Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1873-08-29
FConcluded from last aceek. J


to Spensley. Gpensley, as the pur-
chaser of the judgment, being what IS
known in the law a chose IN action,
would take it subject to the equities
existing between Iowa county and
Beecher at the time of the assignment.
Now, what are those equities ? The
only equity existing, and which at
taches to the judgments under your
agreement is the deduction Of the &C
tual payments, and that there can be
no cavil about it, you have expressly
agreed that with this exception there
shall be no other deductions or sctt offs
whatever, and in this respect our agree
ment would operate as e0ectual an
estoppel as against an assignee, as
though we had on inquiry refused to
disclose what equities or sett offs we
had, Now suppose Beecher sells his
new bonds to Bainbridge. How
would our account stand ? Accord
ing to our theory, and the law in the
case, this would be correct statement:
Owe Spensley on the judg-
mems, $4,000
Owe cambridge on the new
bonds, 54,166S
Paid Beecher one instalment, 1854 !
Making our total outstanding debt
$179,1G6 2-3, besides the payment Of
S13,541 2-3, made, or $67,7O8 2-3
more than we would h ave h d o
pay if Henry had not compromised. and
Bcccher had succeeded in collecting every
dollar due him on his judgments orclaims
for you must remember thac Spcnsley's
judgments would not be effected by any
subsequent equities that might arise after
the assignment to him. 1t is true that
Beecher & Co. may be too honest, and
never take advantage, hut it seems to me
if he will, as your atty charges him, take
coupons that have once been paid, and
put them into judgment, he would not hes
itate to pursue this course, especially
when he would by so doing, sever him
self and all connections with US forever,
and at the same t m IN e t h i s
amount fmoney. The people have been
educated to look upon Mr.. Beecher as a
souless, heartless man ; one who, in all
his transactions, is actuated by the most
selfish motives one who is entirely des>
titute of\all honor, all honesty, and all
moral principles and in the fostering and
engenderingI of this feeling and belief, Mr..
Henry has borfYeia most prominent part
Therefore neither he nor you must be sur
prised if the people arc not now willing to
place such implicit and childlke faith and
confidence in him as is contemplated by
this agreement. Neither you nor he must
be surprised if they want some other as
surances than simply his honor, in case
of the happening Of the contingency sug>
gested, for that it may happen there can
be no doubt. To>day over one third of
the county are opposed to it, 1t may
happen that there be drought, bugs, or
a thousand events may transpire which
would produce and cause forfeiture but
no provision has been made, no safeguards
thrown about the peoples interest to pro
tect them. 1t is true the National Demos
crat calls attention to the last part Of your
rcso ution, which provides that these bonds
are only to be delivered upon settlement
on the terms aforesaid, of at least three>
fourths Of said debt, and that the proper
lawful siipulations are duly filed in the
courts, whtre said judgments are, in each
case, so that on payment of the compro>
mise bonds, the judgments will be surely
released and satisfied, and to report fully
their acts and dongs in regard thereto to
the Board at its next meeting.
Now, giving this the most favorable
construction possible, it means just as it
says, that they are to see that proper law
full stipulationS are filed, so that when we
pay these bonds, the judgments will be
satisfied. But this still leaves the bonds
unpro divided for. We repeat our question,
what if we don't pay the bonds as we have
agreed, what then? Why, then you are
in the precise dilemma already spoken of,
for the prevention of which this suit is
brought. But again, what is a lawful
stipulation You will remember under
the law it has to be agreed to by two
thirds vote of your body, signed and seal
cd in the manner prescribed, and assented
to by the other party, inagmuch as it is a
dual concern, and requires two parties to
make it. In short, stipulation is cons
tract between you and the creditor made
in conformapce to this law, so thai it is
useless to talk about filing lawful stipula-
tons, for the reason as yet you have none,
and all this talk is a matter Of after con-
sidcration, to meet an unexpected emerg>
e1cy, and, to say the least, very foolish
blunder 1t may be as the Democrat sug-
gests, that your att'yscoatemplates er o6ici0
making and signing such a stipulation.
If he does, it will but be verifcation
that
Those most assume, who know the least"
and it further unfortunately happens that
he cannot do this, even as attorney, with>
out making new contract with Bcecher,
or getting MS assent thereto, and we say
if that has to be done we might as we'll in>
sist on some other notifications Of this
compromise, 50 that it will be compro>
mise. AS it new stands, it is base pros>
titution Of the term to call this compro-
mise. Compromise signifies that men
having differences, and feeling friendly
and kindly disposed, for the purpose of
removing and adjusting these differences,
make mutual concessions. But | ask you
where is there any mutuality of conces-
sion here Is it in the fact that we agree
they may take judgments in any and ev
cry thing, and that we never will question
them Is it in the fact that We agree to
issue new negotiable bonds, and deliver
them unto them in an amount equal to
IS per cent. of their demands !? Is it in
the fact that we agree in addition thereto,
they may hold these judgments also Is
il in the fact that we agree to pay thou
sands of dollars, year after year, and get
no credits ?
Is it in the fact that We agree, if we