Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1869-01-27
REPORT
Of the Committee appointed by the Com.
mon Council to Investigate an reqard TO
the issue and disposal Of the Hatertovn
Rou1s
To oil aohona II mcu cancern.

Bonds.
To all a0hors ii may cancern.
! Your Committee would respectfully renort
that there was an act passed by the Legis1a.
| ture, March 18th, 1853, to authorize the citv
! of Watertown to issue bonds to aid in the con-
! struction of the Milwaukee & Watertown Rail
| road. That in accordance with this act there
were Eighty thousand dollars in bonds is
sued by the city of Watertown to the MiIwan-
kee & Watertown and Watertewn b Berlin
| Railroad Companies, conditioned that,said Com
| pany shall Punctually pay and discharge ia e
| principal and interest due or to become dine
on said bonds, and shall fully indemnify. and
gave harmless the city against all payments.
| Liabilities, losses, damage and expense, v hich
the city may sustain or incur in consequence
of the Issue or delivery of said bonds.
Your Committee would also state that the
above mentioned eighty thousand. dollars. wer e
to be delivered in four installments on four
divisions of the road. That is to say; when
the Railroad Company had expended Forty
Thousand dollars on the first division of the
road, independent OF Salary the Company
were to have Twenty Thousand dollars of CITY
bonds, and so on to the last installment when
the road was to be IN running order to the city
of Watertown.
Your Committee would further state that
before any ofsaid bonds should be delivered ia
| the Milwaukee & Watertown Railroad Com
| pany the said Company shoule execute and de-
liver to the Treasurer of said city bond I'M
der the corporate seal OF said Company in the
penal sum of one hundred ard sixty thousand
dollars; this bond is now in The hands of the
City Clerk.
And for additional security said Railroad
md an Il
| the capital stock to the amount of one hundred
thousand dollars, which stock is now in the
hands OF Daniel Jones, Esq, Trustee for the
city.
Beto re the delivery of any bond, the Rail
road Company entitled to receive the same.
was to duly execute and deliver to the Trustee
OF SAID city OF Watertown o mortgage on the
then said road in the usual form to secure the
performance of the bond executed by said
Company to the said city, which mortgage
should be q lien against said road from and
after the recording thereof. Your Committee
would also state that the Common Council. for
motives best known to themselves, got an
| amendment to the foregoing set of March 18th,
1853, passed July 18th of the same year, which
reads as follows:
The Mayor and City Council of saidscitv arg
hereby authorized to execute and deliver to the
Milwaukee and WGtertown Railroad Company
the Whole or any portion of the city bonds
which the sad city voted to aid in the con-
Suuction OF said Railroad, upon such terms as
may be agreed on by the parties
Your Committee would further state shat in
order to carry into effect the provisions of an
act to authorize the City of Watertown to aid
in the construction of the Watsrtown and
Madison Railroad, approved March 18th 1856.
1.-THE Mayor of the City, or President the Com
mon Council are hereby autho lied and reuues-
ed to subscr BE- fJr, in the name of the
city to the capital stock of the Watertown and
Madison Railroad Company, four thousand
shares at fifty dollars each, amounting in the
aggregate to Two Hundred Thousand Dollars.
For the purpose of paying the foregoing sub
scription to the capital stock of the Watertown
and Madison Railroad Company, Tive Hundred
Thousand Dollars of City bonds are hereby
authorized and directed to be issued and deliv
cred to the sad Railroad Company which said
bonds shall have twenty years to run from the
hrst day OF January next with interest at eight
per cent. per annum. Before any of said bones
shall be delivered to the said Railroad Com
pany, the Common Council shall be satisfied
that the whole line of Railroad shall be put
under contract in good faith, from this ci:y to
the city Of Madison; also the said COMPANY
shall execute a bond to the city guaranteeing
the completion of the Railroad from WatertoWn
to Madison within two years. and shall, with
said bond, deliver to the city four thousand
additional shares full paid stock on the capital
stock OF said Company as collateral to said
bonds, and to forever save the city harmless
from the payment of principal and interest
upon said bonds, provided that all bonds or
| other agreements between said Railroad Com
pany and said city, shall be first submitted to
| the Common Council for approval, before the
delivery of any of said bonds"
The above mentioned stock was delivered to
the Mayor and City Clerk according to an or.
dinance of the Common Council dated Jan
uary 22d, 1857
We would further state that after diligent
search, your Committee Las so far failed to find
where the stock is or what has become of it.
The last person that we enquired of concern
ing the aforesaid Dtock was William C@appell,
who was Mayor of the city at that time in
ans wer to our inquiry, he said that "there is 10
US IN looking for it now; it is worthless and
was when we got it; that he could not have
paid for his dinner with one thousand dollars
OF the stock at that time'
| There are also other matters of importance
| of which we will let you know in due time.
PATRICK DEVY,
CHARLES BECKMAN,
| WIN. OLlN,