Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1872-08-21
ceived and still must receive the most careful t

ceived and still must receive the most careful at
! tention on our part. If we can maintain IN
that court the principle Of that decision, and we
are prudent, we shallye be able think to set
| tie our debt provided also are a bic to obtain
| a like decision at Milwaukee, in the case OF DOW
| and others against our citizens, which has NOT
| yet been argued ,c. +ho.,
eonitv actions? Simply because our troubles
| and this debt will be perpetual unless we N
| promise it, and the only hope OF the acceptance
ofour off,r ia that it is reasonable an such as 40
| CO.. tho interest of the bond-holders 10 acceo3
-. pos;des we have no assurance that the
conrts will not in the end levy the taxes or se,ze
private property to pay these Judgments. inc
| Situation for us is anomalous and perlious Wo
limited States Circuit J judges have held that the
courts possessed the power to do it, Ed 1t is sao
| that he Judges of the Supreme Court OF the
United States. once equally divided on the gu es-
ton, the only time it was ever before them. IL
was mistake to suppose that l stated tnat
Judge Drummond had said we need never pay
one cent. Speaking OF our enormous deot. aoout
10 per cent. of the assessed value of all property
| here, he said that twas plainly beyond GU! ca
| pacitv to pay, that Tor such debts the Juug-
ments could not be enforced where there was a
| united public sentiment against it. that unanl-
| nous public opinion in this country was beyond
| the power of any court to overcome, and that
| the only way settlement could be effected was
| bv compromise. The lesson he sought to lncui-
cate wa 5 that it for the interest of the bond
holders to accept a reasonable offer Of comprom-
| Use on our part, and thatit was ur duty 10 make
such offer. | sought to derive from it another
lesson--th lie vital necessity of unity and harmony
Some have supposed that the courts would yet
| hold all such debts illegal and void. see no
| hope Of this. The fact is that if our railroads
were all destroyed to day we should at once
| vo te q debt as large as the amount we now pro-
pose to pay. in order to restore them. More
railroad bonds have been voted in this state
| within the last year, think, than ever before.
II is useless to expect that any mere theory can
stand in the way of great public interests and
necessities. The anxiety for railroads, I'll great
est Improvement ever invented. can be known
only to those ho without them. They are
the gency by which cur country is being de-
veloped upon the grandost scale. And us part
of il. municipal railroad aid bonds constitute q
vas, interest. which the courts are disposed to
protect. Where they are reasonable IN amount
thew should be paid l rejoice to know that
throughout our state all such are promptly paid
Ii is only when they excessive, w4en, as in
our case they amount to a conhscaton OF the
peoples property that we are Justified in resist
ing 50 great an oppression. Indeed, we have &c
aftermath We. TO enforce them is an impossibility
Rut il we can induce the bond holders to reduce
them so as to bring them within the limits OF
reasonable taxation, then it is for our interfs
ana it becomes duty 10 pay.
1.-THE tond- hcld,rs fail in the courts. theil
next resort will probably be to the Legislature
There we need not fear them if we we'll ano
q blv represented, and stand ready to do what il
fair Bit + we refuse 20 do what set
lie this deb it will excite such general indigna
, tiun throughout the state that the bond holden
can oct at.y legislation they want. WutertOwi
always nobly offering to do all that can b.
reasonably demanded of her, and thereby com
mandng the respect and support of the who'll
, state. has sufficient influence and power to shak
this entire land when any robbery is attempted
though it may be legalized, and to make the
t places of those bond holders who raven for GU
, property as the wolf for his prey, Thousand
t times hotter than will be agreeable to them. Blu
| a city blind to its own inter ests and reckless c
: its duty to the state would be crushed like III
egg shell. He who would save his property b.
: being sorded and mean, will certainly lose il
There has always been good deal of public ir
ritation on this bond question among those wh
are anxious for the honor and welfare Of TIN
, state. We must avert from the public dis
pleasure By the contn ued fairness and justice o
, our offers and direct it against the bond holder
and their agents for their refusal to accept
t compromise For what can $500 people d.
, against more than million
The very existence of this debt, without oul
, ever paying one cent of it, destroys all busneH
confidence, arrests all growth and enterprise ane
{ impairs all val ues. When first came TO Vat
ertown could have forseeu it's creation woult
| no more have thought of making my residence
, where was to fall its bghting shadow than
f would of seeking repose for my family ben eatl
r the deadly Upas shade. One of The things most
keenly felt is the inevitable financial disgrace il
has entailed upon rs.
Under the plan adopted, cur city rescued
, from its more Immediate perils, and since ther
its affairs have been wisely and >afely managed
and no man here has been oppressed by excess
, ivetaXation.
But this debt will not let us alone. If we
abandon the pan which has proved the bull
wark of our safety, new measures and new men
must take the field. These will not end our
troubles. These new men will find themselves
in the presence of of The gravest difficulties
ever I'M dertaken by mortal man. But the WORK
of settlen ent must be wisely prosecuted or long
after the grass shall have grown green above on
graves, our children will wonder that should
ever have permitted the creation of such debt
or that we did not find efficient means for it's re-
mova instead Of leaving to them such an abb
ing corse. Respectfully,
D. HALL.