Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1874-09-10
Letter from Mr.. Kelly.


this Company has just handed me a
letter a copy of which I give with
copy of the resolution mentioned in
it.
Office of EMMANUEL DUTRUIT,
Treasurer of Wood County.
Grand Rapids, Wis, Aug. 81, 1874.
W. J. ABRAMS Esq:
Sec'y G. 3. Il NJ. R. R. Co., Green
Bay. Wis.
Dear Sir You are hereby notified
that the County Board cf Supervisors
at meeting of SAID Board held on the
18th day of August passed and adopt
the following resolution a copy of
which | herewith enclose).
Yours Respectfully,
CSigned) Ell. DUTRUIT,
County Treasurer.
'COPf Oh RESOLUTION.
"Whereas the County of Wood in
the year 1872 issued Bonds to the
amount of $3.50, 900 to the G.. B. &
L. P. R. R. Co. And whereas by
the terms of agreement the said Coun-
ty was to receive in exchange for said
Bonds an equal amount of the capital
stock of said Company. And whereas
the said Company has failed so to de-
liver said Stock. Therefore, be it re-
solved by the County Board of Super
visOrs of said County to deny the pay
ment of said Bonds and the interest
thereon. And be it further resolved
that the County Treasurer of said
County be and is hereby instructed to
notify the Secretary of said Co. or
the holder or holders of said Bonds of
the action of this Board"
In order that the voters of Wood
County may understand with how little
reason the Board of Supervisors of the
County has virtually inaugurated re-
pudiation of the honest and just obi
cations of the County in refusing to
pay the interest on the Bonds referred
to in the Resolution, | desire little
space in the columns of your paper for
few words in this regard. The Bonds
of Wood County to the amount of
$3.50, 900 were deposited by r. C. Ly-
on Esq. of Centralia, acting in behalf
of the County, with Trustees in Mil
waukee subject to the conditions of the
Proposition which had been submitted
by this Company to Wood County,
Marshall & lllsley acting as Trustees
for portion of the Bonds, and w. S.
Candee as Trustee for the balance.
At the same time Hon. Fred s. Ellis,
then Secretary of this Co., deposited
with the Trustees named, capital stock
of this Company corresponding in
amount with the Bonds so deposited.
The Stock and Bonds were deposited
in keeping with the provisions of the
Proposition submitted to and accepted
by the County and subject to the con-
ditions of these Propositions, and the
Trustees gave receipts setting forth the
nature of the trusts and their obliga-
tions. When the Company became
entitled to the Bonds, on presentation
of proper proof to the Trustees and
the receipts given to the Company, the
Bonds were delivered over by the
Trustees to this Company and the
Trustees received their pay for their
services from this Company. Until
the foregoing Resolution came to my
notice [ supposed, as a matter of
course, that Wood County had receiv-
ed the Stock which was deposited for
its use and ownership with the Trus-
tees before named, aud if the Stock
has not been received it is because of
the neglect on the part of the proper
officers of Wood County to get it from
the Trustees. From the moment that
this Company deposited the Stock with
the Trustees it had no further power
over it, and from the moment the Com
pany fulfilled its part of the obligation
and received the Bonds it had no claim
of whatever nature upon it, and the
delivery of the Stock to the Trustees
by the Company was good delivery to
the County so far as this Company was
concerned. 1t is strange that bust
ness men should SO hastily and blindly
jump at conclusion when the facts
stare them in the face and fail in the
slightest degree to justify their action.
This Company has now no interest in
the Bonds issued to it in exchange for
its Capital Stock, but as the Bonds
were sold in good faith to gentlemen
friendly 70 the enterprise and to our
State, the officers of the Road are nat