Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1873-07-10


Il st. Paul Company having declined
the grant, | never calico for the
form of bond until after the forma-
ton of this new company.
On the 10Th day of June, the Sec
rotary of State laid before me for my
signature patent for this new COM
pany. The law preparatory TO is
suing such patent having been COM
piled with, | signed il at once. At
forwards, and on the same day, 1
was waited upon by Hon. j w. Cary
President, Hon. j. G. Thorp, j. II
Knapp, ESQ and Hon, NJ. w. Full
ton, all of whom are stockholders in
the company, and the three first
named, directors Ooe or two other
persons were also present. They in-
formed me that they had organized
3 railway company, and had passed
a resolution to accept the land grant
anu wanted to know what security
| should require. turned to the
law and said to the gentlemen that
| discovered that; son depositing Sc
curity with the State Treasurer, to
be approved by the Governor, they
would succeed TO the rights granted
the Milwaukee and st. Paul Compa-
ny. and assume all the obligations
which that road would have assumed
had it accepted the grant. l said to
them The security am required
TO take is that you shall comply with
the requirements of the law The
law requires that you shall build 60
miles IN one year from March 18th,
1873, and 40 miles each succeeding
year. Do you intend TO comply
with the law? Mr.. Knapp very
promptly and candidly declared, 10
answer to my question, that they
did not expect or intend to comply
with it; that they had no expecta~
ton OF building the road unless the
Supreme Court decided that the
lands belonged to the state. They
were willing to accept the grant and
give a bond, burt if the grant was not
confirmed, the bond would be void
for want of consideration. If the
grant should be confirmed to the
state, they would look to the Legis-
lature to ex end the time, and would
then go on and build the road. The
remarks of Mr.. Knapp were assented
to by those present | remarked that
the ease they presented was a novel
one. You ask me to take security from
you, that you will do particular
act, at the same time you say to me
that you know that you cannot per-
form that act and do not expect to.
The security you seem inclined to
have me accept, you either expect
will be declared void, or that the
Legislature will relieve you from it.
My only desire is to see the road
built. | care not by whom took
no interest 10 the contest, last winter,
between the rival companies, as Mr..
Cary doubtless well knows. Among
the gentlemen who have organized
this company | recognize several
warm personal friends, whom | have
known for many years, and whom,
at all times, would gladly oblige ;
but this is not a personal matter. L
will do all | can to aid this enter
prise, but through no agency of
mine shall the experience of the last
seventeen years be repeated. This
grant is not going to be tied dp in
the hands of anybody. however re
spectacle or responsible, and howev-
err much may like them personally,
unless | can have something that
shall be actual security to the State
that The road will be built. said
to them that the kind of security
that would be most desirable. would
be Il deposit of Government bonds.
They suggested that such a demand
would cripple their enterprise, /
then said | would take a personal
obligation, if snch a one could be
drawn that would be of any validity
az security; that | had requested
the Attorney General TO prepare
some kind Of obligation that would
be security in the case ofthe Milwau-
kee and st. Paul Company. | supo
posed he had prepared such, though
| bad not seen it; bnt if they would
eall in an hour | would give them a
definite answer. Ia an hour they
returned, and | showed them pens
Gil memorandum of the kind of bond
| should require. They made no ob
lection TO it, but Mr.. Cary asked to
take il away, az, | supposed a guide
for preparing a bond for execution,
he assuring me that no would return
it. That was the last | have seen
of Cary or the bond Tho following
morning Messrs. Thorp and Fulton
called upon mo to say that thor as
soeiates had departed, and asked me
if | would reduce the forfeiture of the
bond, TO which | replied | would
not.
During the time | took TO consult
the Attorney General. examined
the article Of association Of this COM
pany, which proposed to build about
HUI miles OF road, and which is COM
posed of heavy capitalists. How
much capital do you think should
have been subscribed and paid in to
build this road and entitle thom to
the land granl2
E-Well that depends somewha
upon the topography of the country
along the proposed route, but should
think that the road would cost not
not less than $4,000 per mile, and
at that rate 400 miles would cost So
600, 600. / should hardly suppose
they would think of getting control
Of a land grant said to be worth SO.
600, 900, and attempting to build the
line, with less capital subscribed and
paid up than would build one-fourth
Of theroad, or $4,000, 600.
Gov. Washburn-That would
doubtless be the general preston,
and you may imagine my surprise
when | found that the amount of
aa~ifal nbe,.riha5 . hxy thcso Io,1.o