The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1859-08-12
The Railroad.

tract with parties in New York tor the
completion Of the Railroad to Menasha -
Mr.. SOLOMON has since returned home, and
the contract which he made has been pub
lished both in English and German, and
laid before the people of the village for
their consideration, and we hope that it will
be favoraby considered, and that the peo-
pie, in their individual and corporate capa
city, will take prompt and alequate meas
ures for the early completion of this Road.
While we do not consider oursef compe-
tent to discuss the terms of this or any 9th
er contract for the building of Railroads,
we insist that it is for the interest Of the
people of the village and county that this
Railroad be built at the earliest possible
day, and that each days delay Is traught
with danger TO the prosperity of the town
and vicinity. This will soon become a
large and important town, or it will remain
as it is. place of but inferior commercial
importance compared with what it would
be with this Road built. Our first enquiry
should be, not what the Road will cost, but
can we meet the cost of the Road under
this contract, and if we can we ought not
to hesitate to make the attempt, unless we
know how it can be built for less We
must not delay in making up our minds
upon this sub ject, for few days may throw
off for year, or an indefinite length of
time, the building Of this Road. Can we
afford to wait We think not.
The only question to be determined by
the people, as we are Informed, is, shall the
village issue its bonds to the Railroad
Company to enable it to meet the terms of
this contract The village heretofore voted
to exchange with this Railroad $4,000
of its bonds for an equal amount of the cap
ital stock of the company, such bonds to
be delivered from time to time as the work
progressed on the Railroad, and under the
provisions of this contract, the village is
now indebted to the company. And we
are now informed by the terms of this con-
tract between the company and contract
ors, that the remainder of the village bonds
will not be required to be paid over until
the iron for the road is delivered to the
company-thus securing in fact to the vii
lage the Road before its bonds are paid out
Will not the building of this Road add
largely to the wealth and population of the
town and county? Will not millions of
dollars be added to the assessed valuation
of the real estate of the village? Cannot
the village well afford to pay out and out
$4,000 as Jonus for this Road We
think so. Will these Bonds, when out
command more than 60 cents upon their
nominal par value, and could not the vii
lage at any time in the future take up
these bonds at that rate or less, and thus
pay only 100000 for Road which has
added hundreds of thousands of dollars to
the wealth Of the village?
We repeat, the only question which
ought to be considered by the people is,
shall we secure the completion of this Road
by the issuing of the village bonds? If
we can have the Road, then we say most
emphatically-let the bonds be issued
When the Road is once secured, and the
town thereby is made wealthy ard pros
porous, then we can at some future time,
when most convenient, step into the mar
l1et and withdraw therefrom these bonds at
the lowest rate at which they can be pur-
chased. 1t is ever the best policy for
corporations, as we'll as individuals, to keep
their contracts, and never attempt to re-
pudiate them therefore, let the bonds be
issued as heretofore agreed upon, unless
the company offer better terms This
Road will be one of the best paying roads
in Wisconsin, and will be built for about
half the cost of other Roads in the State,
and we have no doubt the stock will be
worth as much as the bonds of the village ::
but if not, and the village has in the end
to pay these bonds, it derives millions in
exchange for the paltry sum of 5000 or
100000.
We have not enquired who are to COM
prise the company through whom this or
any other contract is to be carried out. nor
do We care to know, before making up our
mind what course we shall take. Wecare
not if the entire Board of Directors and the
Contractors are all black Republicans, we
are prepared to back them to the utmost
of our ability, in carrying forward this i'm
portant enterprise, upon the success of
which the fate of Manitowoc depends
We shall avoid becoming party to any
quarrels between parties or individuals
which, in the remotest degree, involve the
success of this enterprise, and we would
here, in this connection, recommend to the
people of the village, of all parties, fac
tons, or ciqnes, to come together as one,
with one mind, and forgetting for the time
II !. Il