Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1869-06-11
Iowa County Bonds Again.

inst, claims that in our article, written In
reply to one which appeared in that paper
we failed to represent the material poihe'
and the point on which the whole areu
mcnt was founded. The reason OF THIS
was that we had no fault to find with the
main point; we fully agree with the editor
of the Herald that the debt is lien on
every foot of land III the county, and will
remain such until paid. There does not
appear to be great deal Of difference be-
tween the view taken by the Herald and
the CHRONICLE in this Bond matter, only
the fact, which does not cut much of a
figure in the case, but nevertheless a fact
which the people of this county cannot
very well loose sight Of, that it is an un.
just debt, and that the county has received
no equivalent for it. The Herald says ::
And SO we agree with the CHRONICLE in
the essential fnality of compromise and
payment without further expensive litiga-
ton; and disagree with the Iribune's adj
vice that further litigation and expense
be resorted to for postponing payment.
we quote the following explanation
from the Herald, most of which we fully
indorse:
In all business transactions, the debt is
being recognized as mortgage up on eve
ry acre of land in Iowa county; when
/. farm is sold the seller agrees that deduc-
ton 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; said incumbrance is fixed
greatly above what it ought to be, as we
llight show the bonded debt being say
100000, and the taxable property OF
d Iowa county about six millions, 1T would
only require levy of seven per cent. to
pay off the debt whereas, in all landed
business transactions the debt is taken as
an incumbrance Of at least twenty per
cent, because men always estimate incum-
brances above rather than below what is
right. The original debt is first set down,
then the interest added for predicated
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 valuation
of Iowa county. To further illustrate
we will suppose the editor of the CnBoNI-
Gle is about to buy twenty acre farm,
worth $500, not taking into account the
railroad bond mortgage to be paid some
day, But he says to the seller, " sir the
property is cheap enough at $500 and I'll
take it less of course the twenty per cent.
to pay the railroad bend mortgage" The
seller answers, Eyes, that's the rule; and
you may retain $50 to pay off said mort
gage and the accumulating interest, court
charges and lawyers fee bills" So the
CHRONICLE editor pays 1920 for the farm,
retains the $50 and quietly calculates as
follows: "Now I'll 90 for compromise and
at once pay off that bonded debt against
my farm; it will cost me but seven per cent.
or $29 to do it, whereas, 20 per cent. or
$50 were paid me for that purpose-clear
gain $685." aa fas ftf1g asa aogaJ |
land such is an every day practice in
Iowa County, in all cases of buying and
selling land. To come right down to the
square logic of such practice it is this
the people are paying the debt every day
at three times its face, two-thirds of the
sums paid going to the buyers of land as
clear profit, and a third only being held in
reserve by the latter to pay the debt.
Adjoining lands Of like quality situated
along the dividing line between Iowa and
Grant Counties are alluded to for further
illustration the Iowa County lands are at
least twenty per cent. lower than those ad.
joining but in Grant County and ask the
farmers why it is so-they reply" Oh, it's
these railroad bonds." And the land buy
ers and those who are to hold on to their
lands till final speedy payment are the men
TO make their fortunes by this bond bug
bear, only provided they hurry up the
payment as advised by the CHRONICLE.
And such are the men who ought to profit
by speedy payment. And why don't they
all see it and favor it? Answer, the law
yers and politicians are in the way, dust
ing ard binding the road to prevent steer
ing right ahead. We ask the Chronicle
10 lay before its readers the material points
winch we offer, without challenging our
ignorance OF the probable fact that said
oohaed debt Is unjust. This has nothing
at all to do with the issue. Like any 9TH
or security debt, its payment may be I'M
just, but when the surety of bankrupt
DEBTOR has plenty of property the right
and wrong of the relation of debtor and
creditors weighs not feather, and any
man who prates about the like when secu-
flty Tor another is commonly set down for
ADORE sottened on the brain. The debt is
aaeot' and the end of it is Judgment and
payment, as in case of any sort of lawful
aent IN which the creditor sets up all man.
uef OF evasions to hinder the collection till
aworse day. 81 roo