Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1875-05-27
and Dubuque Railroad.

The officers of this projected mar
row gauge railroad have recently
been travelling over the first section
of the proposed route, and, accord
ing to reports, are enthusiastically re
ceived by the people. The PROPOSE
ton they make to the people are thus
summarized and commented upon by
a report Of the Milwaukee Ne,OS:
The Milwaukee & Dubuque Rail-
road company ask of the different
townships through which its line runs
loan of town credit, to the amount
of $4,000, for each mile of the road
that passes through their respective
corporations. These bonds it is re-
qUired to be voted Immediately, but
not to be turned over to the company
until the track is laid and the cars
running through each town so voting.
On the completion of the railway
through the towns, the bonds are to
be exchanged for the first mortgage
bonds of the road, which are limited
by resolutions of the Board ofDirect-
ors TO $4,000 per mile. The idea of
the officers of the company is to ex-
change a first-class security. In
other words, the aid desired is simply
loan of credit. BY the term of an
act of the last legislature entitled,
AN act to encourage the building
of narrow gauge railroads and TO Sc
cure cheap transportation to the peo-
ple'-it is provided that the company
so assisted, shall record in the Re-
corder's office in each county, maxi
mum rates of fare to be charged for
the ensuing ten years, with the option
of reducing such rates only. This
proposition is made part of the con-
tract with the town voting aid. BY
another act the different railroads Of
the state are required to pay over
four per cent. of their gross earnings
as a tax to the state. This tax, by
the provision of the later law is re-
turned to towns voting aid for a
period of 10 years from the time said
tax is voted. The bonds of the COM
pany are to run twenty five years, the
first three without interest, the bal
ance with an interest of eight per
cent. To place the whole thing in
nutshell, the company offers its own
first mortgage bonds in exchange for
those of the towns. When the road
is completed, it is expected, the
bonds OF the road will be as valua-
bic as those of the towns. II certain
ly seems that fairer proposition was
never made by a railroad company.
The well-known standing of the Off
GERS of the company in Milwaukee,
quiets any suspicion that the propos-
al is not made in good faith. Be
sides, the guards and securities which
the law has thrown around taxpayers
precludes any possibility of a steal.
The officers of the corporation are
well-known. Mr.. Benjamin, the
President, is prominent and lead
ing business man of Milwaukee, and
President of its Common Council, a
position to which he has been recent
ly unanimously reelected. Dir. Smith,
the Vice President, is a well and
favorably known merchant of East
Troy, gentleman whose character is
above faint of suspicion, and whose
ability as a business man is most
highly spoken of by all his acquaint-
ances. Major Stearns, Secretary and
Chief Engineer, is the Surgeon at the
National Soldiers Home, an accom-
phshed civil engineer and man of
rare scientific attainments, who, at
the breaking of the war, was promi-
nently identified with the geological
survey of the state of Georgia. The
Treasurer, Louis Auer, is one of our
most prominent German citizens, too
well-known to require further men,
ton at our hands.
The Board of Directors is compos-
ed of gentlemen whose names alone
are a guarantee against chicanery
and bad faith.