Mineral Point weekly tribune. (Mineral Point, Wis.) 1859-1868, 1867-03-06

argument Of Hon. NJ. M. CorHRES
submitted to the Judiciary Committee o5
the assembly, January IS, 1866.
The facts set forth in the staten ent
of Mr. Cothren are admitted to be
stated correctly, so far as they 90,
with the following notifications and
additions
The true construction Of the act Of
1853 (Which is on page 3l7 and not
759) and Of the second mort gage to
Jansen, State Treasurer, made bvtthe
Railroad company, IN pursuance OF
the provisions of that act. which is
dated July 81, 1858, is that the Rail
road bonds, fer the security Of which
that mortgage was given, although In
the form Of negotiable money bonds
were IN reality designed to be nothing
more than the securities of the Rail
road company, that it would pay the
interest as it matured and ultimately
the principal of the municipal bonds.
which it might receive from the mu-
nIcipal corporations,t TO which it should
submit propositions Of exchange. and
each Of said bonds issued to the Coun-
ty Of Iowa contained the covenant Of
the Railroad company, that it would
pay each and every one of the said
bonds Of the said County of Iowa.
when the same should become due.
and that it would pay the interest
which should become due and PAYABLE
on each and every one Of the said
bonds Of the said County, promptly
whenever any such interest should
become due and payable" And,
further, that it was never intended
that any railroad bonds secured by
the mortgage, should be issued or used
for any purpose than that Of being ex-
changed for municipal bonds. and that
an issue Of them to any individual
or individuals" or "in the construc-
tion Of the road" was a violation Of
the intention and spirit Of said act
and mortgage.
The facts are, that Of the issue Of
1920, 600 Of second mortgage bonds.
$50 Of them issued and delivered TO
Iowa County, were for $1,000 each.
and dated July Sc, 1853, and without
coupons, and the mortgage specified
that the remainder were TO be "of
similar description. OF the remainder,
200 for the sum of $500, each lcftl
coupons, were issued April i. 1856.
with sinking fund Of $4,000 per an
mum, derived from the guaranteed
income; :; and the remaining 40 bonds
for the sum Of $500 each were issued
July 23d, 1856, dated July ], 1856.
5rsta coupons, but lyjtholt sinking fund
All these $40 bonds Of $500 each
10000 were payable to Charles
heuhn, Treasurer Of the State, July
l, 1868, and were delivered bv the
Railroad company TO the Railroad
contractor, and were issued and de-
Iyered after the execution and deliv-
erv of each anu all Of the three mort
cages made by the Railroad company,
VIZ: the Jansen OF "a mort gage; the
SCHUYLER or lst mortgage, and the
Conan 4 Martin, or Sd Mortgage.
Mr. Cothren does not allude to the
Schuyler mortgage, but the whole
case hinges on the fact, that the Rail
road company, On the % Gav Of Jan
uarv. 1851. executed q mortgage to
George l.. 9chuyler, upon the same
properly ana lfanchises embraced ~
the mortgage 70 Jansen. ] ne mort
gage was given to secure 1000 bonds
oi 5000 each, (S20O,O0o) and although
Il was mortgage Tor more than
$4,000 per mile OF the Railroad, (32
miles, yet IT was q good and valid
mortgage tor $4,000 Per mile, t320,-
oo0,) ana was tie 1rst mortgage winch
by the Jansen mortCage, the Ral-
road company reserved to itself the
right OF issuing, and was the only
mortgage to winch the Jansen mort
gage ever became second, suoJect or
subsidiary. 1t was recorded Eebru-
airy p, 1854, IN the office OF the Sec
retary OF State, and when executed
and recorded eEhaustea the reserved
power OF the hallroad company TO
issue 4 mortgage OF paramount hen to
the Jansen mortgage. The bonds
described IN II We're dellvered to K.
\ U. l.. Schuyler, IN pursuance OF
contract betWeeE the haIlToa0 com
Pany and that flrrn, Tor the construc,
ton Of the roaa. ana lhey oseo' SOFA
ana 0ls Posea o. '2oV,ooo o. soe oonCs'