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


All the bonds were issued by autnorlty
of an act of the legislature approved
March %, 1853, and is to be found In the
private and local laws of 1853, at page BIT.
This beginning and foundation OF the
bordst is quite characteristics III It's hrst
words, cf the receptions and frauds which
have pervaded the whole matter: 1t is
entitled" An Act to authorize the
counties ard towns through which
the Mineral Point Railroad passes, to aid
in its construction y but in the law it aus
thorz3s alt towns, cities or villages in the
county, to give such aid, and was evident
ly 50 worded to deceive and mislead those
who passed it, and to prevent any OPPOSE
ton TO it by the people Interested. AS
provided by this act, the Railroad Compa-
ny, on May 10Th, 1853, made proposition
to the county, proposing to- exchange 80
Railroad bonds of S 200 each for the same
amount Of similar bonds of the county
as proposed, it was pure lending of the
credit Of the county to aid the Railroad
Company. Il was not intended that the
county should ever pay, or be, asked to
pay one cent OF principal or interest; but
every possible promise and assurance was
made to the officers and people of the
county that the railroad company would
always and ever protect the county, and
pay every cent of principal and interest of
the bonds, and to- secure the fultiilnfcnt OF
these promises, would give the county a
second mortgage Oh the whole railroad
represented them to- be perfect indemnity.
T I'm accordance, with the law above men
toned, this proposition was, on June goth,
| 1868, submitted to vote of the people.
The building of the Railroad was then be-
| ing urged by parties almost entirely in the
interests of Mineral Point, which place is
situated only three miles from the south
ern line Of the County; the proposition
for county aid to road which it was prob
able, would only enter the county three
miles, and be, as has proved to be the fact,
of benefit to not more than half the peo-
pie, met with strong party who bitterly
| fought and opposed the scheme but those
| in It's favor promised that the railroad
| should be extended through the county to
I the valley Of the Wisconsin river, that it
should never cost the county cent, beat
the others at their own game by polling
| the most fraudulent votes. and so carried
the day that there was 1853 majority in IA
vor of issuing the bonds.
No one on either side has ever seriously
pretended that the election was either fair
or legal; the opposition to the issue OF
| the bonds was continued after the election,
carried into the County Board, and great
| endeavor made to prevent the Chairman OF
| the County Board and the County Clerk
| from executing the bonds but those at the
| head of affairs on the other side were again
too much for the people, and so handled
and manipulated the Chairman and Clerk,
| (the receptions and influences used, them
selves, an infamous history, as to obtain
| their signatures, and the county bonds
were issued.
$50 bonds for 81, 900 each, dated July
26, 1853, payable to Francis Vivian, Treas
urer of the Railroad Company, on July
! 1st, 1868, with per cent. interest, paya-
BILE the LIST Of January and July of each
year, at the Bank Of the Manhattan Com
pany. in the city of New York, with cou-
pons for the interest attached.
In exchange for said bonds the county
received from the Railroad sCompany $50
bonds of the said Company for $1,000
each, bearing the same date and interest
as those=issued Iy the county, due at the
same time. and payable to Edward II. Jams
sen, Treasurer of the State, but without
| interest-coupons being attached.
The bonds of the Railroad Company, so
given in exchange to Sire County. contain
| ed an agreement and stipulation that the
| Company would pay the principal and in
terest or the county bon0s so loaned to
| kl,o aoH RI tho W
against the possibility of having to pay its
bonds, the Railroad Company gave, for the
benefit of the County, a mortgage dssted
July II, 1853, to Edward Fl. Jansen, then
Treasurer of the State, as Trustee, on all
its railroad and property, to secure the
payment of the $50 bonds, exchanged with
the county the same mortgage being in
tended to also secure $l70,000 of other
bonds to be afterward issued as the com
pany might need them. This Janssen
mortgage was, in point of time, the first
mortgage ever given by the K. II. Co., but
it was specially agreed and provided that
| IL was to be deemed and held as second
mortgage, subsidiary to another mortgage,
afterwards to be executed and to be called
first mortgage. Opposition to the bonds
uiu uoI CEASE mere, ouI IHOy "0'0 ioHoH GU
into Wall Street, and in the principal pa
pers of New York City all persons were
notified, over the signatures of majority
of the County Board, of their eadnlent
character, and that the County would new
er pay them.
On Dec. 10th, 1853, the R. R.. Co. made
contract with Robt. and G. l.. Schuyler,
of New York City, in which the Messrs,
Schuyler agreed to build, equip and put
the railroad in running order for one mil
lion dollars, all payable in the bonds and
stock of the Company. The contract
provided that the $4,000 of Iowa COun-
ty Bonds should be loaned to the Messrs.
SCHUYLER, to be used as collaterals to bor-
row money on, and were to be returned and
given up to Iowa County to be cancelled,
after the completion of the road.
January I'd, 1854, the Company execu'
ted the first mortgage. contemplated as
above stated, and to which the Jansen
mortgage was to be second. This mort
gage was on all the railroad and property
of the County, and was given to g. L.
Schuyler, as trustee, to secure the pay
ment of 1000 of the bonds of said Com
pany for $500 each, due January /, 1874,
with interest at Z per cent, payable on the
first days of January and July of each
year, and having coupons for said interest
attached.
In the spring of 1854, the Messrs. Schuy-
Ter proceeded vigorously to fulfill their con-
tract to build the railroad. About the 1st
of March, 1854. the $500, 900 of the Schuy.
Ter Railroad Bonds. and the Sl50.OOO Of