Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1871-07-14
NO. "A.

Ittft ~ s4E@ A-fatsA Et&
sioni of ideas nor misunderstanding
land attempts at misrepresentation
would haven been dfutule, because all
the neutrality-suspicious. were
contained in the proposition of the
Railroad Company which was pub
lished with the notice of election, and
was as follows: - ........... .....
ELECTION NOTICE.
Whereas, The Mineral Point Railroad Com.
pany, has in pursuance OF an act of the Lcgisla.
ture, approved the Esd day of March, A. d. 1865
submitted TO the Board Of supervisors of the Co
of lowa,a proposition in writing, forthe exchange
of $3.50 900 ofsecond- mortgage convertible Bonds
of said Railroad Company, bearing eight per cent
interest payable semi-annualy in the city of New
York. for One Hundred and Fifty Thousand Dol
lars of Iowa County Bonds, bearing eight per ct
interest payable semi-annually in the city of New
York, both of said issues of Bonds redeemable in
the year A. ID. 1868. The said Railroad Company
binding themselves to- meet the interest upon
said County Bonds as the same shall fall due and
payable from time to time. ~ .tt.t' ..'.
I 4 In pursuance of said law,the Board of Superyis
ors for the County of Iowa, hereby give notice
to the voters of said County, that an election will
be held, at the several places of holding elections
on Monday the Goth day of June next, when the
voters are required to deposte ballot upon
the Railroad proposition, yor Against the Rail
road propositions Which said election shall be
held in the same manner and form, and under
the same laws which govern State and General
Elections q III BY order of the Board. au'....
,,o,s a.F, JNO. MESSERSMITH, Chairman.
Attest. JAMES B. GRAY, Clerk .. ~ '.'''.
Mineral Point, May 26, 1858 a1i ia .fn
This notice was published in the
newspapers, posteduP in all the towns,
had the most extensive general circu-
lation. possible, and every person in
any way interested in it, thoroughly
understood it's purport. 1t was crit
sized by the opponents Of the propo-
sition, and defended and sustained by
the friends. Wy .Ss - t'h '1.''
1t was contended by the opponents,
that a second mortgage, subordinate
to a first Of SIC, 900 per mile was no Sc
curity at all !; that even the first mort
gage would never be good for any
thing, and that the road itself would
never pay operating expenses, and
some said it would never earn enough
to lubricate the axles... NiD. -io3l'
i: On the other hand it was insisted;
and detailed statistics were presented
in proof; that the net earnings Of the
road would pay off. both mortgages
and leave a surplus for dividends to
stock holders, and that the convertible
feature, which the bonds to the
county were to contain, reserving to
the County the option Of convertible
them into stock. was, valuable one, of
which the county would at some fit-
ture time avail ITSELF -b02.1fA
This roseate view Of the prospects
of the road was doubtless pressed up
| on the consideration of many voters
lby the more enthusiastic friends Of
the enterprise, and by, the Directors
themselves ~ itHGHo that / was most
sanguine in Che belief that the net IN
come Of the road would in a very few
years, pay of both mortgages, and al
7 ter they were removed, would pay
dividend to stockholders Of more than
twenty five per cent. pei" annum and
was very free to say so. Whether
these anticipations would ever have
been realized in whole or IN part, if
the management of the road had re-
manned in the hands of Directors elect
ed by the home stockholders, never can
be known; as we are Informed by the
anonymous historian before alluded to
that the Directors tFdid on Feb'y. %,
1857 without consideration issue to
him (Beecher) $33O,oOO of stock"
BY this suicidal act, if the statement
lis true, land do not dispute it, hav-
.ingresigned long before, , the Director,
placed The management Of the com
pany entirely in Mr. Beecher's hands,
giving him, without consideration, -
majority of the stock which would
enable him, as he. soon did, to elect
such a board Of Directors as he pleas
ed. Ever since that election up to
this time he has. retained the control
of the road. d.,
But / am now .wsato n1sideriig the ques-
ton of the alleged Misrepresentation
And upon this question it is quite inn
material whether the results have YER
fled the predictions Of those who OPP
posed the proposition,or confirmed the
hopes and expectations of those who
supported it. The only inquiry pey-
tinent to this question is: where there
any representation Of facts made
which were not true? 50 far as /
know or have ever heard; not one.
The only Representations that were
made, or which from the nature Of the
subject, could have been made, were
those contained in the proposition it.
SELF Mere speculations Of the Di-
rectors, fortified by the expression of
the most solemn conviction Of their
correctness, cannot justly be said to
be such representations, as could
properly be called misrepresentation,
if the speculations should turn out to
be erroneous. To illustrate; the Di-
rectors caused to be printed and gen
orally circulated before the election
Gan appeal to the people which con
tanned an estimate Of. the anticipated
net income Of the road. I This was put
at s72, 900 per annum, and (which"
the directors say, s:they feel confident
will be found far below the truth"
Oneof t.7e elements of.this estimate
lis ssSixty passengers a day each way,
is la0. both WAYS, 2, estimated at $780,
900 Der anntirl, This estimate in view
Of. the large number of passengers
then passing adailysthrGugha oup5 town
III .bs9HSfrGE59 20 iIN gtifrs ggffo vi6oFo-T