Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1871-04-07
Iowa County and Town r. r.
Bonds.
Concluded. from last s0eek.)

pursuance Vi Tue ucCi III wv Nohi"lI "
Martin suit, advertised and sold at Mar
shalls sale on Nov. 9th, 1861, to James q.
Carter, an attorney of New York ID the
employ of Mr.. Beecher, for the nominal
sum of $4,000. November 18th, 1861,
the Marshal decided the same to Mr.. Car
ter, and on the same day he decided to Asa
hel Finch of Milwaukee, Samuel ?. Holmes
Of New York, Luther Beecher of Detroit,
Henry Koop and George W. Cobb of Min
eral Point, to each one five thOuSandth
part of said railroad. These parties on
the same day organized themselves as
new company, calling it the Mineral Point
Rail Road-leaving off the company, and
of record the title so stands to this day.
AS early as in 1859 suits were brought in
the United States District Court against
the county, on coupons taken from the
county bonds loaned to the railroad COM
paly, and from time to time, as coupons
became due since then, and also since the
principal became due, the county has been
sued in. the same court, and notwithStand-
ing that the county has interposed the
most conclusive defences, the court has ev-
Ell insisted upon treating the coupons and
bonds as they would note, In the hands
of an innocent holder, Overruled every de-
fence, and have in all cases always render
ed judgment against the county, the first
one having been rendered on September 3.
1860; except one, none of these suits have
been brought in the name of Mr.. Beecher,
but many Of them have been brought In
the names Of parties who held them as Sc
curity for debts he owed them, and the
suits in point of fact were actually in his
behalf and interest. These creditors of
his have had SO little faith in the bonds,
that they have refused to take them or the
judgments rendered. on them, for their
debts, but have rather waited all these
thirteen years, during which time it is now
understood, the earnings of the railroad
have paid off his debts and released the
bonds. Many of the judgments heretofore
rendered, although in other names are his,
and for the first time, in the fall of 1870 he
sued the county on bonds and coupons IN
his own name; defence is interposed in
this case, and it is hoped that the county
may be successful in a direct litigation
with him. When Mr. Beecher took the
bonds, he we'll knew of their fraudulent
character, that they were obtained by mis-
representation and fraud, issued contrary
to the wishes of the people, and offered III
New York against the published protest Of
majority of the board of supervisors !;
nor under the circumstances is it reaSOIa'
ble to suppose that any other owners OF
these bonds were not also acquainted with
their character and the opposition there
was to them, and bought or took them ac-
cordingly, for Mr.. Beecher has testified IN
court that the best sale made of them III
New York was at forty cents on the dollar,
and on each bond it was plainly stated ov-
er the seals and signatures of the officers
of the railroad company, that the compa-
ny guaranteed and were to pay the same
both principal and interest In the fall OF
1856 or 7, Mr.. Beecher stated to the board
of directors of the railroad company that
the county bonds were well known IN New
York and called 1.-THE repudiated bonds;"
that he could not do anything with them,
and that he had rather haye the railroad
bonds the county held, in place of them.
lie proposed to exchange, but as is before
explained, the county bonds being in
pledge for debts, in New York and other
places, sort of simultaneous exchange,
or substitution had to be made, and 1t
must be done forthwith or not at all. An
effort was made by the railroad directors
to effect an exchange, but the plan propoS
ed was found to be impractlcabe and
doubtful, and the time limited too short to
accomplish it, the county board was not
call ed together, nor was said offer ever sub
mitted to it.
In the spring Of 1865, M. NJ. Strong and w.
T. Henry were employed by the Co. to fore
close the Jansen mortgage, and to assert
it as being held as first lien on the rail
road and all its property, for the benefit OF
the county, and as a just offset to the Claims
made against the county. The attorneys
agreed with the county board 20 prosecute
said suit for fee which would be satlsiac-
tory to the board, and contingent upon
success, and that if they were not success
full they should only receive from the coun-
ty their actual expenses. Pursuant to this
agreement, in September, 1866, the suit
was commenced in the circuit court OF Iowa
county. Messrs. Reese & Mulks were by
the county employed to assist In the suit.
After mush labor said suit was brought to
trial, and Oct. %, 1868, the Jansen mort
gage was, by the decree of the court estao-
lished as the first and pal amount lien upon
the road and all its property. Mr.. Beecher,
by his attorneys, warmly contested this
case, and at once took it up to the supreme
court of the State. The supreme court re-
versed the decree of the circuit court, and
ordered that the case be dismissed, holding
that the county had lost its rights by not
appearing in the Conan & Martin foreclos-
ure suit, and that the county was by the
decree by default, in that case forever bar
red and prohibited from setting up any
claim by virtue of the Jansen mortgage.
About this time, say in June, 1869, Mr..
Beecher tried bribery, Offering the attor-
neys of the county large sums of money,
and other inducements, if they would serve
and aid him in compelling the people to
pay.
after the most exhaustive search the other
149 bonds have not been found, or ever
traced further another steal, no doubt
expected to be of great benefit to the bond
holders. The attorneys of the county In
the Jansen foreclosure, however, by proof
of their loss and contents, managed to get
along without their loss being of any ma
terial damage to the county.
The attorneys of the county, in the JAMS
sen foreclosure suit, required the railroad
bonds, which the county had received in
exchange for its bonds, but upon applying
to the officers of the county for them they
could not be found careful enquiry, and
search being then made for them, it was
found that George Messersmith did, on
january 18th, 1857, deliver the bonds TO
C. G. Washburne & Co.. for safe keeping,