Mineral Point weekly tribune. (Mineral Point, Wis.) 1859-1868, 1867-02-27

trustees in that {frst) mortgage were
Conan and Martin of New y ork city.
They foreciosed that first mortgage in
the Federal court, and made the State
Treasurer (the trustee of the second
mortgage} a party defendant.
The State Treasurer neycr. ignored
the trusteeship, but was ALWAYS will.
ing for Iowa County or any of the
bondholders secured by the second
mortgage to use his name for the pur.
poses OF defense or redemption.
But Iowa County did not defend
because her only defense probably would
have been TO redeem the first mort
gage, which she was unable to do. and
a defense claiming any rights under
the second mortgage would have OF.
Grated as ratification of her bonds
which she was contending before the
court lad been fraudulently issued.
and were therefore void.
The frst mortgage was foreclosed.
a sale was made by the United State.
Marshal Of everything belonging to
the Railroad company.
The purchaser paid full marke.
price for the property and franchise.
and under the law Of 1856, he formed
"a '1et0 company, entirely independent
Of, and separate from the original
Mineral Point Railroad Company.
and that the new company has been
operating, keeping in repair, and
transacting the business of corpora
tlon ever since 1851, and Is now try
ing TO extend its sphere Of business
and usefulness, by aiding in building
the Platteville and Calamine Rail,
road
| The iniquity OF the act Of the last
session will be readily perceived.
1t seeks to set aside the trustee of
the County and the other bon6holders
under the second mortgage, and sub
stitute the County as party plaintiff
instead Of the State Treasurer, and
foreclose the second mortgage for its
own benefit, without regard to the
rights of other bondholders, amount
ing TO $4,000, under the same mort.
gage.
1t seeks 10 saddle the present com.
pany-the Mineral Point Railroad
with the liabilities of the old Mineral
Point Railroad company, notwith-
standing they are purchasers in mar
Net overt, under decree Of court
OF competent Jurisdiction.
1t seeks to set aside. by mere lecis-
lslative enactment, the solemn adiudi-
cations of the courts of the land. and
create new rights which it must as
sumo did not exist without this act.
1t seeks to avoid the legal effect Of
a corporation having been made =
party to legal proceedings, to which
1t was property party.
It seeks to give preference to the
holders Of some Of the bonds secured
by the second mortgage, over others.
1t seeks to make the liabilities Of
dcfUnct corporation, receivable for
the purchase Of the property OF an
other corporation. providing it IS of
the class made preferable by the act.
1t seeks to give authority to cor
pora tion-the County--holding orig
inally a minority Of the bonds secured
by a mortgage, to institute suit for
its benefit and have receiver ap-
road, without any regard TO the ma
jority Of the bondholders secured By
said mortgage.
1t may be said. that the act being
unconstitutional: the courts will re-
icve the parties in interests from its
operation.
But i IS easy to conceive Of the
great injury that must result to a
corporation Of this kind, by having
such legislation meet it at every step.
Capitalists purchased this road IN.
der a decree Of court, aupposing that
they were getting all that thew bar
gained foI IF thcy ran any risk it
was in view Of the law as It then ex-
isted, and they must certainly be sup
posed to have purchased without SUP
posing that they were running the
risk of a State legislature stepping in
and trying to legislate them out Of
what the existing law gave them IN.
I der their contract.
They are driven TO the expense OF
I q law suit to test the CONSTITUTIONAL
lily Of this law, and in the meantime
their credit suffers. their operations
are embarrassed, when seeking the
co-opera tion Of capitalists they are
asked what kind Of people compose
the State of Wisconsin, when they
viii permit It's legislature to trife
with the rights Of persons by the pas.
sage Of such laws as this.
The Mineral Point Company own a
road little over 81 miles long; it is
worthless as an investment as it is.
and was known to be such by it's con-
structors but extend it to the Wis
consin river. so as % connect il with
/ the Prairie du CHEN road and Mil
waukee and II becomes a different
| thing. IF 1t can be allowed to build
the Platteville road, the prospects Of
| paying its owners become enlarged.
But if every capitalist is to be fright
ened with law which claims that
/ before the company can do anything.
it must pay off old debts Of another
company, amounting to nearly half a
million Of dollars, it mt ay as well cease
| Operating or attempting to do any
thing. Il had better sell It's engines.
/ pull up its track, conver: its depot
buildings into country school houses
and It's right Of way into sheep and
hog pastures. NJ. II, CoTGaGS.