Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1871-01-13
The Bonds gain.

some fifteen years ago the couney OF iowa
issued bonds for the amount of $l5O,Q0O
with coupons attached bearing interest at
8 ner cent. per annum, to aid a certain
comnany to build the Mineral Point rail
road. and to secure the county from the
payment of said bonds, the county had re-
ceived a mortgage on the road for the same
amount of money @nd bearing the same
interest.
would like to have you or some other
person explain through the columns of the
CHRONICLE what has become of that mort
gage. Is it in force against the railroad
company at the present time, or has the
said mortgage become null and void, and
if it has become of no value. 1t would
give many of our citizens great satisfaction
90 know how it become so, and whose fault
it was. L. Z. WILLIAMS.
Ridgeway, Dec 90, 1870.
1t would be long tedious affair to, at
this time. go into the full history of this
mortgage, and so we defer that to some
future time, but we can state briefly what
has become Of it, and why it is not now
available as an offset against the bonds.
1t was issued by authority of an act of
the Wisconsin Legislature, authorizing the
issue of second mortgage for that pur-
pose, first mortgage being already in ex
istence. The first mortgage was after
wards Cancelled and third mortgage is
sued, claiming to be under the law author
izing the first mortgage, and to be first
lien on the road. In due course of time
this third mortgage, which actually be-
came the sec0rd, but claiming to be the
first, was foreclosed against the company
owning the M. P. R. r. The county of
Iowa. was notified of the suit, and should
have put in its prior claim, but neglected
or refused to appear in the matter and let
the holders of the last mortgage 60 on,
fcreclose, and sell the road. This course
of the county was severely condemned at
the time by many citizens, including law
yers, but the members of the county
board, who had charge Of the matter, de-
Tended their action by alleging that the
county had an employed attorney, E. G.
Ryan, of Milwaukee, and that it was his
advice that the county should not appear.
They took his advice against the wishes
and best judgment of the people, and, in
some instances, against their advise.
What Mr. Ryan's reasons for advising
that course were we have never heard, but
it is strongly suspected that they were not
the most disinterested in the world.
The road was sold and passed into other
hands.
When it became evident that the hold
ers of the Iowa county bonds were deter
mined to force the people to pay them if
possible, the officers of the county began
to look for the railroad bonds given as an
offset, or as security, but they could not
be found. They were traced first to one
place and then to another, and finally lost
sight Of altogether. One bond for $1,000
was afterwards found at GAINESVILLE, and
with that and the mortgage securing them,
an action was commenced last summer in
the Iowa County Circuit Court against the
M. p r. r. Co. to foreclose the mortgage.
1t would not be out of place here to
mention that M. NJ. Strong, having assist
cd to get the county into the trouble, was
thought proper person to help them out,
and was very foolishly employed with the
understanding that if he succeeded in fore
closing the mortgage, and having the road
sold for the benefit of the county, he was
to have $10,O0O but if he failed he should
only have his necessary expenses.
The county was successful in the Cir
cult court and obtained judgment against
the railroad, but it was carried to the Su-
preme court where, partly through the
negligence of NJ. NJ Strong, who, accord
ing to the affidavit of W. Z. Henry, asso-
ciate attorney, sold out about that time to
Beecher, and partly through the arbitrary
views of Judge Miller, the decision of
Judge Mills was reversed, the suit lost, and
the mortgage of the county declared null
and void. The above is a much longer an
swer than we at first proposed to give, but
it is about as short as we could make it
and give any definite account Of the mort
gage spoken of in the preceding letter.