of the Locofoco
party--the original act was passed by the d
locofoco Legislature of 1888, and APPROX .
ed by Gov. Mason, the Joint Resolution p
vas enacted by the Locofoco Legislature (
If 1913, and was approved by Gov. Ran u
om, the settlement was made by Geo. V. ii
y. Lothrop, Attorney General, a full n
FLOODED Lecompton Locofoco, under the a. a.
dvice of Epaphroditus the first, of Bor t.
Ter Rufhan reputation, of John j. Adam, h
pro-slavery locofoco, and George B. Coo = =
ger, of the same stripe, and the settlement i
vas affected with Alfred Williams, of the ii
anne political kidney. p
The foregoing presents a remarkable tii1
Instance of Locofoco fnanceering, and the eli
ayment in full of the bonds thus sauan- ce
cred, upon the day of their maturity, by
he Republican State Treasurer, is de- =
ounced by that wonderful party, and its
olitlcal editors, as "Republican extrava. \
ance. "-Lansing Republican. m,
- Of
The Ore aidn.f -, u,-a.AIa n