The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1862-03-22
MEMORIAL OF THE COAL VALLEY
MINING COMPANY.
To THE MAYOR AND ALDERMEN OF THE
CITY OF Rock ISLAND:

CITY OF Rock ISLAND:
Believing that there is a srea
nisapprchension, if not a settless
prejudice in the public mind, with ret
erence 10 their operations H. CONNER
cd with the Rock Island aud ieor'
railroad, the Coal Valley Mining com
pany wish to present the leading fact
| and then leave it 10 You aud the pub
lie 10 determine how much censur'
should rest upon the principal actors
therein. and how far the sympathy
and cooperation Of the public Shout,
now be withheld.
| HISTORY AND COST OF BUILDING TIL
ROCK ISLAND AND PEORIA Il H.
In 1850 Il charter was granted I,
build u railroad from Rock Island I,
Peoria, and a company was organize,
for that purpose. Subscription book
were opened and near 100000 o
stock was taken by individuals for th,
first division of the road, extending
from Rock Island to Coal Nallcy.and
a somewhat larger subscription ioi
the second division, extending from
Coal Valley to kcwancc. The city
of Rock Island was then asked to
subscribe $50, GOO to the capital stock
of the company, and TO issue her
bonds in payment thereof. The quc-
ton was submitted to the people, 4
very respectable vote wa, poIlcd and
not Il single dissenringyoice was found
in the city, and consequently the sub
scription was made, and the bonds ..
the city issued therefor.
At that time the country was in III,
full tide Of prosperity, the value OF
city property was estimated by tn,
inch. and the man who had secured /
few lots in II remote part Of the city
or IN the slough, considered hi, for
tune rs made.
Under such circumstances Il debt 81
$4,000 was regarded rs nothing iol
a city like this to contract, and hcnc,
the unprecedented unanimity Of tn,
people in voting the subscription.
On the faith of these subscription,
the building Of the first division q
the road wa. Immediately commcnc
ed.
The county OF Henry was caIle'
upon t" make subscription q
stock I" the road. for the pun
! pose Of putting the second diyi-
ION under contract. \ vote Wa
taken on that proposition, which r,
suited mnayorably, and, simply 10
the want of the necessary subscriI
ton list, the grading Of hat portion
of the road was not undertaken at th
time
All the energies of the director
were consequently devoted to tin
completion of the road to Coal Val
ley, believing that by the time tina
should be accomplished. the ucccS~a
ry subscription could be obtained t
Justify putting the next division VI
der contract.
The subscription list, and the pre-
cccdS of the city bonds were soon {.
, haustcd, and to raise more none,
3 bonds amounting to Sl5o. 900 were i
/, sued 10y the company, bearing IL p'
Il cent interest. and secured by Il mon
gage on the road to Coal Valley.
was found that these bonds could N
be negotiated ON fair terms ON :
short Il road, without the mortgage,
could also have the control of the co;
at Coal Valley, which would doubt
less be the main article transportc
over the road if not extended further
and hence the Coal Valley Mimi
company mortgaged all the coal .ston,
mineral, &c., in their lands at Co;
Valley, in aid Of the railroad NOR
gage These bonds were sold in til
D market, and still the company did n,
have the requisite means to finish til
road by $50, and unless that couI
be raised in some way. the whole q
tcrpriSc had to be abandoned.
Under these circumstances the il
dividual members of the Coal Vail,
Mining company, who owned abol
50, 200 of the stock in the road, al
who had mortgagcd their coal ;
above, borrowed the necessary tunC
to complete it on their individu
names, for the purpose of saving the
stock and their coal. fully bpliryin