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

LOWE SOuAOy 4SCNA41 OceSAs
To the People Of Ioaca County:
At the meeting of the Directors of the
lowe and Richland County railroad, held
at Lone Rock, on the 10th Of April, to
Which I referred in former communica-
ton. The Company was fully organized,
and placed in an attitude to proceed in the
extension ofits powers, fc. the construc-
ton of a railroad from Mineral Point to
the Baraboo valley. In view of the prop
osition of Geo. W. Cobb, in behalf of HIM
self and others to construct a railroad
over the same route, under the organlza-
ton known as the Mineral Point Railroad,
and especially for the reason that the par
ties making this proposition, own or con-
troll large part of the Iowa County IN
debtedness, which they propose to ex
change for other securities to be received
by them to aid in the construction of the
road, and which therefore could not be
eased by our company. 1t was the unan-
imous opinion of the directors that it was
inexpedient to take any active steps what
ever under our charter, SO long as the 9th
err parties referred to were engaged in en-
deavoring to effect the objects contempla-
ted by their proposition. The directors
were all agreed, that as their primary OBJ
iect was to obtain the railroad, and the
means by which it should be accomplish
cd was a secondary consideration, they
would do all in their power to aid the par
ties operating under the Mineral Point
Railroad organization, so long as there
was any hope Of success in that direction.
In furtherance of the views Of our dl-
rectors and because of the interest | feel
in the construction of this road, but more
especially on account of the anxiety feel
to have the people of Iowa County dis
charged from the burden Of debt, which
now so naturally and injuTiously affects
their welfare. | propose to offer some
considerations, which think have bear
ing upon the second proposition of George
W. Cobb, general manager of construc-
ton Company, bearing date of April 18th,
1871.
The proposition is substantially as fol-
lows: .
That the several towns in the county
and the City of Mineral Point, vote such
aid as they may severally think proper,
according to the provisions of the act Of
the last legislature, known as the EAST
| erly law"
That the bonds so voted shall be depos
tied with some custodian, to be agreed up
on according to Sec. of the act, That a
corresponding amount of the county In
debtedness shall be deposited with said
custodian, and when the road is completed
to such point as shall be agreed upon,
the custodian shall deliver up the bonds
of the town or city, and the town or city
shall in exchange therefore receive a cor
responding amount Of stock, which it may
at its option, exchange in whole or in part
for county Indebtedness, dollar for dollar
The plan of giving stock in exchange
for town or city bonds, instead of exchan
ging the bonds for county Indebtedness
directly, is adopted for the reason that the
"easterIy law" requires an exchange OF
stock for bonds and then provides that
the town or city may sell the stock. And
it is proposed to give the towns the option
of selling or exchanging the stock fol-
county Indebtedness, dollar for dollar.
The total assessment of the county last
year was $6,697,414 seven and half pei
cent upon this sum is $502, 306 so, which
IS about the total amount of the county
Indebtedness principal, interest and
costs.
The following table shows the assess
ment of each town, and what would b'
the proportion of each at seven and one
half per cent.