Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1871-07-13
NO. %.

"oi MISUNDERSTANDING.
ana attempts at misrepresentation
would have been futile, because all
the authorized representations were
in the proposition of the
naiiroad Company, which was nub.
llshed with the notice of election and
was as follows:
ELECTION NOTICE.
whereas, The Mineral Point Railroad Ton,
pany, mas ID pursuance Of an act Of the aoisIa
tu,e, approved the 23d day of March. A. d 1Ss3
submitted to the Board Of Supervisors of the 20
" proposition in writing for the exchange
OF said Railroad Company, bearing eight ner cent
interest," payable semiannually in the city of New
York, Tor One Hundred and Fifty Thousand DoI.
iars OF Iowa County Bonds, bearing eight per ct
interest payable semi annually in the CITY Of New
DIN, ooth OF said issues of Bonds redeemable in
tne year A. ID. 1865. The said Railroad Comnanv
binding themselves to meet the interest pnon
sslu county Bonds as the same shall fan dine ana
payable from time to time.
IN pursuance OF said law, the Board of Superyis
ors Tor the County of Iowa, hereby give notice
70 ;e voters OF said County, that an election will
be held, at the several places of holding elections
on Monday, the 10th day of June next, when the
voters are required to deposte ballot. mon
winch ", shall be written or printed, the words For
.he hailroao proposition or Against the Rail
road proposition Which said election shall he
held in the same manner and form. and undcr
I,ie same laws which govern State and General
Elections. By order of the Board.
JNO. MESSERSMITH, Chairman
Attest: JAMES B. GRAY, Clerk
Mineral Point, May %, 1853
This notice was published in the
newspapers, posted up in all the towns,
had the most extensive general circu-
lation possible, and every person in
any way interested in it, thoroughly
understood its purport. 1t was crit
sized by the opponents of the propo
sition, and defended and sustained by
the friends
1t was contended by the opponents,
that second mortgage, subordinate
to first of $4,000 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 Intricate the axles.
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, land 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 a valuable one, of
which the county would at some flu
lure time avail itself
This roseate view Of the prospects
IF the road was doubtless pressed up
IN the consideration Of many voters
,y the more enthusiastic friends of
he enterprise, and by the Directors
themselves. | know that | was most
,anguine in the belief that the net in
come of the road, would in very few
years, pay off both mortgages, and at
,er they were removed, would pay
dividend to stockholders of more than
twenty-five per cent. per annum and
was very free to say so. Whether
,hese anticipations would ever have
been realized in whole or in part, if
.he management of the road had re-
NAMED in the hands of Directors elect
ID by the home stockholders, never can
De known; as we are informed by the
anonymous historian before alluded to
hat the Directors "did on Feb'y.. %,
1857, without consideration issue to
lim tBeecher) s330,00O of stock"
By this suicidal act, if the statement
S true, land l do not dispute it, hay
ngresigned long before,) the Directors
placed the management OF the com
1any entirely in Mr.. Beecher's hands,
giving him, without consideration, a
majority of the stock, which would
enable him, as he soon did, to elect
such a board of Directors as he pleas
I'd. Ever since that election up to
his time he has retained the control
IF the road.
Bnt / am now considering the ques-
ion Of the alleged misrepresentation
And upon this question it is quite inn
material whether the results have yer
fed the predictions of those who OPP
posed the proposition,or confirmed the
hopes and expectations OF those who
supported it. The only inquiry per
incnt TO this question is: where there
NV representation Of facts made
which were not true! sa 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, we've
those contained in the proposition il
self Mere specnlations Of the Di-
rectors. fortified by the expression Of
the most solemn conviction Of their
cannot justly he said to
be such representations, as could
properly be called aalsrepre sentations,
If the speculations should turn out to
be erroneous. 70 Illustrate: the Di
rectors caused to be printed and gen
erally circulated before the election
.san appeal to the people, which con
tanned an estimate Of the anticipated
net income Of the road. This was but
at s72,0 900 per annnm, and (which. -
the directors say, they feel confident
viii be found far below the truth
One of the clements Of this estimate
is sixty passengers a day each way,
is 100 both ways estimated at s3G.-
900 per annum. This estimate in view
of the large number Of passengers
then passing daily through orr towr