Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1871-04-14

.. Il, 1i0 Raraboo Valley 10 the MISSISSIPPI
g,v,, mas been commenced with reason
abI, certainty 0l early completion, which
vii p.,.uce the distance for northern
r.di, ord connection 10 sixty miles. That
III. u t..sin Il. K Is already completed
flo.u IoDah g AenoHfnee, d distance OF
III miles, ana finished 10 St CroIX River
the present year, when it will be extended
s0utheriy from 'Fomah to the Barabeo Val
ley So that by filing up this gap OF SO
miles, the Mineral Point K. r. would be in
direct railroad connection with the Miss
ls-.a.1i P'-e~ at Prairie du CHEN, La
Crasea Tinona ard st Paul, and with the
r.. egst.1tag- a..re-s wa and Mime
.ot Ba 10 sau FRANCISCO and Pugets
SUa,l,. a. wed a. hose lying easterly to
LAKE Michigan Easy access by rail would
thereby be furnished also to the pine lum-
her Of the Wisconsin, Black, Chippewa,
Menornonee and ST. Croix rivers, all of
which would be crossed by this route.
Two. necessities appeared to me to exist:
LIST lo pay or compromise the county
Indebtedness.
%. 10 extend the Mineral Point Rail
iaat. to TIE Ber.boo Valley.
the problem was, how to utilize the first
20 IS % effect the last. The Mineral Point
RgIi oad Company, or those who own 1T,
did not appear 70 be iaking any steps to
a. mpl.>a these objects. Mr.. Beecher
has no1 visited Mineral Point since June,
1869, and III October of that year, he told
me that the Nj. r. H. r. was for sale. and
that he would never spend another dollar
in building railroads in Wisconsin. |
therefore determined to make an effort to
effect the railroad connection through the
instrumentality of an entire new company.
| first obtained assurances from the Off
GERS of the Illinois Central & q. b. q y.
r. Co., that they would pay US liberal re-
placements upon the receipts from business
to or from that read. | then drew up the
charter Of the Iowa and Richland counties
Railroad Company, putting in as directors
the names of Geo. W. Cobb and NJ M.
Cothren, the Superintendent and Attorney
of the M. P. K. r., as an earnest that our
objects were not hostile, but promotive Of
the interests OF that company. There was
TO opposition to the charter and it passed
on the Oath of February last, and the first
meeting of the directors is to be held at
Lone Rock on the 10th of April
The financial plan by which it was hop
ed to obtain the means for the construction
Of this road was, to issue preferred stock
or bonds, or both, to such an amount as
would be adequate for it's construction );
tho bonds to be secured by mortgage up
on the road and it was believed that it
could be demonstrated that the rebate
ments from the connecting roads-which
would be PAID over to a trustee tor the use
Of preferred stock and bonds-independ
ent of the earnings of the road per- Sc );
would be sufficient to give such value to
the stock and bonds as to induce the hold
ers of the Iowa county Indebtedness, to
exchange it for the securities of the new
company. Or if not exclusively for such
securities, then for small percentage in
money and the balance in securities. 1t
was then intended when an arrangement
for such an exchange should be perfected
with the creditors, to propose to the coun-
ty that it shall pay up the Indebtedness in
full by installments running through a Sc
ries OF four or five years and it was be-
lieved that the new company with the
money TINS realized together with the To-
cal aid which could be obtained in the
towns through which the road would run
in both counties, and with county aid in
Richland county, and by individual contri-
buttons in money and land, Git was expect
ed that not less than 10000 acres of land
could be obtained would be able to com
plete the road to the Baraboo Valley with
IN reasonable time.
This scheme would present in simple
contrast. the idea on the one hand of pay
ing off the Indebtedness during a series of
a few years, involving tax of not more
than two per cent. per annum, and secur-
ing in exchange a railroad entirely through
the county and extending on to the north
crn pineries. and connecting with the great
Northwestern system of railways, and on
the other of continuing to adhere TO the
present expedients of attempting to avoid
the endorsements Of the judgments of the
courts of placing the county officers in
constant an,agcniSm to the laws and those
| whose duty il is 10 administer and exc
cute 'hem of lncurring the odium of re-
pud,auon aud experiencing the loss from
us;e,l"satlon in the value of the lands,
which the present conditions of things so
surely creates.
The Communication of Mr. Cobb pro
| poses an extension of the Mineral Point
! Railroad, by its owners to accomplish the
same objects contemplated by our charter,
I and they propose to great extent, as al
f.! ready remarked, to embody the fundamen-
tai loya of securing the liquidation of a
part or the whole of the county indebted
ness and appropriating the proceeds of it
to the construction of the railroad
This new phase of affairs is unexpected
10y me, aud may in certain contingencies
| induce me to abandon a solution of the
/ problem | have stated, through the agency
Of the new charter. have but one con-
! ir.!ihs uollve which is to effect the liq
-,I~at'on OF The county Indebtedness and
D. a.5in i;iere"f TO secure the completion
oi the railroad extension. | am not we'd
ded exclusively to any plan, and have no
| pride of paternity. If the scheme pro-
posed by Mr. Cobb contains more elements
of success, and is more likely to meet with
! the favor of those whose aid is essential
shall most cheerfully discontinue any fur
Their efforts upon the plan have initiated,
and lend my hearty cooperation 10 pro-
mote the success of the other
i There are SOM ,,aipblt reasons why
the c.G~me prc.oSa IS Mir Cobb is more
hkeN he s',oc.-trj.i tiiea & similar one
presented ii parties These grow
chiefly out OF the fact that the parties
whom he represents are the owners of and
are operating the Mineral Point r. R., and
also own or control large amount of the
county Indebtedness, both of which cir