Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1875-12-16
LETTERS FROM THE PEOPLE.

- 11H.L nail 1aLl40 DEN LhAl4 w IL
NESSES AGAINST THE POTTER LAW.
EDITOR HERALD Before offering
any reply to the articles of Mr.. Lee
in favor of the Potter Law, [ wish
to call several witnesses to give their
testimony in regard to the practical
operations Of that act. Ny first wit
ness was the Prairie du CHEN
Courier that has testified as to the
effects of the law in the Western por-
tons of the State. This article will
be found on the outside of this issue
-EDIToR1
The next is the Portage City
Register that printed this paragraph
early in the summer:
1t is disagreeable fact 20 contemplate that
o-day there is not being a spade struck in
Wisconsin in building railroads, and very
little prospect of any the present year. With
large portion of the State undeyeoped, and
much of it absolutely suffering tor want of
railroad facilities; with magnificent land
grants lying idle, powerless to aid the building
of the roads for which the grants were made,
with plenty of unemployed capital in the land /,
it seems impossible that such condition of
affairs should exist. Yet the fact stares us in
the ftce.
This was one of the effects of the
passage of the Potter law. La dis
cussing the same subject the James,
Vile Daily Gd@ette has this signif-
cant paragraph:
There is no donbt that the moral effect of
such legislation on capitalists in the old coun.
tries where we have been accustomed to
borrow money to carry forward our railroad
enterprises, is very great. They are alarmed
and refuse to invest a dollar in a State where,
as it has been enormously represented to them
by railroad authorities, the people evince
disposition to confscate their property. And
this condition of public sentiment abroad
makes it impossible for the central and north
ern portions Of the State, where the settlers
have long been waiting for railroad connec-
tons, to obtain dollar wherewith to begin
enterprises contemplated or to finish those al
ready i'll process of construction. Notably
the Wisconsin Central is suffering severely
Commencing at Menasha, and running north
ward and at Bayfield, and running nearly
south, the road is completed except gap of
about So miles 1t runs through one of the
richest portions of the State in iron ore lum-
ber and wealth of soil. Boston capitalists
have put 81, 900, 900 into it. Until it is cons
pleted the road cannot pay running expenses.
The stockholders relied upon obtaining the
money wherewith to build this connecting
link, in Europe but now that resource is cut
off. The road has a magnificent land graDt
and millions of capital have been already ex-
pended on it; but Notwithstanding all their
resources, and the fact that the availability
and the value of the land grant depends large
~ upon the completion of the road; the di-
rectors are utterly unable to borrow the means
to complete TIE So miles yet to be built And
the Boston men say if we had our money out
of that enterprise we would never again risk
money in Wisconsin. A competent authority
says that one million dollars would not pay
the damages that the enactment of the Potter
law has done the Wisconsin Central in the
depreciation of its property. Other enter,
prises in that section of the State are paraIl>
zed and the people who are holding on to
their lands, shut off from communication with
the outer world, and have for years been liv~
ing in hope that some projected railroad
would be built and place them in cemmunicae
ton with market, are naturally anxious that
such policy shall be adopted with reference
to railroads as will reassure capitalists and
| again breathe the breath of life into dead
railroad projects All this is doubtless true.
My next witness, and the last ne
that | shall call at this time, is the
United States Consul at Rotterdam
| (Netherlands) who writes home to
the State Department as follows:
Concerning the transactions in United
| States railroad shares, which beforethe castro-
! phe in the United States, have been so impor-
tant an element in the Dutch money markets,
| | have but to repeat the statement of my pre-
cedng annual report. Far from showing any
| sign of returning confidence in United States
railroad shares, the Dutch public rather mans
tests increasing aversion. The sale of United
States railroad securities, even at the lowest
rates, is limited to the smallest minimum
The laws recently enacted in Wisconsin con-
corning railroads have ust affected those
securities in which the Dutch capitalists had
| invested enormous sumS-namely, the Chicago
& Northwestern, and the Milwaukee & st.
Paul railroads. As vet the holders of these
bonds still believe that the hope created and
entertained by the Directors of these railroads
will be realized and that those laws will be
annulled by the Supreme Court. Should this
not be the case new depreciation Of these
securities, as well as of all other American
railroad bonds, may be expected. For years
to come no investment of Dutch capital in
United States railroad enterprises will be
made
{ Mr.. Lee seems determir ed to max g
his Argument before be offers his
testimony, but 10 that / shall not
follow his example. | agreed to
unite with him in supporting the
Potter law, if be could convince me
| that it is q wise and who lesome
measure. ! do not own cents
worth of stock in any railroad in
| Wisconsin that is built or to be built,
but | have been a citizen of the
State for % years and propose to
| die here. | have, therefore, q deep
interest in tho prosperity and deveI-
opmout Ct the State, and in The coed
name and honor of her citizens. |
want Mr.. Leo to give your readers
some direct and positive proof to con-
vince them that be is right. Neither
his word nor mine, unsupported by
other evidence, no matter how bril-
liant our rhetoric, or how strong
our appeals to the ignorance and
prejudice of the jury, will avail US
in the absence of proof
| STEEL RAIL.