Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1868-04-17

to become due and payable at the Manhat-
ten bank in the city of New York on the
1st of July, 1868, to bear interest at 8 per
cent. PAYABLE asemi-annually, on the first
days Of July and January of each year, to
he transferable by endorsement or deliv-
crv. The railroad company bonds were to
be made PAYABLE to the treasurer Of the
state of Wisconsin and his successors in
Office the county bonds to be made paya-
ble to the treasurer of the Mineral Point
railroad company and his successors in
office. Each railrosd bond was to contain
a stipulation guaranteeing the payment of
any principal aud interest which should
become due and payable on any of the Iowa
county bonds which the county by way
of exchange had delivered to the company.
The company bonds were to be part of an
issue of bonds whose amount in the aggre-
gate including the bonds issued to Iowa
county should not exceed $4,000 per mile
on the whole length of the railroad, and
were to be secured by what is called in the
special act before quoted, "the second
mortgage"
Both the company and county exc
cuted and delivered to each other in
exchange, bonds of the above description,
respectively. The company bonds bore
date on the 26th Of July, 1853, those Of
the county on the first day of that month.
To secure the payment of the l50 rail road
bonds received by the county on the 9th
of July, 1853, the Mineral Point railroad
company executed mortgage to Edward
H. Jansen, treasurer of the state of Wis
consin. and his successors in Office, reciting
the powers granted to the company by the
special act above referred to; that in pur-
suance thereof the exchange to the amount
of one hundred and fifty bonds of one
thousand dollars each had already been
effected, and to secure the payment of the
company bonds delivered to Iowa county,
the company executed and delivered its
mortgage to Edward II. Jansen, treasurer
Of the state of Wisconsin, upon its entire
railroad and appurtenances and fixtures
belonging thereto, in trust for the benefit
of the holders of said company bonds or
any of them. The mortgage recited also
that the bonds so secured were part of an
issue of bonds of sssimilar description"
thereafter to be executed, the whole of
which should not exceed in the aggregate
the sum of ten thousand dollars per mile
on each mile of the railroad. 1t also set
forth that it was to be taken and deemed
to be second mortgage subsequent and
subsidiary to mortgage thereafter to be
executed by the company to any person it
might select as trustee, and which mort
gage so executed though subsequent in
date should be the prior lien and incum-
brance, and payable in preference to the
mortgage to the state treasurer This pre-
ferred mortgage, like the non preferred was
to be for an amount not to exceed S 10000
per mile. 1t does not, however, set forth
the length Of the railroad. The mortgage
to the state treasurer was duly recorded in
the proper office.
None of the 100 bonds issued by the
railroad company anil payable to the state
treasurer and his successors in office, tho
delivered by the railroad company to the
proper officers of the county of iowa, were
ever paid or taken up by said company
nor has the company ever paid any interest
thereon. All of said bonds are now in
the possession of the county except 149 of
them, which are lost without any trace left
to show whether they now exist or not
That they are not in the hands of any
bona fide holder is fair conclusion from
| their supposed worthlessness.
Neither has the county ever paid any.
thing on its bonds issued and made paya.
pany. These bonds are widely scattered
and Clark Dodge & Company in the dis
/ trict court of the United States obtained
/ Judgment against the county on some over
| due coupons attached to said bonds, OF
some of them. This judgment, on appeal
was affirmed by the supreme court of ths
| United States.
Again on the I'd of January, 1854, The
| Mineral Point railroad company executed
a second mortgage in point of time te
/ George L. Schuyler and his SUCCESSORS, ir
trust, reciting that the company in pursu
ance of the act of its incorporation, anc
other laws affecting it, was engaged in con
structing a railroad from Mineral Point t.
the village of Warren in Illinois. and ir
/ order to raise money by sale of its bonds
had on that day executed to George L
Schuyler or holder, five hundred bonds o
81 900 each, payable in the year 1874, OF
the lst day of January, bearing interes
payable semi-annually, at the rate of
per cent. per annum. The mortgage EN-
braced the entire railroad, and all its rea
property and fixtures, and whatever nigh
be transferred by sach an instrument, tn
conveyed property to be held in trust ,,
Schuyler for the benefit of the bond hold
ers secured by the mortgage.
This mortgage nowhere refers to th
special act authorizing superior lien t
be created to that of the mortgage execute,
to the state treasurer There was no Ger
tificate on the bonds by the trustees as re
cited in the mortgage to the effect tina
the company had executed to him, Schuy
Ter, NOR tgage 20 secure the payment G
these bonds.
The company by resolution, authorize
one of its officers to substitute the Schuy
Ter bonds for the county bonds, and SUI
render the latter to the county. The coun
ty delivering up the company bonds secure
by the Jansen mortgage. In case tn
county had parted with these bonds, tn
resolution limited the amount of bonds
be issued under the Schuyler mortgage, t
$4,000. Itappears from the proceeding
and language used by the company in re-
erence to the Schuyler bonds and mort
gage, that they should be the first lien o.
the railroad. About so 900 of these bond
got into circulation, and were used by th
trustee and his firm as security for loans
and in raising money. Schuyler failed j
1854, and having not only lost his wealt
but his character for integrity and homes
~ fha companv apd ifS acentS Determine