The Superior times. [volume] (Superior, Wis.) 1870-1912, 1870-09-29
THE BOND BILL.


On the Goth day of October next a II tn
lega, voters of the County Of Douglas are
called upon to adopt or reject by their bal
lots what is generally known as the 'sbont
bill; ;" in other words they are then to de
termine whether the County of Dousa
shall become a stockholder in the Superio
and State Line Railroad Company.
No person of ordinary intelligence cal
deny that the building of this line OF rail
road communication to its proposed inter
section with the Northern Pacific Railroad
is matter of paramount Importance to the
interests of this town. That, when com
pletcd, the easy grades, uniform straigh
course, and shorter distance of this road
will give to it decided advantages over the
steep grades and sharp, abrupt curves OF
the Lake Superior & Mississippi Railroad
between the Junction and Duluth. and thu,
enable us to successfully develop the great
natural and commercial advantages of Su-
pcrior In order to obtain these advanta-
gcs the people of Douglas County may rea-
sonabIy be expected to contribute their
share, and the chief question is whether the
bill is sufficiently guarded in its provisions
to protect the County from imposition, and
to secure the investment of the funds thus
raised to be appropriated to the construc-
ton OF an enterprise SO beneficial to us as a
community.
The enemies of Superior are fully alive to
the Importance Of defeating this measure
and are busy day by day in disseminating g
the most unlikely and unreasonable stories
in regard to that question. The act as it
passed the legislature, appears in
our columns this week, and will re
main there until after the vote is taken.
Every clector therefore can see and Judge
for himself We shall now merely attempt
to correct some of the most prominent OBJ
i.ctions, the most fragrant miSStatcments,
which seem to be urged i'll secret upon our
voters by the enemies of that measure.
In the first place then it must be borne
in mind that the bonds to be issued are not
doEation 70 the State Line Railroad or to
any corporation or person whatever. 1t
has been said that if the people vote in IA
vor of issuing the bonds, NJ. Stinson will
get hold of them and never buld the road.
The proposition is absurd. The law pro-
sold for cash, ut not less than eighty cents
on the dollar 1T Mr.. Stlnson gets hold of
the bonds he must BUY them for the three
hundred thousand dollars of bonds he must
pay not less than two hundred and forty
thousand dollars in CASH. Should the road
not be built that cash will be amply sutfi-
cicnt to purchase back all the bonds, and
leave the County Il handsome profit out of
the transaction The County then invests
that cash by subscribing to the st ock IN the
State Line Railroad Company to the amount
of not less than two hundred and forty
thousand dollars; in other words the Coun-
" becomes the owner of four Thousand
eight hundred shares Of stock in tlit cor
poration, and has one vote for each share
Of stock. 1t c..stS therefore 4,S00 votes III
the election of Directors, it casts 4,S0O
votes in directing and controlling the man
accment of the road. Mr. StinSon own:
only Que hundred thousand dollars i'll The
road, MesSrs. Corcoran, Riggs, Bright
scott, Cass, and others will, under Tho
agree ment entered into, subscribe and be
the owners Of three hundred thousand dol
lars more The County OF Douglas there
fore will east two votes and one-half he Ar
", to Stinson's one, and will own consider
ably more than one-third of the Who'll,
stock. To a great degree therefore th'
management of the road, the pushing ahea'
Of its construction, and the selection of 1t
officers, will be IN the hands of the peo
Pile of this county; who by the selection
OF proper agents, can control the road
against Mr. Stinson or any other of tn
stockholders, against whom the cnemie
of the project seek to inspire our voter
with such distrust.
Again it is urged that the Corporatio
will take the money produced by the bonds
build the road Herewith, and not pay an
of the expenses out of their own pockets
What nonsense. The law makes TIL
County to all intcnts and purposes a Stock