Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1871-03-31

Mortgage Bonds. The Company gave
them 100000 more of the First Mortgage
Bonds for settlement in full for all that
they had expended on the road. the Com
pany got back 1920, 900 of the County
Bonds and S45, 000 of the Schuyler First
Mortgage Bonds, and were left with a debt
of 100000 for the unpaid acceptances Of
the Messrs. Schuyler, and about $4,000
home debt for grading, &c.
All work was suspended upon the rail
road. The debt of the Company, amount
ing to about $4,000, was carried with
great difficulty, by putting up the Iowa
County Bonds-and using some of the
Schuyler First Mortgage Bonds as collat-
usually putting up bonds at fifty
cents on the dollar.
On August 29th, 1855, Mr. John NJ.
Keep, acting in the interest of the Railroad
Company, made contract with Mr.. Alvin
Wilkins, of New York, for the paymentof
the Company debt, and the completion of
the road. The contract so made was ap
proved and accepted, and on Sept. 9TH,
1866, Mr.. Keep assigned il to the Com
pany. t
From this: until in May, 1856, the time
was spent in vain efforts by the Company,
to get Mr.. Wilkins to proceed to fulfill his
contract, weekly promises on his part to
do so, and equally vain efforts on the part
of Mr.. Wilkins to raise or borrow the
money.
While these fruitless efforts were being
made, at the request of Mr. Wilkins who,
was dissatisfied with the form, style and
execution of the Schuyler First Mortgage
Bonds, and with the faint they had of the
Schuyler failure, a third mortgage, or so
called new first mortgage, with new bonds,
was prepared and executed by the Compa-
ny-$320,0O0 of bonds, in sums of $500
each, dated January lst, 1856, (not actu-
ally signed or issued until in April, 1885,
due January LIST, 1881, with 8 per cent in
terest, payable on the lst days of January
and July in each year, with coupons at
tached. The new mortgage given to Sc
cure these bonds was dated January 1st,
1856, and was on all of the railroad and
property Of the Company, and to d. r.
Martin & L. D. Conan as trustees.
1t was intended to take up and cancel
the $4,000 of the Schuyler First Mortgage
Bonds then outstanding, and also to can
Gel the $4,000 of the same bonds. then
held by the county, thus satisfying and
discharging it, and then to substitute this
third, or Conan & Martin Mortgage, in
it's place. .fterwards this cancellation
was actually accomplished, and all the
Schuyler First Mortgage Bonds were can
celed and destroyed, by which act the
county has contended that the Jansen
mortgage held for the security of the coun-
ty became the first mortgage, and the
Conan & Martin Mortgage the second +;
this satisfaction Of the first, and su0stitu-
ton of the third mortgage was thought
lessly done, and without its effect and con
sequences being considered by either the
company or the contractor. The officers
of the company firing of the many unlul-
filed promises Of Mr.. Wilkins, and fearing
to trust him with the bonds, stock &C.,
went to New York and soon learned that
Mr.. Wilkins was moniess adventurer,
who expected to build the railroad with
the proceeds Of the bonds and stock of the
company, and to haYe, under his contract
100000 left. The President of the
company declared the contract of Mr.. viii
new contract with other parties for the
completion of the road-theSe efforts re-
suited, on the 4th of June, 1856, in an as
signment of Mr.. Keeps contract by Mr..
Wilkins, to Luther Beecher, of Detroit, a
brother-in law of Mr.. Wilkins, and on the
same day a modification and addition to
said contract was executed by the com
pany and Mr., Beecher, by which he be-
came the sole contractor to build and
equip the road Mr.. Beecher was to re
ceive one million dollars in cash, bonds
and stock of the company, including 5 $50
900 of Iowa County Bonds 100000 Of
Town of Mineral Point Bonds, and $l0,-
900 of town of Waldwick Bonds, for which
Mr.. Beecher was to complete and equip the
road pay off the debt of the company then
estimate to be about 100000, and to
pay and deliver up to the company, to be
Cancelled, all the interest coupons due, and
to become due on the Iowa County Bonds
up to and including those of July LIST,
1857. Mr.. Wilkins at this time well
knew of the opposition there was to the
Iowa County Bonds, and no doubt inform
ed Mr.. Beecher Of their having been adj
yer tised in the papers in New York city
with the signatures of the County Super
visors as fraudulent. Mr.. Beecher also
distinctly understood that part of the
Iowa County Bonds had been paid to the
Messrs. Schuyler, and that the rest of
them were then pledged as collateral Sc
curity for debts owed by the company, and
that he, Mr.. Beecher, was only to have
said bonds as he released them, by paying
off the debts for which they were held.
Mr.. Beecher was represented to be a
gentleman of large means, great business
capacity and financial talent, of which
account the company had no distrust, and
at once placed all the bonds and stocks in
New York at his disposal. Mr.. Beecher,
combining energy of action with his other
great qualities, proceeded to pay the com
pany debt by giving his own notes III
place of the company's (easiiy done for the
holders, waiting and hoping since Schuy-
lers failure in 1854, knew that no change
could be for the worse of course leaving
the bonds in pledge as the company had
before placed them in this way he par
TALLY fulfilled his contract to pay the debt
of the company /; one debt, however, or
about 100000, which was in judgment
against parties who had endorsed for the
Company-a debt which, by his contract
he was bound to pay and satisfy, he had
assigned to his head Shilock in New York
held it for years, as a threat over, and
finally used it, for the infamous purpose
of brbing an attorney employed by the
County. Mr.. Beecher also avaling of his
great means and financial abilities, nego-
tiated for, aud by putting up bonds and