, 1860-02-08
What n Rondholder of The st. Louis,
Alton d. Chicago Railroad has 10 say.

To The Editor Of the Ill. State Jourua-
DEAR Sip:-In reading yonr valuable paper
of the 2itL instant, nv attention WAS arrested
by an article entitled '' 'sailroad Matters" bar-
ing particular reference to the st. Louis, Alton
& Chicago Il. 4. Co. 10 rot believe that you
would knowingly further ipjure most unfortu..
nate set Of creditors, the poor bondholders Of
that, tn theta, miserable road If tlat road Il
OF any n:uity to any one upon tho face OF this
earth, it Is not so IL those who were mistaken |
in the protection afforded them by ,hc laws and J
practices Of llc goo' people Of tlllnc:s, to en-
trust their mnrty to them. |
am tue holder, for q woman, OF u $50 Third
Mortgage Bond, which she purchased with mo-
ney, nearly her all, Withdrawn from. Savings
EAnk, in hopes and believing: she would get ten
per cent. Instead Of six, fo- her money. She
has not received ono cent for four years, and
her small savings represented hy the priucipa1
Of the bond is Of no value. She is now told
that she must pay her proportion Of debts,
which one Of your mos. proniae Mt citizens, onu
whom you II. citizens have delighted 10 honor,
late Governor Of your State. contracted whiia
| in possession Of her property against her will
uidcd By the same people who are now so clam
| oEous to leyy further hush money from her,
The tenor os your article seems 10 be that she
must not only pay for her property its full value,
but she must buy l4er peace with every person
who chooses to set tie Law and her rights at de-
fiance, aud who has 4 claim against the person
who Las already deeply wronSed her.
She has asscnted tu u very unjust decree OF
the Court which authorizes tue receivers to ap-
ply the whole earnings ot the road-s5at it gives
| the whole use Of her property to buy her peace
| with--to pay class Of c!uinas of which some
| ere very merltorious in themselves, but Of nos
the sli.htes: legal OF moral abliga:iou asagainst
| her. Others employed them aud received the
benefit Of their labor-and he who first wrungs
her wrungs them. and because h, has wronged
her they determine to DO tie SAME thing, and
your paper instead Of crying out "shatoc upon
them" seems to uphold it, US if it was corl'
mendable deed
Her case il not an isolated one by any means
there are great numbers within ny persona
knowledge similarly situated with reference Il
! this very road. The bonds Of this road are no
! generally held either bJ shrewd, sh4ry or ricl
| men, but more oftru By women and children. o
J by others as Trustees and Guardians for them
, | and this is because os the faith which wa
J thea placed in the ability aud the disposition
Of the great State of Illinois to project an
+ enforce reasonable contracts; Tor by iavestin
+ in that State they had hope of ::et:ng
! larger income than shss could ut hoa.'
s The result shows that they. for four years ! !:
!, least, hare been deluded. Dy the terms OF tn
decree, and for the sake Of peace, they hare 20
+ unfairly admitted more than 26tR,'po to tax
i precedence Of their mortgage contrnct, -
e paid out Of the first earnings Of tie roae e1cel
{ - per cent. of it, which MAS required to be. Al,
0 was paid by the RECEIVERS The officers OF OF
+ Of your own courts--and who hold tue proper1
III for the benefit Of the holders Of tha: $6a' 40
IS | preferred liens before they will surrender Il
@ road to the true and real owness-:he untort
:, | nate bond-holders-
II You have DO real conception Of the tlitlicu
ties the receivers bad in raising that ~ p
&c cent. They could not get the money exec
II upon their personal obligations. Very mai
e bondholders hare no further funds in the 81
d | inga Bank to draw upon. You are m7stak
it when you sar in your article that the recel
&c ers hare mol complied with the terms Of the d
E | cree"
=, Clc,t Of tie Court is, ''or the payment OF I
u | remaining lhree-fourihs Of said amount shnll
IS. | thereafter made, as may be agreed upon hetwc
ce the receivers and employee
" Do you wish 10 know why it is that "
e. Haven and Hartford Railroad SIX per cent. DO
cd will sel ct premium, and none tor sale at tls
in Why it is i'll some recent negotiations ye
de- peoi,.e have not been able IT, real!ze more th
H. fffy cents on dollar for first mortgage ses
be | pcr cent. bonds: It is because thai neither
sal leading men, editors, lawyers or courts IN
" frs: Instance i've any encouragement to la"l
ed | meu to rob and destroy one mans property
ST. | cause another man owes hiu, and does not /
nd him. The case does cot differ from thar oi
OF getting possession Of house the owner
which has fli!ed and run away. and on vii
you hare ! mortgage. owe my empi"st
/. tlomestics, &c., they band together and deci
they will pull the house down, unless xou
ich nav then, what l owe them. If mr bull 20
MD your OK, it is all wrong; but # yuur bull 90
pg- my OK, it is all right; or at least you d"
Iii condemn il.
ei- The practical consequences to us Of all ,i.l:
1nc | tbs! although the road Is safa 10 he steu;
ion country through which it rua<, fertile, and
~ citizens deserving and energetic; cur sec
sey ties, because they are in locality wheFc s
oeo proceedings are not ouly tolerated out ene' Il.
ltal tGs first mortgage bonds, with four years
in tcrest upon them, sold this wesk for SO per es
ton that is, i.S0 sells tor s:,t'' Inc seeuna al
,be fered u 1T cents. The third ut o.per c
ed, What encouragement is there in the future
uai lending money in Illinois, although thcy
me, vou (. clean first mortgage.
Az CSroErySArE E0SrIoLhEH
red IL swnAF L, sA'p 70 bE oSx of foss "Es' hA'AoA