Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1871-04-21

piled annually in payment Of any interest
or principle of such bonds due and IN
paid.
All the bonds are to be registered by
the Secretary of State, and it is made his
duty annually to ascertain the amUGnt
of interest and principle, accrued, and to
accrue, during the current year, and after
deducting therefrom the amount credited
to each town by the State Treasurer, to
determine the amount of tax necessary to
be levied in each town to pay the balance
of such interest and principle, and to
transmit the same to the town or city
clerk, who is required to insert the same
in the tax list, and it is to be collected as
State taxes.
The amount of railroad tax on license
paid by the Mineral Point railroad for the
business of last year (Which was very
light,) at three per cent, was $2,990.4O.
For the year 1868 it was $2,877,89 it was
s3,5l2. 54, and for the current year it will
probably not be less tn IN $4,000 at three
per cent and at five per cent, as it will be
under the "Easterly law" the amount
would be Sc 900 and that upon only 81
miles of road When the road is compile
ted to Tomah, the distance will be increas-
ed to about 1874 miles, and Its earnings
per mile wilalso be increased. But if the
tax paid to the state by the company shall
be only at the above rate of $4,000 for 80
miles, ($187,50 per mile,) it will amount
to S25,l25. IF the total amount of bonds
issued in Iowa and Richland counties up
on the whole line to Tonah, should be
$500, 900 the proportion ofthe above tax to
be credited annually to each town by the
State Treasurer, would be per cent upon
its bonds, or $5.025 on 100000.
The practical operation of voting to is
sue bonds in any town may be stated as
follows: Take for illustration the town
of Arena, the first on the above list.
The proportion of the county indebted
ness for that town on the assessment OF
last year, was about $4,000, and it will
remain the same proportion every year, ex-
cept as it may be changed by the change
which may take place annually in the ra-
ito of it's assessment to the total assess
ment Of the county.
Suppose the town of Arena was to issue
it's bonds for $4,000, in exchange for
| $40, 900 of the stock of the Mineral Point
| railroad, and should then exchange the
stock for $4,000 Of county Indebtedness,
what would be its statue with relation to
the county debt ? 1t seems very plain.
The town would then become the creditor
of the county to the amount of $4,000,
while at the same time it would be debt
or in common with the other towns for
the whole debt the proportion of the
debt belonging to this town being precise
" the same as the amount of its debt
against the county. So that its credits
would affect its debts, and It's liability to
pay any further sum on the county debt
would be absolutely discharged. 1t might
possibly revuire some legislation to make
it all work smoothly, but my opinion is,
that the equity powers of the courts would
be ample to protect the town against any
| further PAYMENT if any should be attempt
| ed to be enforced.
Ifthe town of Arena should vote bonds
to the amount of $4,000, bearing seven
per cent interest, payable in ten years and
there should be paid annually l41 per
cent, (being $500 on 100000 the
whole amount Of principle andinterest
would be paid up Unless than ten
years, and would require an amount
of tax of less than eleven mills an
nually on the present assessment, if moth
ing should be paid by the railroad to the
| State Treasurer, which rate would be re.
duced annually by the annual increase OF
| the assessment roll. But as already stat
ed, the state tsx to be paid by the railroad
and which the state treasurer is required
to apply in liquidation of the bonds would
amount, when the road is running to To-
NAH to $25, 900, and would be five per
cent uoon bonds, to the amount of $780,
900, which on $50 900 would be $4,000 to
be credited annually to the town and leave
but $500 per annum in addition, which
it would be necessary for the town to
raise annually by taxation, to wipe out
the bonds in ten years (being total sum
of 3,60o) which would only require a
tax of about seven mills on the dollar per
annum, or only about seven per cent dis
tributed through period of ten years.
The same proportionate results would OF
course follow with any other town which
might issue a smaller or larger amount OF
bonds.
I shall not now make any comments
upon the valued Importance to the people
of the county, of the road, but will take
the liberty ofrepeating, that I believe the
payment of this county debt at some time
is inevitable, and that to pay it in the
manner now proposed by exchanging town
bonds for it, upon which five per cent. pei
annum will be paid by the State railroad
tax, will impose no intoerabe burden up