Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1869-03-17
For the Mineral Point Tribune.l
Rir0ad Bends and Concluded.

| ity, cost OF construction, ana pront OF op
Grafton; three things of the most vital
| Importance. The whole matter seems to
be monopolized by novices and adventur-
: ers,who are not capable of properly meas.
uring any of the essential elements and
who, intent only on the ends desired, are
INSCRIPTIONS as as to the means employ.
ed to gain those ends
A community finds itself perhaps a
dozen miles removed from railroad facil-
tiles, and the suggestion of some one,
with an Interior purpose not wholly for
the good OF that community, that it sho' d
have road brought to its doors, soon
takes possessions of its people, and grows
INTO mania A charter is procured with
wonderful ease, as We have shewn, and
men are named as incorporators in it
subsequently made directors of it, who
may have neither the ability nor aispo-
sition to invest in its stock. The problem
is, to build the road by means outside of
corporate responsibility, and thus secure
to the favored ones valuable franchise
without cost to themselves
In the early history of railroadinr in
this State, chart rs were procured by as
sociations of men having command of
much wealth, and of large resources of
credit; and their plans were based upon
the most careful estimate, covering al
manner of data connected with their
enterprise. They could tell you the az
gregate cost of construction ditto of
equipment; ditto of operation and re-
pairs, and they would spread out before
you the most elaborate tables of freight
and passenger earnings Ii is now
demonstrated that in most cases, If not
every cnse their debit side was much be.
Titled, and their credit side greatly e1-
aggeratcd; but these men knew what
they were about nevertheless. By thus
thoroughly understanding their business
in hand, they put in THEN own money,
the acknowledgements stock subscriptions
from outside parties. They borrowed on
their corporate credit They did not re-
deem their promises to the Farm Mort :
gagors' to be sure, but doubtless they
meant to do it in the beginning 4 little
experience in railroad financeering, corr
rupted their good intentions, and taught
them differently. A bad school of NOR
ais, that. Now, it occurs to US, that, in
those days, the city of Mineral Point and
the county of Iowa were induced under
certain plausible representations to try
on 1.-The poisoned shirt of Nessuss," in
the matter of some vast thousands of
BONDS called in the parlanee of the
day "a loaa of credit" but if we mistake
not, that pesky shirt still sticks, though
every man in the county is dying to be
rid of it.
Then, the plan of universal and indis>
criminate taxation upon the towns and
counties along a route, in aid of rail-
road project, was not ivented, or if known,
not generally resorted to- Some large
cities and few counties, voluntarily took
it upon themselves to issue bonds to roads
in which they had, or supposed they had,
a special interest; but, no effort was made
to spread it on and over outlying dis
tricts. Now all is changed "And such
a change Oh, Night" Having incompe>
tent and two-penny men placed at the
head of gigantic enterprises of this sort.
Is bad enough; but, to rely for means,
mainly if not solely on town and county
taxation, is Infinitely worse 1t is in vi
olation of sound principles TO begin with
and it is tyrranical and oppressive to nil
norities, to end with Yet this is the
uniform practice of the times Laws au,
thorizng such taxation, are invariably
passed, pdri PdSSu, with the road ehar>
tiers. Then commences the drumming
and tho special pleading; then follows
the angling with gilded tait for reluctant
gudgeons and this is modern railroad
fnanceering
Let US Illustrate by not unfamiliar
case in point; Some three or four years
ago, there was obtained a charter for
about two hundred miles Of railroad run-
ming diagonally from the south west cor
ner of the State, in the direction of its
north east corner; a large part of the
way within about dozen miles of an
other road in successful operation. Taxi
ing the cities of Milwaukee and Chicago
as the great centres and enterpots Of
trade and travel for this State, as they
are, and are likely to be for long course
of years ; this project proposed to land
lis business eastward bound as far or
farther from its true market, than the
F., point from whence shipped on board of
/ its cars Quite an absurd proposition
one would say yet such was the basis
of the enter nrise.
OF eours, where such genius was dis
played in the conception, it would be
natural to look for more marvellous de-
velopment of it In the execution First
! then. the usual resort for raising the
requisite means; to~wit, town, county
I and city taxation was amply provided
/ aud seems to have been The only one
/ contomp ated bat by a strange over
/ sigut, or little legerdeirain, II appeared
that, under that special law. county boards
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