Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1872-02-16
Those County Bonds.

The Mineral Point Tribune has labored
through several long articles, apparently
for the purpose Of dcceiving the people as
to the position taken by the CHRONICLE.
at this time and heretofore, in relation to
the bonded debt of Iowa County. We
have no fear of being misunderstood by
our readers, but for fear the Tribune
might mislead readers of that paper, who
only see the garbled extracts it chooses to
make from the CHRONICLE, and its unwar-
ranted conclusions, we would state that
our position is what it ever has been on
this matter and that is to resist the col
lection of the bonds, fight every step of
the way, and never pay the entire face Of
the bonds until actually compelled-which
time we think will never come. But as
the bonds are lien and encumbrance on
the entire property Of our county, hold
ourselves in readiness to compromise on
reasonable and equitable basis at any
time. We have held, before the late de-
cision of Judge Drummond, as we hold
now, that if the people would stand firm,
and oppose the collection, it never would
be made. This is the position we have
held ever since the first agitation of the
payment of these bonds, aud, the position
we hold now. The Tribune on the con-
trary, has frequently asserted that the
bonds could be collected, and that we had
better stop litigating and pay them. II
advocated compromise last summer, by
which we were to pay one hundred cents
on the dollar, principle, interest and even
compound interest. There is another
point oil which we differ somewhat. The
Tribune has repeatedly advised our county
officers to propose compromise, and only
few weeks ago advocated o resolution
which was introduced before the county
Board, proposing to send number Of
men in search of the bond-holders, and
see what they would take for their bonds.
This we of course opposed, and we have
opposed all offers of compromise being
made by our side. All we want to DO is
to resist the collection and payment of the
bonds, and every month and every year
we resist their payment, we are depreciat.
ing them in value, and when the bond
holders want to realize money on them,
they have either to throw them on the
market, and get whatever they will bring,
or offer them TO US at greatly reduced
figures from the tace.
OUR POLICY
Has borne fruit in at least one instance.
It will be remembered that a few weeks
ago, Charles Tweed, of New York advised
our county that he had 10 Iowa County
bonds, of the denomination Of $1,000 each.
He was in need of the money for them.
The persistent effort of the people of this
county to repudiate their payment, aided
by the CHRONICLE, had made them so nsa-
worthless in the market that, instead of
demanding the full face of the bonds, with
interest on the coupons from the time they
fell due until the day of payment, which
would have amounted to $50,Sl9.13, he
was willing to allow them to be figured at
eight per cent. simple interest, from the
time of issue to the time of payment, and
the half of the sum so obtained paid for
the bonds. The proposition was accepted
and VIM. T. Henry now holds the bonds.
Footed at eight per cent simple interest
from the, first of July, 1857 to the first
of February, 1872, the 10 bonds amounted
20 SAL, 1866; the half of this sum is
s2O.5s4. SO, which was the sum paid for
the bonds. This is clear gain of $780,
$50. 80, that is, it is 30,235.S0 less than
we should have had to pay for them, if we
had considered the decision of the court
Anal. and have commenced paying them
ON that basis. In fact it is only paying q
fraction over 80 cents on the dollar of the
indebtedness. This we claim is the result
Of our fighting them, and would never
have been accomplished if the policy of
the county had been dictated by the course
of the Tribune. Let us take courage, then.
and continue to oppose, with euery means
in our power, the collection or payment
ofthe entire face Of the bonds but let us
hold ourselves in readiness to compromise
whenever the bond-holders conclude it
would be to their interest to do so.