Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1873-08-25
NO 81.


connected with or arising out of any
Indebtedness or liability growing ont of
or relating to the construction of the
Mineral Point Railroad, and to enable
them to discharge such t,ust ami to
compromise, compound, settle and
discharge all such Indebtedness and
liability justly, and with due regard
to the equal rights Of all the creditors
of said county; all moneys, goods,
rights, credits and property of every
description, which said county may
now own or possess or which it may
hereafter acquire or possess, and
which a0as raised, le0ied or acquired
for the purpose IF being applied to the
settlement Of any S ucb Indebtedness or
liability, shall vest IN, and shall be held,
controlled and managed By said fund
commissioners for the purpose of conn
promising, compouuding, settling or
cischarging such Indebtedness or HaJili.
ties, and all taxes which ahall have
been, on which shall be levied or
collected for that pdypose, or for the
purpose Of satisfying amy .jadgment
against said county, shall be paid o0er
to said fund commissioners, and shall
be di$po ed Of an no other manner,
and the said fund commissioners or a
majority Of them, may invest any
moneys in their possession or under
their control, in United States bonds
bearing interest which they may again
sell snd convert into money.
Sec. 6, z, s, 8, 10 II and 13.-
Relate to the foreclosure Of mortgage
upon the Mineral Point Railroad, the
purchase of the Railroad and fore
closure sale, organizing new Railroad
Company, issuing new Stock, and
disposing Of the stock in the compro.
mise or settlement of the county
Indebtedness. also in purchasing in.
debtedness of the towns of Mineral
Point and Waldwick. But as the
county was beaten in the foreclosure
suit, in the Supreme Court; these
seven sections have become unimport
ant, but they do not affect the operation
Of the other sections, nor the powers
conferred by them upon the fund
commissioners.
Sec II is as follows:
"The said fund commissioners or
majority Of them, are hereby invested
with full power and authority to
compromise, compound, settle and
discharge any Indebtedness or liability
Of said county Of Ioeeo, upon any such
bonds, or upon any such coupons or
interest warrants or upon any judgment
upon any such bonds or upon
any such coupons or interest warrants
upon such terms os az their discretion
ore just and equitable, and any such
Or settlement may include
the aohoIe OF said Indebtedness or tiobiH.
ty or IL may embrace any part dtereof,
and for the purpose of making such
compromise or settlement, the said
fund commissioners or a majority Of
them are hereby authorized ond en-
poWered TO ase the a1hOle or any part
of any moneys. goods, rights, credits
and property, and of any shares Of
stock in any new Railroad company,
and the proceeds, thereof, which may
come into their possession or under
their control, and for that purpose to
pay out, convey, transfer and deli0er,
any and all such moneys, goods, rights,
credits, property and shares of stock
Or any part there Of"
Sec. IA. The legal title to all the
moneys, goods, rights, credits, property
or shares Of stock or proceeds thereof,
which shall come to the possession, or
be under the control or authority Of
said fund commissioners shall be oested
sa them, and the aaid county
of Iowa shall only have beneficial
in the same, until the liability
and Indebtedness Of spid county, for
which the same are held in trust by
said fund commissioners shall be fully
and discharged.
Sec. is. Relates to the compensa-
tion of the fund commissioners.
The act has never been repealed
except so far as the act of 1873, which
shall refer to before I am done, is
with it. This conflict or
moons istency relates entirely to the
agencies for efecting compromises, and
does not in any manner impair or
otherwise affect the iduciary powers of
the fund commissioners, by virtue of
which they are authorized as trustees
10 receive, keep or invest in Govern
ment bonds, and finally pay out In
pursuance of any lawfully perfected
any and all funds which
may be raised by the county for the
liquidation of its Indebtedness. Such
funds are justas efectually beyond the
each of one or more Of the creditors,
Without the sanction of the fund COM
nissioners as the assets of a bankrupt
n the hands of an assignee, are beyond
he reach of any one or more of his
creditors.
Mr.. Henry here asked Mr.. Strong
o explain how the board of Super
'isors could levy tax to pay fifty per
ent Of this Debt or a less amount,
While they were under mandamus
commanding them to levy an amount
efficient to pay all the judgments in
ulI.
Mr. Stronr recun,;no said hn would