Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1868-04-17
THE CHRONICLE.
DODGEVILLE.
FRIDAY, APRIL II, 1868.
The Railrord Mortgage Suit.

The Railrord Mortgage Suit.
The Board of Supervisors of the County Of
Iowa, plaintiff,
The Mineral Point Rail Road Company,
w. E. Smith, Treasurer Of the State of
Wisconsin, ct. al. defendants.
The Court finds the following facts in
this case:
On the 18th of April, 1862, the Legisla-
ture passed an act incorporating the Min
eral Point Railroad Company, declaring
said act to be a public law.
Under this charter, on the 22d of Octo-
ber, 1852, the company was organized, the
directors choosing NJ. M. Strong for presi-
dent, Francis Vivian, treasurer, and Tho's
s. Allen Secretary.
The last meeting ever held by this COM
pany was on the 9th of October, 1861,
when Luther Beecher was elected presi-
dent. Francis Vivian had been elected
treasurer in 1853, and it does not appear
that he had resigned his Office.
1t does not appear that the company re-
allied any large amount of stock subscrip-
tions, but undertook to raise funds to con-
struct railroad from Mineral Point to
Warren in Illinois, a distance fraction
less than 80 niles, by issuing its own
bonds, and by certain arrangements with
the county and towns through which the
railroad might run. The transaction with
Iowa county is the basis Of the present
action. An act of the legislature was
passed, approved March %, 1853, (see CHI.
III Of the private laws Of that year, en-
titled "an act to authorize the counties and
towns through which the Mineral Point
railroad passes, to aid in its construction. -
The first and second sections of that act
reads as follows:
Section l.. 1t shall be lawful for any
county through any portion of which any
part of the Mineral Point railroad shall
run, or any town or incorporated city or
village in such county, to issue and deliver
to said company its bonds, payable to such
person or persons, trustees or corporation,
or to said company, at such time, for such
sum or sums, at such rate of interest, trans
ferable by general or special endorsement,
or BY delivery, and in such manner as
may be agreed upon by and between the
directors Of said railroad company, and the
proper officers of such county, town, in
corporate city or village,as hereinafter pro-
vided; and to receive in exchange for such
bonds, the stock or bonds Of said railroad
company. in such manner as shall be agreed
upon by and between the directors of said
railroad company, and the proper officers
of such county, town, incorporated city, OF
village, as hereinafter provided but nc
such bonds shall be issued or delivered to
said company, by any such county, town
incorporated city or village, unless ma.
jority Of the legal voters of such county
town, incorporated city or village, vot
ing on the question, shall first have voted
in favor such issue in the manner herein.
after prescribed.
Section 2. 1t shall be lawful for the
Mineral Point railroad company TO issue
its bonds payable to the treasurer of the
state, and his successors in office, or to bear.
er. in sums Of one thousand dollars each
which shall not exceed in the aggregate
ten thousand dollars per mile Of the whole
of the surveyed line of the said railroad
and bearing an interest not exceeding the
rate Of ten per cent. per annum, payable
at such place and at such time, not ex
ceeding twenty years from their date, al
said company shall elect, with provision
making them transferable by general o.
special endorsement, or by delivery and al
such bonds phich shall be delirered Il
any such county, to,on, incorporated city o.
uiilage, in exchange as aforesaid, shall con
tain stipulation guaranteeing the pay
ment of the principal and interest. which
shall become due and payable on the bonds
of said county, town, incorporated city o.
| village, received in exchange therefor BY
said company and to secure the pavmen,
of such bonds and interest, it shall also b,
lawful for the said company to execute ant
deliver to the treasurer Of the state ant
his successors in Office, in trust for tn,
use and benefit of the holders of any ant
all of said bonds. deed of conveyance, t
be called second mortgage of all the pres
ent and future to be acquired property o
said company, in the whole of said rail
road, (including the right Of way, and .an'
occupied by said road, together with tn
superstruction and track thereon, and al
rails and other materials used thereon
bridges, viaducts, culverts, fences, equip
ments, depots, grounds and building
thereon, engines, tenders, cars, tools. ma
terials, machinery, fixtures, and all othe
personal property y which said secon'
mortgage shall be taken, deemed and hel
to be subject and subsidiary to anothe
de-d Of conveyance to be called frs
mortgage of all the aforesaid property
which said first mortgage whether it sha
have been executed prior or subsequent t
said second mortgage, in point Of tim
shall constitute the first lien upon sal
railroad, and all of the aforesaid property
but said first mortgage shall not be issue
to secure the payment of bonds to grea
er amount than ten thousand dollars pc
mile, Of the whole length of said road
nor bearing rate of interest greater tina
at the rate of ten per centum per annum
and whenever such Cd mortgage shall b
delivered to the treasurer Of the state, an
! recorded in the office of the secretary I
state, it shall constitute perfect and indt
feasible lien upon said railroad, and upo
all the property described in it, subiet
only to the prior lien created by said frs
mortgage; (provided that the provision
of this act shall not apply to Lafayett
county, or any town or incorporated vi
age therein; and provided also, that th
provisions of this act shall not apply /
the county of Green. or to any town ther,
in.)
On the 10th Of May 1853 the railroa
company proposed to execute and delive
l50 Of its bonds Of $1,000 each. to til
1 1f &huf A