Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1861-04-12

to which must be added the interest, which has
not been paid, say S17O, 600 more, making
grand total of $3.50, 600. very respectable
item for an inland town of between five and six
thousand inhabitants in Wisconsin. to owe. it
must be confessed
There is one thing very certain, and that is
that Waterfowl can never pay any such sum.
That is the fact about the matter, and to dis
guise it or pretend to the contrary is simply ri
diculous. The commissioners named in the
bill. we presume viii not do either, but on the
other hand will inform the holders of these
bonds that they unfortunately have made
poor investment, that the city of Watertewn
owes more than it can pay, that if that provis-
ion of its charter which declares that ''no real
or personal property of any inhabitants of said
city, or any individual or corporation shall be
levied upon or sold by virtue of any execution
issued to satisfy or collect any debt, obligation
or contract of said city, were out of existence.
and every dollars worth of property in its cor
porate limits were iable for this Indebtedness.
its assets even then would be insufficient to
wipe out this debt-that, in plain English, We
can't pay, simply because we haven't got the
means, and that it is utterly impossible for US
to settle upon any other terms than those men
toned in the bill under which they are acting.
OF course we cannot tell what the bond holders
will say in reply to ali this, but we imagine
they will talk savagely about "repudiation,n
and refuse to listen to any such compromise.
We are aware that the per eentage offered is
small, but we are also confident that it is quite
as large as the city, under existing circumstan-
ces can pay.
The following are the provisions of the bill
referred to:
Section 1. For the purpose of compromising
and taking up the bonds of the city of Water
town, issued to aid in the construction Of the
milwaukee, and Watertown railroad, the Chicago,
st. Paul and Fond du Lac railroad, and the Wat
ertown and Madison railroad, Luther A. Cole |
w. M. Dennis, Theodore Prentiss, Henry Maid
amer and Linus r. Cady, are hereby appointed
com issioners, gith power to issue the bonds of
said city, at such rate and on such terms as a
majority may agree upon; PTo0ided, the whole
amount authorized to be is ued under this act
shall not exceed eighty thousand dollars and in
compromising, said commissioners shall not ex-
ceee that sum as basis for taking up all of said
bonds,
Sec. 2. The bonds herein provided for, shall
be issued in amounts Of not less than five hun |
bred dollars, and not exceeding one thousand |
dGllars each, except in fractional amounts due to
individual bondhOlders, in which case they may !
be issued for the actual sum due. All of said |
bonds must be Ilaae payable on time, not ex=
ceeding twenty-five years from their respective
dates; and with coupons OF interest warrants |
attached, drawing an annual interest hbk exceed |
ing FIVE per cent. TO be paid at any solvent bank
or banking house ia the city of Milwaukee Pro
2tGded, however, that no bonds shall be issued |
under this act. until said commissioners shall |
have negotiated to take up at least three hundred
thousand dollars of the bonds of said city first
above mentioned,
Sec. s. For the payment Of the bonds herein
authorized to be issued, the common council of
said city are authorized and REQUIRED annually
to levy and assess upon the taxable property of !
said city, q tax of sufficient amount to pay the
interest and principal of said bonds, as the same
shall become due Pf0Ui7ed the whole amount
raised in any enc year shall not exceed eight
shall he ordered by vote Of the common coun-
ell, taken by ayes and noes and recorded upon
the journal
See. 4. Said commissioners shall keep a rec
ord of their doings in the office of the city clerk
of said city, open to public inspection like other
city records.
Sec, 5. The death, removal from the city. or
refusal to act, Of any said commissioners, shall |
be deemed vacancy in the board of commits
sioners, which majority of said commissioners
NAV fill.
See. 6. Said commissioners and their agents
are hereby expressly prohibited from issuing and |
delivering any Of the bonds herein authorized to
be issued, except in exchange for the bonds first |
mentioned in the first section Of thsact, and then
only upon compromise as therein provided, at |
such rates and on such terms as majority Of |
said commissioners may agree upon; and any |
other delivery OF said bonds by any of said COM
missioners, or their agents, shall be deemed an |
embezzlcment and subject the offender upon CON |
viction thereof, to fine and imprisonment at the |
discretion of the court.
&c. Z. Said commissioners, before entering |
upon their duties, shah take an oath for the |
faithful performance of the same.
Sec s. This act shall take effect and be in
force, from and after its passage.