The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-11-08
The Bond cambiers-HoW certain Rail-
road Companies Swindled
Wisconsin own.
LAxEsBoRo, October l4th, 1875

LANE6BORO, OCtOUcE l7tu, 1917.
Editor Anti-Nonopolist;
Believing you to be opposed to monopolies
and rings Of every name and nature, and the
untiinching advocate of the mechanic an labor
ing mans interests regardless of consequences,
| would respectfully ask space in your col
umns to Law before the readers OF the Anti Mo-
SopoL1sr one of the most fragrant swindles and
frauds ever perpetrated on civilized people IN
his or any other country on the face OF the
globe-the Credit Mobilier, New York Tamany
and Heather Chinee not excepted.
In the first place the city Of Wa:ertown,
Wis, loaned its credit to the Milwaukee, X
Watertown r. r. Company to the amount OF
ESQ, 600 in bonds payable In ten years at FER
cent. per annum, conditioned that the sfore said
company punctually pay the principal and in
terest as the same snail fall due on said bonds,
and shall FULL indemnify and save harmle~s
the city against all payments of liabilities, loss
es, damages and expenses which the city may
sustain or incur in consequence Of the issue or
delivery of said bonds.
twas further agre-d that the aforesaid ESQ.,.
OOO in bonds should be delivered in four in
stallments, of &C, 900 each, upon four divis-
lens of the road, and that the railroad company
expend $4o, 900 on each division exclusive Of
salaries, before calling upon the city tor each
500, 900, and when the last division was COM
pleted and the road in running order to the
CITY Vi W a&CiSuWA, eAAG SaAy "S.S ~ AA~'~
q mortgage upon the road.
Upon the above conditions the citizens voted
the bonds Behold the change. The common
council. for reasons best known to themselves
delivered the whole $50, 600 Of bonds At one
and the same time without the required securi-
". and before the turf was broke upon the hrs
division of the road. Subsequently the road
changed owners BY foreclosure Of nortgsgs
and sale and left the city TO deal with the cred:
itors a best they can The above mentioned
bonds were issued in 1883, and delivered 70
the railroad company before the city had cor.
porate existence.
Next in order is the Milwaukee & WatertowI
and " atertown & Madison railroad companies
In the year 1856 the same tond gamblers IN
dueed the citizens to get an act passed in the
Legislature to issue go, 900 in bonds to fhs
to receive &oOO 600 Of stock in the capital stocl
of sid company. The bonds to Be endorses
to the holders by the above named railroad
companies. The $1O0, 600 in bonds were =
sued and delivered to Vim. B. Hubbard, Presl.
dent Of said company, and in the hands Of nit
company and in the hands Of the purchaser
| when, by q resolution of the common council
| they were called back to be exchanged for nes
bonds. of even date and amount, with OH.
this difference: That the endorsement Of tn
| solvent company was not put on the nes
| bonds. but that the endorsement Of the old de
funct rotten company that was going out Q
| existence by foreclosure Of mortgage. and tn
sal Of the road Was put npon the new bond
Is protection for the city. The second fsu
| of bonds was three months Subsequent to tn
| delivery Of the go, 90 Of the first issue Q
bonds TO the railroad company Ihs smoun
paid for this nefziou trannctaon Nc &e aeaS .
conjecture
Next in order Is the Chioago, 81 Paml IN
| Ron du Lac r,ilrua6 company, which also e
csived e9o0, 600 IN city bonds embraced n q
snme 81 q he Leg nfue Of 106er t. 8.
| venr for which lie city ~ 70 have - eeo
H. capinl snnek e I'D coY. L. r.
60 a bonds vQe hnea I'D d66vne4 . =
abovs nansd coapny, buE - ef1 e Wae9