Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1873-05-29
Rejection of tho Land Grant.

company refuses TO accept the 81
Croix land grant. The history Of
this grant, and the award to the Mil.
waukee and st. Paul company by
the Legislature of last Winter, is yet
fresh in the minds of the Herald read
ers.
The company, as President Mitch
ellis letter says, rejects the grant be
cause "the lands have reverted to the
United States" which they did not
know whom our Legislature adjourned
They say cit is true the U. S. Circuit
"Court for Minnesota in June last de
"cided, in two cases, that the title to
Glands embraced in this grant
twas in the State of Wisconsin, but
"those cases have been appealed
"to the Supreme Court of the
Omitted States, but they have learn
"ed that it was the private opinion OF
Secretary D5lano and Attorney
"General Williams that the grant
"has reverted" Therefore they re-
ject the grant. But they entirely ig-
moro the fact that Governor Wash
burne in his message last winter in
formed the Legislature of the appeal
Of these cases, and cited a recent
case decided by .he U. S. Supreme
Court involving similar principle
relating to grant of lands to the
Cherokee Indians claimed TO have
boon forfeited.
The Puerle weakness Of this pre-
text is without parallel in he histo-
ry of the Milwaukee Il st. Paul Co.'S
bad faith. All these facts they know
as we'll last winter, whom they were
bcseiging the legislature with all
the arts Of railroad lobbyists to get
A. 5-~~t, sL-y - NV, "a Is Il~y
did not, some benevolent County
Judge ought TO appoint some average
business man over them. 1t is sim
ply absurd to pretend that they were
not posted on the situation of this
grant last winter and the presenta-
ton Of this excuse for rejecting it
NV is but the witIess step that clar-
~ exposes an other wise well con-
trived and executed swindle.
by promising to build the Chippe-
wa Valley road and tho Monroe ex-
tension in addition to the land grant
ROAD proper, the Milwaukee 4 St.
Paul Co. got their bill passed with
only tho condition that if they did
not take the grant within sixty
days any other company might take
it and build the Same roads. 1t was
clear that no other company could
take it and build these other roads,
which to the Nj. Il ST p. Co., would
bo nero extensions of roads already
owned. but to any other company,
would be isolated and entirely at the
mercy Of the NJ. & st. p. Company.
After securing the grant hey skill
fully published the fact that they had
obtained the grant worth from eight
to twelve millions dollars. The re-
suit was the value of their stock rose
on the market sixteen per cent. The
knowing ones could then unload at
large profit. Increased demand en-
ablcd the holders of stock to sell
short. Having sold they could only
make money by buying cheap, and
rejecting the grant made the stock
cheap. But further than this, it is
currently reported and believed that
the Milwaukee 4 st. Paul and the
Chicago Il Northwestern companies
have lately compromised their differ.
enees and agreed to pool their earn
ings for the next seven years on the
basis Of forty and sixty per cent.
This virtually amounts to consolida,
ton. Consolidated, and having as
far as possible destroyed the value of
the grant, they hatter themselves
that they will be able to get the grant
from our Legislature next winter,
either directly or indirectly, without
the incumbrance OF building any
other than the land grant road pro.
per.
Thus the Legislature has been fool
cd, if not corrupted, the state insult
ed, and the value of the st. Croix and
Superior land grant deprecated, to
subservo the purbose of the swim.
ding stock jobbers of the Milwaukee
and st. Paul Railroad company who
have doubtless made immense sums
Of money out of the rise and fall of
their stocks, and who still hope to
get the benefit of the grant through
their alliance with the Chicago and
North Western Company, relieved OF
it's present burthens. The rest OF
this scheme is to be carried out next
winter, probably IN quiet unosten-
tatious way. If it succeeds, then viUe
la humbuq, say We.