Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1872-06-19
Bond Correspondence.

. Edtt0r Republican. =
! As your columns are open for any infor-
nation respecting:cur City Debt, it may not
/ be out of place to enquire how the city be-
! came liable for said debt. The provision of
the Law, according to an act OF the Legis-
lature Of 1853 is as follows: The City OF
| Watertown loaned its credit to the Milwau-
! kee & Watertown Railroad Company to the
amount of $50, 600, to be delivered in four
equal installments on four divisions of the
road.
Sec s. Before any of the said bonds shall
be delivered to the said Milwaukee q Wat
tertown Railroad Company, the SAID COM
pany shall execute and deliver to the Treas
urer of said city bond under the corporate
seal of said company, in the penal sum of
one hundred and sixty thousand dollars,
conditioned that the said company shall
punctualy pay and discharge the primo
pal and interest due on said bonds, and
shall fully indemnify and save harmless
said city against all payments liabilities,
! losses, damages and expenses which the
said city may sustain or incur in conse-
quence OF the delivery of such bonds
Sec 6. Whenever the president and secre-
tary Of the said Milwaukee Il Watertown
Railroad Company shall file the joint affida-
Wit that the sum of two hundred thousand
dollars has been actually and in good faith
subscribed to the capital stock of said COM
pany, that the said company has actually
expended the sum of forty thousand dollars
in the construction of said Railroad (exclu-
sive of salaries) west of point where said
road unites with the Milwaukee & Mississip-
pi Railroad Company then the said City
Treasurer shall deliver to the order of said
company the sum of twenty thousand dol
lars of the bonds issued to aid said company.
and whenever u like affidavit has been filed
with the sad City Treasurer that the further
sum of forty thousand dollars has actually
| been expended as aforesaid in the con-
! structon of said Railroad west ofthe village
! of Hartland, then the said treasurer shall
deliver to the order of said company the
| further sum of twenty thousand dollars Of
said bonds issued to aid said company; and
| whenever a like affidavit has been hled
with said City Treasurer that the said com
| pany has expended the furth her sum OF forty
! thousand dollars in the construction OF said
road west Of the village of OconomOwoc,
| then the said Treasurer shall deliver to the
said company the further sum OF. twenty
thousand dollars of the bonds issued IN aid
| Of said company, and whenever a like ath
davit has been filed that the said road IS Gem
pleted and in running order to the city OF
| Watertown, then the said Treasurer shall
deliver the remaining twenty thousand dol
! lars of bonds to the order of said company.
Sec. 10. Before the delivery of any bonds
issued under the provisions of this act, the
Railroad Company entitled to receive the
| same shall duly execute and deliver to the
Treasurer of said city of WATERFOWL a
mortgage on the then said road in the usual
| form 0 secure the performance OF the bond
| executed by said company to the said city,
| which mortgage shall be Il lien against the
! said railroad from and after the recording
| thereof
! Mr. Editor, wLo are they that has de.
| livered to the railroad company the city
| bonds in direct violation of the aforesaid
| law, without either the knowled or con-
| sent of the taxpayers, and has left US grOan-
| ing under this un Just, outrageous and enOr-
| nous debt? Who are they when our City
! Charter provided that the Common Counci
sha not exceed one-half of one per cent
! per annum ward tax, and one-tourth of one
per cent city general tax, got an act passed
| in the Legislature to authorize the Council
| to levy a tax of fifty thousand dollars to buy
railroad bonds and gave the courts power TO
serve mandamus on the council to COM
! pei them to levy said tax ? These are the
men with their uuderstrapperS and saterlites
! that say to the citizens: Buy these bonds
| exchange any and all good and bad, make
| no di ference, get them out of the way and
the city will grow and prosper. Again,
who are they when the plan of settlement
was agreed upon that tour-ffths of the bonds
shall come in before any bond is exchanged
in order to protect the city against outstand-
ing bonds and judgments They are the
same blood-suckers that has fastened this
| debt upon us that now Is endeavoring to
| revit the chains they have already forged
! upon their he pless aud unprotected victims.
If the great majority of the taxpayers is
| governed by these men, they must come to
| the conclusion that are far wiser and hon
ester men now than they were at the time
they surrendered tae city bonds without the
required security.
When the incendiary puts his torch to
the pile he very frequently will mix with
the crowd and join in with the cry Of fire.
So it is in this case; the men that wan
tonly and unblushingly betrayed the people
| and has caused them to struggle with this
! outrageous fraud, are now foremost in en-
deavoring to have the exchange of bonds
! made in order to obtain some of the pro-
| ceeds of their vllliany.
| Mr. Editor, if these men would join in
and help to fight these legalized robbers,
! then we may believe they are not some of
| the party, but the reverse is the case, the
| bondholders do not want to wait for
| the decision of the supreme court of the
| State. They know well that the court will
decide these bonds unconstitutional, and
there is the end of it, consequently all they
can get exchanged before the decision is so
much gained.
The history of the past ought to be les
son for future. These sanity men who have
watched over our interest with untiring zeal,
as far as railroad bonds are concerned, and
under whose fostering care the city has
grown and prospered to the magnitude and
| opulence that we are now placed in, should
be held in grateful remembrance by all those
| that have the happiness to share in the
| blessings Of our well-governed and prosper
Gus city, and like the prodigal son, render
those portion of the homage they are so
justly entitled to for the protection and
tavors we have received at their hands, al
ways bearing in mind the blessings of being
protected by a good government and wise
| egislat on which has brought down with
| it the happiness we now enjoy.
P. DEVY.
| WATERFOWL June 18th, 1872