Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1873-08-25

ID have to pay, if we settled a
cents. would amount to : $4,000
mo a difaraAce In our favor O.
the first year in the interest
unit, which difference would be
2ased every six months. So
the longer the creditors refused
scept of fifty cents, tho better it
Id be for us when they finally
accept. But there is go use OF
lssing this question. It is con-
d by your attorney, and there
doubt Of it, that the debt could
ny time be liquidated at fifty
S on the dollar in cash.
by THE ISSUING OF NEW BONDS
NEW DEBT rs CREATED WITHOUT
.sCHARGING TIE OLD ONE.
MS is the most serious objection
Or the second general head, which
PRESENT to these agreements of
promise. 1t does not, however,
Y to the agreements made with
Der as attorney.
be objection stated more fully
that the agreements Of compro-
are, that the creditors will ac-
and the county will pay sixty
cents on the dollar Of the prin-
4 and interest of the debt, in six
al annual payments to be made
the 18th day Of April in each
r, the first payment in April
I. That the county shall issue
deliver to the creditors, negotia-
bonds payable to bearer, for six
five per cent. of the indebtedness,
h interest thereon at the rate of
lat per cent. payable annually as
e coupons attached. The county
on the delivery Of these bonds, is
to receive any release or dis
arge of it's Indebtedness or any
TT of it; ON the contrary the cred
Il is to hold his judgments, and all
NEEDLES thereon as security for the
liking Of said payments, and the
forest upon them, and the only
DIVISION in the agreement for the
scharge of the judgments is "that
tisfaction Of the said judgments
all be made and entered by the
erik oftho court, where the same
ny be, whenever satisfactory proof
presented to said clerk that all Of
ID si1ly-fUe cents on the dollar and IN
rest thereon has been pail o',R not other
Use" The resolutions Of the board
{ supervisors adopted on the I'd Of
uly approving of the proposals;
7lich should be considered in con-
oction with the proposals, as they
nm an important part Of the agree
lont; provide that William 7.
Ienry and Gardiner G. Meigs, are
ppointod o committee to receive
nd deliver the bonds, and they are
h&rged with the duty of seeing that
hey are properly made and signed
md further, chat the proper lawful
tipulations are duly filed in the
courts where said judgments are in
.ach ease, SO that on payment Of the
Joa&s, the Judgments aVlU be
Ueiy released and satisfied"
This is q comprehensive fair and
truthful statement Of the relations
hat now exist between the credit
us and the county, 50 far as these
citations are created by the agree
aont, propositions and resolutions
II the board. 1t is not denied Of
Course that they may be essentially
hanged and the interests of the
county adequately protected by
Ome new contract Of the parties,
provided the creditor is willing to
make one. Whether any new con-
raot will be made, we do not know
md in stating our objections to the
contract, must consider it as it is.
We cheerfuIly and candidly adj
nit, that although these new bonds
bould be issued and delivered ac-
,oroing to the terms of the contract,
ret if they were to remain in the
lands Of the creditor, and he should
-lso retain his Judgment and not
assign it, and the county should pay
.ll Of its bonds and the interest on
hem at or before maturity, the
county would be exempt from any
oss or injury and the judgments
would be discharged according to
he stipulation. But in matter of
his Importance the county ought to
AXE care, that it shall sustain no
serious loss or damage, if it shall
all without any fault on it's part to
Day any Of these bonds or interest
1t maturity.
To illustrate our objection let us
q state of facts which is by
40 means impossible, and which my
client and his conductors believe in
many, if not all it's features will be
very likely to arise. Suppose the
bonds shall be delivered as now re-
luired by the contract without mod
that the creditor shall
hen Immediately negotiate the
ponds to an innocent hOlder-and
Mr.. Beecher informs us that his OBJ
ect in requiring negotiable bonds,
S that he may negotiate them, and
that he intends to do it-and sup
pose further that before the 10Th of
April next, when the first bond and
irst interest win become due, the
creditor should assign his Judgment
10 some third party, who could not be
proved to have any knowledge of
5he relations between the creditor
md the county; and suppose lastly,
10 complete the hypothesis, that the
county should for any cause-no
natter how cusable-neglect to