Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1871-07-14

bonds, and have resolved to defend by a.resort to
| all lawful means, the suits which have been or
| have authorized an nditurem s5;ogc per an
| mum for an indefinite lengfh oftime sflr the en-
1 ployment ofscounscl in such defense. M g
My connection witt Mineral Point II. e. Co.
at the time of the Issue df these bonds and for
| more thantwe years subsequ ently, furnished me
| an opportunity of learning 1nuch OF the rights
and liabilities of the county, growing out of that
issue. While entertained serious doubts wheth-
er the county can successfully set up any defense
at law in suit brought directly upon the bonds
or coupons / have no doubt whatever that it pos
sesses the means of full, perfect and absolute Sc
seuFity against any liability to which it is or may
I become subject This security is provided by the
| mortgage issued to the State Treasurer to secure
| the railroad bonds held by the county, which
mortgage in my opinion, is now the first lien up
on the railroad, it's fixtures and equipments with
1 the exception of small prior lien of 900 of
I first mortgage bonds and the interest on them.
| To render this security available to the county
ia the speediest, zsurest and most economical
manner, requires in my, jnd gme emf, in the first
place sagacous and prudent negociat ton and man.
/ agement; and in the event Of failure in this
4 mode entertain no doubt that by a resort to a
foreclosure of the mortgage referred to, the
| for any liability to which it might become, sub
iect although if compelled to resort to foreclos
ure, judgments at law might in the mean time be
1 rendered against the county and executions is
Il
which would involve the county and its officers
/ in serious embarrassments. 81 ar'aietI. ssz
1 In view of the situation of the matters to
which / have referred, / have determined to sub
| NIT to your Board the following proposition:
I will enter upon q negotiation with the proper
parties, to bring about an amicable arrangement
/ by which the county shall be discharged from all
liability upon any OF the county bonds or cou-
pons, and the bonds be surrendered up to the
county to be cancelled, and continue such nego-
citation so long as I think the interests Of the
county require If after faithful effort for that
purpose, 1 shall fail to effect such an arrange
ment, I will then institute the proper proceedings
in chancery to render the security of the county
available and perfect, and continue to prosecute
such proceeding to a final determination in the
court of last resort. y'stf .t'5ottv Gs5t
The county shall make to me the following
compensation. / shall be paid all my actual
necessary cash expenses, to which shall be added
twenty-five per cent. as an equivalent for depre-
citation of county orders payment to be made
from time to time asthe expenses are incurred,
by orders drawn by the chairman of the Board.
| IF do not succeed in making such an arrange
ment, or failing in that If do not succeed 9th
/ erwise in procuring for the county full and am
pie indemnity for all liability on any of said
bonds or coupons, then am to receive no other
| compensation. Whenever L shall succeed In
1 making such an arrangement, or whenever sue
| ceed in procuring for the county such full and
| ample indemnity, I shall receive from the
| county the sum of Ten Thousand Dollars in
county orders at par, including those previously
| received for expenses which orders may be paid
| in installments, running, through period OF
four years with interest at 10 per cent per annum
4 on deferred payments. In other words; if the
county succeeds in getting rid of all liabilities, it
pays me $4,000 in county orders; it not, it pays
\ me nothing but my necessary cash expenses.
| If any agreement shall be made with me by
| the county upon this subject, suggest that it be
/ reduced to writing, and in that event will sub
NIT to the Board certain resolutions, the adop-
ton of which shall desire to aid in carrying out
my plans Respectfully submitted, -
/ }'-f ."'>@,ta~4 MOSES M. STRONG.
Mineral Pit, Wis, January 4, 1S59.'9d bea
The records of january 4th show
that the Communication was ssreceived,
read and laid on the table, The
record of the 5th reads: ''M. M. Strong
appeared and was heard on his propo-
sition to defend the county on suit on
R. iR. Bonds The whole matter was
ignored, and no action appears tohave
been taken, except to clay on the Ia
ble''-where, it has ever since laid.W
/ Notwithstanding the. subordinate
character of the Martin q Conan
Mortgage, suit for the purpose of
foreclosing it was brought in April,
1859 in the U. S. Court, in, which it
was charged that the Jansen Mort
gage .(given to secure the countyD was
subject and subsidiary to- the Martin
81 Conan Mortgage, and that the lat
ter had precedence to. and priority
| over the former and all other liens
| and membranes lau41 9n,t ta4T.5 g..
| 0IIn this connection / make further
quotation from the aforesaid anony-
nous history: ,Dlfsuo9 o5sow 1ad3
{ t'In this suit the county was not made party
defendant, but the Trustee the State Treasurer,
was, While this suit was pending, before
decree or sale of the road two citizens of Min
eral Point made strenuous efforts to induce the
chairman of the board to instruct the attorney of
the county to answer in this suit, asserting that
| the JanseH mortgage, held for the security of
| the county,, was the first and paramount lien on
was used with the chairman and he was furnish
ed with a written opinion of an eminent law firm
| in Milwaukee, stating that if the county did not
assert its rights in this suit it would by decree,
be forever barred from so doing" ~ +4'I1
The records of the Board of Su-
pervisors do notshow that any action
was ever taken by the Board upon
the, question Of entering the appear
ance Of the State Treasurer as trus-
tee Of the JANSEN Mortgage in the
foreclosure suit Of the Martin & Conan
Mortgage, nor of setting M. the rights
of the County as cestua gle tr'as Under
the Jansen Mortgage; but it did
appear on the other foreclosure suit of
the county, that "Samuel ID. Hastings,
State Treasurer, was, served with q
copy Of subpoena, and that he trans
mitted the same to chairman of the
Board Of Supervisors.of iowa County,
and gave. to the officers of said county
authority by letter2to use his name in
any proper way in defending said suit. "
The best, If not the only excuse / have
ever; seen, for the disasterous neglect
Of not permitting che rights of the
county to be set up in this suit is: "That
the chairman, on consulting the attor-
ney was advised not to defend in the
Conan and Martin suit; that he (the
attorney expected and had full faith,
that he would be successful lin suit on
County Bonds) in defending the coun--
ty on the merits; that he did not wish
his defense compromised, by the coun-,ll
ty setting up any right to the Jansen
Mortgage" y@@.a ~ s7TofT9 y0' 70 -
Mr.. Joiner, the chairman, was sworn d
as a witness in the suit in favor Of the
county to fofeclose the, JANSEN Mort
farHx