Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1869-06-01
Iowa County Bonds Again.

represent the material point in our |
article on the Iowa County Bond |
question, and which point was the
foundation of our entire argument in
favor of giving up litigation as a
means of evading the payment of said
bonds issued some years ago as loan
Of the county credit for building a !
railroad. The Chronicle chances off
the question by asserting that the
bonds are not a just debt; that the
county has not received value all over
alike, because the benefits afforded
by the road are not equity distribut-
ed +; therefore, the county, as whole, |
has had no value received; finally,
says the Chronicle, "under all the cir
cumstances, we are of the opinion
that the people cannot do better
than to make some compromise with
the bondholders, and rather pay
them dollar for dollar than to longer
continue the expensive fight, which
has been settled by the highest ju-
dicial tribunal against us"-which
latter finality is exactly what we ad
vised, ''under all the circumstances"
though the Mineral Point Tribune
lately advised right the contrary, by
hoping that some means of further
litigation and postponement might
be devised" of course by the lawyers
n further great expense.
And so we agree with the Chronicle
in the essential fnality of compro.
mise and payment without further
expensive litigation and disagree
with the Iribune'S advice that turth-
er litigation and expense be resorted
to for postponing payment.
But the material point Of our ar
tiole not alluded to by the Chronicle
was this: we said substantially that,
IN all business ansactions, the debt
is being recognized as mortgage up
on every acre Of land in Iowa coun-
ty that when farm is sold the sell
er agrees that a deduction shall be
made in the price for paying said
mortgage-the buyer undertaking to
pay it, and the seller getting so much
less for his land that said incum>
brance is fixed greatly above what it
really ought to be, as we might show:
the bonded debt being say $500, 1000,
and the taxable property Of Iowa
County about six millions, it would
only require q levy of seven per cent
to pay off the whereas, in all
landed business transactions the debt
is taken as an incumberance of at
least twenty per cent, because men
always estimate incumberances above
rather than below what is right.
The original debt is first set down,
then the interest added for predicat~
ed time-say thirty years, then
court charges and lawyers fees,
with other possible and impossible
charges, and the total footing made
out at three times 100000, or say
twenty per cent. Of the assessed val
uation of Iowa County. To further
illustrate: we will suppose the ed
itor of the Chronicle is about to buy
q twenty acre farm, worth $500, not
taking inte'account the railroad bond
mortgage to be paid some day. But
he says to the seller, ''sir the proper
ty is cheap enough at $500 and I'll
take it-less of course the twenty per
cent. to pay the railroad bond mort-
gage" The seller answers, Eyes,
that's the rule; and you may retain
$50 to pay off said mortgage and the
accommodating interest, court charges
and lawyers fee bills" So the Chr0n-
icle editor pays 1920 Tor the farm, re-
tains the $50 and quietly calculates
as follows "Now I'll go for a COM
promise and at once pay off that
bonded debt against my farm it will
cost me but seven per cent. or $29 to
do 1t, whereas, 20 per cent. or $50
were paid to me for that purpose
clear gain $58."
And such is an every DAY practice
in Iowa County, in all cases of buy
ing and selling land. TO come right
down to the square logic OF such |
practice it is this: tho people are
paying the debt every day at three
times its face, tw0-thirdS OF the sums
paid going TO the BUYERS of land "a
clear profit and third only being !
held in reserve by TIE latter TO |
pay tho debt. Adjoining iands Of
like quality situa'ed along the divid-
Jog line between Iowa and Grant
Counties are alluded to for further
illustration the Iowa County lands !
arc at least twenty per cent. lower
than those adjoining but in Grant
County and ask the farmers why il
is so--they reply, "Oh, it'at these rail-
road bonds" And the land buyers
and those whe are TO hold on to their
lands till final speedy payment are
She men to make their fortunes by
this bond bug-bear, only provided
they hurry up the payment as adj
vised by the Chronicle. And such
are tho men who ought to profit by
speedy payment. And why dou's
they all see it and favor it? Answer,
the lawyers and politicians are in
the way, busting and bhndiDg the
read to prevent steering right ahead.
We ask the Chronicle to lay before
its readers the material points which
we offer, without challenging our
ignorance of the probable fact that
said bonded debt is unjust. This
nae AoVhl 8 at Ill 10 90 with the lssuo.
Like any other security debt, its
payment may be unjust, but when
The surety OF bankrupt debtor has
Plenty OF property the right and
wrong of the relation of debtor and
creditor weighs not feather, and any
man who pirates about the like when
security for another is commonly set
down for o bore softened on the
brain. The debt is debt, and the
end of it is judgement and payment,
as IN case of any sort Of lawful debt
in which the creditor sets up all man
ner of evasions to hinder the collec-
ton till worse day.
How ABOUT 1T Minister Wash
burne called on Napoleon lately