The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1859-12-16
M NIT c.:
FRIDAY, DECEMBER l6, 1859.
Wisconsin Railroads-their Cost
and Renefita

to suggestions made by some Of our best
patrons and most attached frisads, Of fears
lest our present line Of argument should
damage the prospects Of our own Railroad
by exciting the alarm Of those upon whom
our citizens rely for aid in the prosecution
OF This enterprise, that we think they are
mistaken, for i. will become patent to all
who may read our articles, that we intend
to promote the public good-that we re-
cur to the past not for the purpose Of da-
guerreotyping its frauds, follies, or blum
ders upon the memories of our citizens,
nor for the parpos. Of prejudicing the in
terest Of any locality or Individual in the
State but to show the people what re-
orms in the present system of Railroads
and their management are required, under
which they may obtain, though not in
demnity for the past, security for the fu-
ture, by a judicious employment and ap-
plication of their energy, enterprise, and
capital, in an early and vigorous prosecu-
ton of a system Of Railroads in the north
half Of our State.
One word more. We know that no in
disiduals, bodies polite or corporate, will
have any reason to find fault with us, I'M
less it be that we may have defeated the
contamination Of their own selfish schemes
or fraudulent designs upon the people
IF there be any such, We shall care not
that we have offended them.
We who live up here near the line of
rhe geographical centre Of the State,where
the people have no Railroads, but need
and intend to have them, insist that there
should be a radical reform of the present
system Of Railroad management, and that
those companies which have built their
Roads should commence this reform by
correcting the errors of the system which
they inaugurated-from the workings OF
which the character and credit of the State
has suffered SO extensively in all its sections
and interests-the innocent suffering equal
ly with the guilty-the people of the entire
northern half of Wisconsin find their Gre
dit damaged, business Frustrated, and their
energies lying in semi-state of paralysis.
The city of Milwaukee owes it to herself
and to the whole State 10 adopt the most
effective measures to relieve her own credit
and financial character from the stains now
resting upon them. and re6orm the charac-
ter Of her own Railroad corporations. 1t
may be asked how is Milwaukee to be held
in any degree responsible for the disastrous
consequences Of the conduct AID acts Of her
Railroad corporations Did not Mlrau-
kee always endorse the management Of the
several Railroads leading out of the city
through its press, and by voting her mum
cipal credit towards the prosecution Of
these Roads Milwaukee loaned to these
several Railroads It's corporate bonds in
the sum, in the aggregate, of one and
half millions Of dollars, to aid in their con-
struction. upon what was considered and
taken by the city authorities as ample Sc.
curity for the payment, by these Railroad
companies, of the principal and interest Of
these bonds as the same should from time
to time mature. We believe that none Of
these Railroad companies, with the single
exception of the Milwaukee and Chicago
has paid the interest upon the city bonds
so loaned to them.
Did the city provide the necessary means
for the prompt payment Of the interest on
these bonds a. tho same became due
No. Why! Because the Railroad Com.
panies had promised to pay, and were
bound to pay that interest. These compa.
ME, defaul,ed to the city, and the city to
the holders Of its municipal bonds. The
city sought to save it's credit by charging
its own default to violated promises Of The
Railroad corporations, and its bonds i'm
mediately sunk in price on change below
fiftv per cent of their nominal par value
and consequently the bonds issued by 9th
or and inferior cities Of the State for SINH
lar purposes could not be sold in the mar
ket above mere nominal price, and al
other securities that had been sold, OF wer.
held by Railroad companies, shared The
same fate Had Milwaukee promptly pait
the interest upon its bonds, and thereby
kept their price up to nearly par in the
market, the State would have saved, or MOI
lost, millions Of dollars. Was not Milwau
kee able to pay the interest upon all of its
Indebtedness We think so, and that il
was duty she owed to herself and the
people Of the whole State to have done
so.
From the time of the commencement tc
the completion Of the Railroads leading ou
of that city, the assessed valuation OF 1T
property increased from five to twelv'
million. of dollars-wherein we see th
benefits that have resulted to Milwaukee
alone from the construction OF these Raj