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

it; for this, nor for anything else connec-
ted with his contract, he has not settled
at this time Mr.. Beecher represented that
he could not sch the bonds or stock for
any satisfactory price, while the railroad
was in process of construction, but that
so soon as it was completed, and the cars
running, he would be able to sell them for
price that would pay off all the debts for
which they were pledged, and leave for
him handsome sum.
In laundering, expensive, mismanaged
| way, the building Of the railroad was pro-
ceeded with and contrary to every reason
able expectation, as if in very spite of the
lunatc management, early in the spring
of 1857, the cars commenced running to
Mineral Point. This having been accom-
plished, or, rather happened-for it was
| done aimlessly, randomly, and by chance
almost, if not entirely upon credit.
| Mr.. Beecher now found himself heavily
involved in debt, and all his securities
pledged as colaterals for its payment. He
| also found that the opening of the road
was not so important an event as he had
anticipated it would be; that it did not
cause panic in Wall Street, nor demand
|
withstanding his great financial abilities,
he could not make market for them at
all. Fortunately for him, they had no
value in New York, and those who had
them as colatterals, being unable to make
their money out of them, had no other re-
source but to hold them and wait.
As contractor, Mr.. Beecher had received
controlling amount of the stock of the Co.
and he so managed it that at the election for
officers of the company, in May, 1857, he
elected himself President of the company
and Board of directors entirely in his
own interest becoming instead of contrac-
tor, substantially, for all purposes, the
company itself-a position which he has
held ever since.
On June 9th, 1857, still another mort
gage was executed by the company on it's
road and property, to Conan & Martin,
trustees, being in aid of and auxiliary to
the third--or Conan & Martin mortgage
before executed-and given to cover en-
gines, cars, ETC., since that time brought
on the road.
Mr.. Beecher, as has been before stated,
being bound by his contract to pay the
interest coupons on the Iowa Co., Bonds
up to and including those of July LIST,
1857, amounting to about SAT 600 did take
up (by some trade--it is not probable he
paid money for them, but he got them, J
and surrendered to the railroad company
on June 10Th, 1856, SO 800, of the coupons
for this interest, but he never did pay o:
take up the rest of it, and it, with
compound interest on it, now comprises a
large part of the claim he is so clamorous-
ly demanding Even worse than this,
after he got to be the company-came in
to possession Of its safe, books and papers
he took out of the safe the very $4,000
of coupons which he himself had paid and
surrendered, which he knew were, or
ought to be ended and done with forever,
had them sued and put in judgment
against the county, and they amounting
now to at least $23, 600, are part of the
righteous bOndholders debt that the peo-
pie are being prosecuted fora little but
not great deal, more unjust than the
rest of it..
The court, in rendering judgment on
these coupons, allows interest on them
after due--these S37, 200 which Mr.. Beech
eY should have paid, and the $500 taken
out Of the safe, being the first and oldest
dates, have now accumulated to about
$!07 900.
It is we'll known that in many other re-
Spects Mr.. Beecher has never fulfilled his
contract; but he having in effect become
the company, there has been no one to
settle with him, and it so stands to this
day.
When he got possession Of the books of
the company, he stood on them DR.. 1891,
O63.ll, but he has made that right by
crcditing, or causing himself to be credited
with 1883, 86l .68, although his full con
tract only called for 500, 900, and large
amounts Of that had been before credited
to his account.
About April 9th, 1852 Mr.. Beccher,
caused a suit to be brought in the District
Court Of the United States to foreclosure
the Conan & Martin third and fourth mort
cages, as given by the company in point
Of time, but which by the cancellation of
the Schuyler or first mortgage, had become
second (the two being really but one mort
gage to the Jansen or county mortgage,
this last becoming the first. Tn this suit
the county was not made party defend
ant, but the trustee, the State Treasurer,
was while this suit was pending, before
decree or sale Of the road, two citizens of
Mineral Point made strenuous efforts to in
duce the chairman of the board to direct
the attorney of the county to answer in
this suit, asserting that the Jansen mort
gage. held for the security of the county.
was the first and paramount lien on the
railroad. Every argument that could be
was used with the chair man, and he was
furnished with written opinion of an en-
inent law firm in Milwaukee, stating that
if the county did not assert it's rights in
this suit it would by decree be forever
barred from SO doing. The county was at
this time sued in the same court on it's
bonds, and had employed an attorney in
Milwaukee, to defend it. The chairman on
consulting the attorney, was advised not
to defend in the Conan & Martin suit :;
that he expected and had full faith that he
| would be successful in defending the coun-
ty On the merits that he did not wish his
| defence compromised by the county set
ting up any right TO the Jansen mortgage.
Ia fact up to this time, and long after
wards, until driven to it by the judgments
of the court, the county utterly refused to
acknowledge that the bonds were lawful
obligations, or to have any thing to do with
the railroad bonds or mortgage given to
the county as security, and that the coun-
ty could assert its rights under the JAMS
sen mortgage, If necessary, afterwards, as
well as then.