New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-07-27

acting upon the advice of paid attorneys and dsre-
gaIdiDg wise couDsels have made resistance TO he col
Because individuals seek avoid the payment OF ooh
cations, should the character OF State DC asseo III
| consa quence thereof
| Y.Rs MORTGAGES GIVEN TO RAILROADS.
At the time these mortgages were given, the farm
ers on the lines of the tevera roads had every asur
ance 10 induce the belief that the stock would pay fair
dividends and that by the time the mortgages running
ten years matured. the several Companies would be
in condition TO take up the mortgages thus given or,
in Of inability to do this u was supposed that the
stock would be at par, anG the farmers thus owning
stock as a consideration for then mortgages might
make sale of the and thus cancel their obligations.
II is true that the history of ralroadng in the United
States did not warrant any such conclusion neverhe
lees it was believed that the cheapness with which
they might be built, would give greater value 10 the
stock than that of Eastern roads, and simply because
it estimated that the cost Of constructing would
be lees by one-ha than upon roads at the East But
in State with but little real wealth TO sustain
US, and not at that time, having acquired sufficient
reputation in the financial world TO effect negotiations
with ease great obstacles encountered in the en-
deavor TO make sale of our Western securities and Of
necessity, farm mortgages city and railroad bonds
were cashed at heavy discount. Too much credit
can not be given TO the earnest workers and noble
souls who lent their energies loaned their credit mort
gagged their FARMS and pledged individual securities TO
aid in the construction Of the Pioneer Road Of Wis
consin and who, by the eaamtes which have be-
fallen all western railroads WILL in many instances,
their homes.
The Supreme Court by its recent decisions declaring
every mortgage given in aid Of Railroads valid and
collectable has decidedly and emphaticaly reflected
the views Of every citizen of Wisconsin who regards
his own reputation or the honor of his State The
farm mortgages alluded TO were given in good faith;
they were known 10 be mortgages when they were
executed; the mortgagors knew those securities were
TO be sold in the Eastern market and the avas thereof
applied to the construction of the Roads. The con-
tract was fair business TRANSACTION without the smell
or faint of fraud. II is true that the Investment like
many other specula'iOns has proved bad one a. far
s ANTICIPATED dividends are concerned but in reality s
great benefit and venture the assertion that were
those farmers called upon TO surrender the Road or pay
their Obligations even had those mortgages been de
cared rotd they would insist upon retaining the Road
The Court in rendering these decisions has simply
discharged it's duty and is no more entitled TO auda-
tons than in any other case that may come before It,
The people of the State rejoicing in this verdict,
for in they feel that the stain Of Reputation is not
put upon them ard that II will carry with IT the con-
yicton TO all hearts that Wisconsin can and riH pay
her debts. To the Especial Reporter Of The " Y.
Li6eer we would simply say in reply to your remark
that the wisconsin Supreme Court has recoRsidered
it's views and has decreed the validity OF the Farm
" Mortgages" that the Supreme Court of Wisconsin
established not TO reconsider but 10 render de-
csions.
The recent decision, though emnenty just and de-
sirable nevertheless carries sorrow TO many homes.
Should no compromise be effected with the holders OF
said mortgages many Of the farmers must lose their d
Lei the owners of said securities before pressing their
claims carefully read and consider the Golden Rue,
and then 90 and compromise by taking new mortgages
for .uch amount absolutely paid for those they
now hold.
THE LAND GRANT OF 1856.
The grant Of lands TO the State OF WISCONSIN IN aud
of railroads was of those unfortunate blunders
which TIE General Government frequently makes in
dsposing of the public domain. Every attempt by
Congress TO aid individual enterprise by donations OF
our public lands will be followed, it most generally
is BY signal failure 70 attain the ends sought 70 9e
accomplished If any State wishes TO bring diseredt
upon herself let her accept trusteeship between the
Ge neral Government and corporation, as contracting
parties and the work of decentralization has begun
No State come out Of the transaction WITH clean
hands The disposition of the Land grant by our State
in 1856 lie one of those events not pleasing TO dwell
upon, and which, upon investigation, revealed state
Of affairs that has done more than aught else 10
tarnsh our fame. The proper disposal OF our
rnbIc lands should be TO actual settlers, and no
CORPORATION should ever receive angie acre win
which to corrupt the morals OF people. FOR
the past ten years, we have persstenuy opposed Tue
reception of any donation OF public lands by our state
for works of Internal Improvement. IL the Gel
era Government desires snch schemes, let
her take the responsibility and not force STATE aS
ernu eut 10 become nucleus around which pohticai
VAMPIRES and financial eeches VIII DE sure 70 cluster
We had rather trust Gods soil in the hands OF actual
settlers than in the possession OF the oest I'VE
or corporate organization that ever existed III VIE
consin was wronged through the corruption OF her
officials abe has boldly denounced the wrong and pun
jshed the perpetrators The exposure OF the actors 10
ment which few men would wish TO endure; V"tIa
disqualification for Office was, in this case the penalty
attached to the transgresson OF that moral law winch
ever contemplates the practice OF virtue ana IN no
sin has the punishment been withheld 80
oeat has been and still is the feeling on this question:
that would hazard the success OF any pohucai asp-
rant should il be known that he was the possessor OF
one Of those bonds had he purchased the same IN
the Citv OF New York and paid for the same in cash
II anv Man can be devised whereby portion OF the
lands granted to the State for railroad purposes may
be diverted from that channel, and gwen 70 mos
farmers who by mortgagng their farms, have already
aided in the construction of roads now tnshed we
should be reoiced TO see such action taken as "ouu
secure this result.
Wisconsin owes 800 900, it being the constitutional
limit 10 her indebtedness. The State Prison, Blind,
Deaf AT Dumb and Lunatic Asy lums, State Reform
School, and Capitol Buildings, have been built and
With nominal State debt, public buildings nearly
completed Treasury that responds to every demand
made upon it, Wisconsin respectfully asks all cunh-
ators to cease prating Of her repudiatlon
HEALTH AND POPULATION.
Census returns of 1850 placed Wisconsin frst as TO
health there being fewer deaths according 70 Popula
ton than in any other State OF the onlon me esu
mated population of Wisconsin Is between eight ana
nine hundred thousand and we think the census re-
tnns of the present year will fully sustain the esti-
mate. ,
No State in the Union boast better system OF
L LING than WISCONSIN. As regards entire and COM
pIee security to the billholder is certainly unexeep
topable Public stocks OF the United States or any
State constitute the basis of security. Unlike New
VII mortoages on real estate which may become
very much deprecated and perhaps at times unstable,
are prohibited as basis for banking.
During the past eight years, during which tune our
Ranking law has been in operation, not slngie doai
bss heeS lost 70 the bill-holder During the CRISIS
the banks nobly sustained each other, and the bills OF
the two or three that suspended were redeemed the
ofce az The Controller in gold dollar for dollar There
Io1 bsnks in the State with circulation Of about
IS COO 600 the Milwaukee banks having very nearly
y,;rsd tber circulation 10 avoid the annoyances
Okara Uh