The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1859-03-17


entered into.
If the foregoing facts do not legally impair
the binding obligations Of the County, they
most assuredly do in moral point of view.
If a person is deceived by false pretenses, Ell
Their directly or indirectly, and by virtue of
that deception he is led into contract which
otherwise he would not have made, he is not
morally bound to abide by such contract by
any law of morality either human or divine.
BY means of such promises and assurances,
however, the above proposition was carried
in the county by an overwhelming majority,
as the records show, and in pursuance to
said vote, the County Judge subscribed on
their subscription books as follows:
"The County ofwapello Gas by vote Of Sept 1857"
Zone thousand Shares CO0u) pay able in instruments
Of five cent per month after the Road is under
tract to Ottumwa by the issue of County Bosds with
twenty years to and bearing interest of eight
per cent per annum and to be expended in the Coun
ty:m
"The County to receive for such Bonds as issued, a
certificate Of the same amount Of Stock in the Compa-
n.y." (SigneD sILAS OSBORN.
County Judge.
The foregoing is true copy of the sub
scription as appears on the books of the B. &
NJ. r. r. Company, drawn up by. themselves
and signed by Judge Osborn. You will OBJ
serve that there is an express provision made
in this agreement that "the county is to re-
ceive for each bond as issued, certificate of
the same amount Of stock in the Company"
Upon further examination into this matter
find that on the oath of March, 1854, the
Judge Osborn and Oliver Cock, of Burling-
ton:
between the Board of Directors of the Burlington
Missouri River Railroad, and Silas Osborn, County
Judge of Wapelo County, Iowa-Wtnesseth: That,
whereas the County Judge Of said county has subscri
bed the part of said county one shares of
stock in the Burlington and Missouri River Railroad,
by virtue OF an election held by the people Of wapeo
therefore, In consideration Of said subscription the
Board OF Directors Of said Company agree with the
Judge OF said County the issuing and delivery the
bonds of said County accordance with the subscrp
ton as aforesaid, to dsinterested person be
held as trustee for the of the Burlington Missou
RI H. r. Co.. all bearing equal date and eight per cent.
interest per annum and redeemable in twenty years
from date hat they will be issued stock in
said Road to equal amount with the so issued
in favor of the county delivered to said
In exchange for said bonds And it is further agreed
that said stock shall be placed in the hands Of such
thra party as may be agreed upon and held colat
eral security for the redemption of the bonds Of said
county and it is further agreed that the on
an Don Is issued and delivered to said Company shall
be paid by the Company until the completion of the
Road to Fairfield and that the proceeds arising from
the sale negotiation of said bonds shall be expend
(sisned) OLIVER COCK,
for b. NJ. r. X. r. Co.
sILAS OSBORN, County Judge.
1t will be perceived by the above agree
ment that the certificates of stock, instead of
being delivered to the County, are to be de-
liyered to trustee, to be held as collateral
security for the redemption of the bonds
This agreement, you will remember, is d.
rect violation of the stipulations contained in
TIE subscription, which requires the certif-
Gates of stock to be delivered to the County
on the delivery of the bonds. Under this
last named agreement Judge Osborn, on the
18th day of January, 1855, issued, upo the
call of the Company, $4,000 in county bonds
to said Company, for which the county has
not to this day received any certificates of
stock or any other consideration whatever.
Upon examination, [ am satisfied that the
last-named agreement entered into between
Judge Osborn and Oliver Cock, is legally de-
fectivc. In the first place, there are no evi-
dcnces contained therein that Oliver Cock
had any authority whatever to contract for
the said Company; the contract is not sigh
cd by him officially, neither is there any evil
dcnce on the face of said agreement, that he
was a member of the B. & NJ r. r. Com
pany at all
The 9Th article of the constitution, or arti-
cles Of incorporation, of said Company, reads
as follows:
All the proceedings the Directors in order to bind
the Company, must be recorded in book, to he kept
spection OF any stakeholder, aid I'LL contracts shah
be in aoriti.g, under the seal ofthe Company and
copy thereof filed in the Office Of said Company.
Neither the seal of the Company or that of
the County Judge is appended to said agree
ment, and consequently, if it had been Off
aiaily signed by the proper officers, accord
ing to their own Constitution it would be of
hO Dilul5 loICc, dill lllcTciOTc utlli anu VOiu.
If other gentlemen can see so clearly the
above to be a fair anil honest contract, tina,
binds the county legally and morally, they
will excuse me if not only doubt it's validi-
ty, but their legal attainunents. OF this,
however, let the intelligent people of the
county judge.
In this position our relation to the Burling-
ton & Missouri River r. z. Company stood
until some time in April, 1853, when John
G. Read, Vice President, and James F. Joy,
Director of said Company, came to Ottumwa,
and assured me aud others that of the coun-
ty bonds issued they had disposed of but
$4,000, and the balance were in their hands
unavailable at eight per cent. interest, and
drew up the following proposition and re-
quested me to submit it to the vote of the
county:
PRoposrroS-The Burlington 4 Missouri Blver Rail-
the county the purpose Of making its subscription
to the stock of said Company available, to increase
the of interest its bonds to be issued to the
Company therefor to the rate OF ten per The
Company propose to return to the county the bonds
which IL holds being that the amount Issued