Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1873-07-31
The bond settlement Reviewed.
Until the new bonds provided for

tit vi VI ItCtullN uuODlcu
by the County Board are issued and de-
lNered to Mr. Beechcr, discussion of the
matter is in order, and knowing tina.
great dissatisfaction exists in various
parts oldhe county, we feel it not only
our right, but oar duty to state the
grounds of objection, which must be ad.
mittcd as formidable Although we have
always been, and now are, in favor of
compromise,-willin to pay 65 cents or
even 10 cents on the dollar if necessary
we are strongly opposed to the condi-
fions of the settlement arranged between
Mr.. Henry and Mr.. Beecher
This settlement provides that the sixty
five cents on the dollar shall be paid in
six annual installments, with interest at
eight per cent, which ought not to be
while the existing judgments draw only
seCen per cent interest. None Of these
installments are to be credited on the
compromise until tie last IS paid and
''if from any cause whatever, said pay
''ments shall not be faithfully and
promptly made as agreed, the holders
'of the judgments may proceed on said
judgments, and resort to any and all
remedies in the same manner as if this
settlement and agreement had not been
''made; first crediting such payments as
may then have been made on this COM
promise, apon the interest on such judg-
''ments, and Gftervards upon tie pri,ci-
pal Of such judgments as may hare been
"actaaIW paid; and collect tie fuU
amount Of such judgments, interests and
costs, ,cithodt other deductions or Offsets
Our idea Of common justice is that the
settlement should have been so arranged
that 'chcnerer the county pail Is cents,
one dollar acouid be credited upon the
Judgments, and so on; and in case of
failure to make any payment as agreed,
then each party should be restored to all
the rights he enjoyed before the com-
promise, except as to what had up to that
time been satisfied and discharged Had
this been done, the assertion that "mu>
"tual concessions had been made" would
sound less Ike bombastic mockerv.
But this agreement goes further: 1t
provides that all claims not now in iudg~
ment may be put into Judgment, in time
term on cGcation; and that none ofthcSe
judgments ShaU be SCI aside, rcopencd, or
Terersed but shall remain in full force,
and all remedies pertaining thereto may
be enforced, eren Il The compromise fails
Further, this settlement provides, that
bonds to the extent of 60 cents on the
dollar OF amount compromised shall be
issued made payable to Luther Beech
er or bearer and delivered to him. Such
bonds would be marketable, and like
promlssory notes, or other commercial
Obligations, may be sold to other persons
who would not be bound by the agrees
ment between Iowa county and Mr..
Beeeher, if transferred before due.
Should the county fail to make any pay
ment, the agreement is annulled Mr..
Beecher, holding the judgments and also
the new bonds may transfer the obliga>
tons to different parties, and the legal
debt of the county will be increased to
the extent Of the new bonds. innocent
holders of the bonds, as the law terms
thcm-tut Shylocks' rs we call them
would again BE at our throats, and what
power should we have to resist?
This settlement lays us liable to Just
ouch predicament No provision is
made concerning the new bonds excep.
that they are to be delivered to Mr..
Beecher, and paid, by vhomsoever pre-
scented. They should be drawn payable
to Beecher only. The county should
not be compelled to rely upon bond
holders honesty and justice, for she has
learned at bitter cost that they are not
highly endowed with those qualities.
we have right to expect that the men
holding our paper, whether old or new.
will handle it so as to net the greatest
possible profit to themselves. Nor sbouId
we be again subjected to the mercy Of
L. 5. Courts, for they deal only in ab-
stract law; are disposed to enforce
their DEGREES, and unqusstionably have
power to do it.
We have 90 disposition to "malicn"
any one for desiring to compromise, as
the Democrat charges, On the contrary,
we favor compromise, and have favored
it long before the champions OF the present
settlement did, and when they dc,
nounced and tabooed US for il. We write
as a taxpayer, who has the interests and
prosperity of our city and county at
heart, and with hope that this So-called
compromise may be so adjusted as not
To lead US into new difficulties. There
are other Objectionable features, which
we may point cut At some other time