Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1867-10-23

Liadon and Clark
In another column we publish the proceed
ings of the interesting meeting held at Coles
Hail. on Monday evening. We will now refer
to the character Of the speeches made on the
occasion.
THE SITUATION
Mr.. Prentiss on offering his resolutions, said
The city had issued to the Chicago and North
amount of 100000, of which sum ST "a 900
had been taken up by stock set apart by that
company, and the remainder of these bonds
would probably be cleared up in the same
manner. Bonds to the amount of 5000 900 had
been issued to tn. Watertown and Madison Rail-
road company, and $4,000 were now unpaid.
In addition to these there were bonds to the
amount of $50, 600 issued to the Milwaukee
an Watertown Railroad company, which they
guaranteed to pay, but which their successors,
the Milwaukee and ST. Paul Railroad Co., now
refuse to do. A suit has been commenced
against the railroad company upon their guar
tantees, and is now in the Supreme Court, on
an appeal from a judgment made by the cir
cult court.
Our outstanding bonds can no W be bought up
at from Is to 80 cents on the dollar. 1t would
be well for an association of our citizens to be
formed for the purpose of purchasing them,
and the city can then purchase the bonds from
the ASSOCIATION for what they actual cost The
I cancelling of these bonds would soon double
our population and the value Of our property.
Some $1,000 or $50, 900 will do it, and this
viii be more than made up to Us st cnceby the
increased value Of our property. Although
the railroad companies have not fulfilled heir
engagements, yet many Of the bonds are now
held by innocent parties who have paid their
money for them, and have equitable CT aims
against the city. 1t would be better to wipe
out the indebtedness now and not leave it for
our children
Mr. Prentiss then presented the resolution
which we publish in another column after the
reading of which, Thomas Moore arose and
spoke in relation to
THE WATERTowN h MILWAUKEE RAILROAD BONDS.
He stated that he was in favor of their re pu-
diation. They were cotton up in fraud, and
the Railroad Company alone were responsible
for their payment. The Milwaukee Il St. Paul
Railroad Company must knov tt at unless they
help pay the bonds there aoiU not be a tie or a
shovel full of dirt left on their track 6etceen here
and Oconomowoc, (cheers.) He would compro-
, mise with the holders of all the OF her bonds,
/ Init oty tba Of To
offer an amendment, exempting these bonds
from the provisions Of the resolution.
Mr.. Moore then offered an amendment to the
resolution, excepting from the provisions of the
resolution the $50, 900 of be IDS issued to the
Milwaukee and Waterto~n Railroad company
Patrick Rogan then arose and spoke against
the amendment Thinks the bonds were all
issued on similar conditions, but desires MI
Prentiss to inform the meeting concerning the
subject. We have railroad to milwaukee, but
none to Madison, and if one set of bonds are
paid all should be. The railroad companies
had all avoided their contracts, and we were
only to consider how to pay what we must pay
HOW THESE BONDS WERE ISSUED
bonds were issued but was absent from tn.
city at the time Mr.. Dennis was President Of
the common council which ordered him to
issue the bonds. The laws of the state au thor
lied the bonds to be issued on the terms of
agreement to be entered into between the com
mon council and the railroad company. In
the terms of the agreement the Milwaukee
and Watertown Railroad company were to
grant the city o bond of indemnity and
100000 worth of stock; they also guaran-
teed the payment of each bond. Their sue
cessors, the Milwaukee and st. Paul R R. Co.
now claim they are not liable to the city for
the payment of the bonds. We, however, claim
that they are responsible.
The railroad company further agreed to give
to the city second mortgage on their road
when it was built to Oconomowoc. This they
subsequently refused to do.
| .H..a SHALL WE COMPROMISED -.-..
| Mr.. Prentiss continued: A suit was now
pending to decide whether not the railroad
company should pay the bonds. "a voice
| Are not some OF the bonds held by the railroad
company and by men in this city y Mr. Prem
tiss wonld only answer for himself He held
none of the bonds. If the courts decide
against us we cannot repudiate if we would.
A mandanaus would compel US to pay dollar for
dollar, with interest, and not merely Is or 80
cents on dollar. He would not compromise
unless it could be done on fair terms
| A the request of Mr.. Prentjss letter was
read from Howard Bros, of New York city,
showing disposition on the part of the bond
holders for compromise, and sug costing that
a meeting Of bondhoders and an agent of the