The Superior times. [volume] (Superior, Wis.) 1870-1912, 1875-10-28
The Superior Times.
SUPERIOR, THURSDAY, OCT. %, 1875
Douglas County Railroad Bonds.

or TINS 0tate III our county DOnu suit mas
been the subject of considerable comment
during the past week, and no little argument
in regard to the facts of the case. 70 salts
fly ourselves we have been looking up the his
tory of the transaction and give our readers
the benefit of our researches in the County
Clerks office, although to some it may be an
old story.
In March, 1870, Messrs. Gates, Coburn, An
derson, Hayes, Clough and Robbins obtained
a charter from the State of Wisconsin for
the Superior & ST. Croix Rnilroad Company
authorizing them to construct railroad from
Superior ossPrescott and branch to the
Minnesota boundary north of the Nemadii
river
The act authorized the counties along the
line Of the road to subscribe to the stock of
the company and to issue bonds in payment
therefor, should the voters so elect, wher-
ever the company should certify to the loca-
ton Of their route
On the 9th day of Oct. 1871, the certificate
of location was made and filed with the
County Clerk OH the 18th, with the request
that the County subscribe $3.50 geo to the
capital stock Of said company On the
same day notice of a special election to be
held Monday, November 9th, 1871, was given
by the Chairman Of the County Board and the
County Clerk, submitting the question to the
electors, and on that day 204 votes were
cast for and none against the issue of the
$350,00O bonds to the railroad company
November 9th, 1871. the contract was ex-
ecuted between the County and the
Superior and St Croix r. R. Company,
whereby the County agreed to subscribe
S35O,000 to the capital stock of said COM
pany and in payment therefore to deliver $50
Douglas County coupon bonds of $1,000
eaen, payable February l, 1892, in New York
City, bea ing eight per cent interest pava-
bic first of February and August of each
year. In consideration of which the railroad
company was to deliver to the County al the
time of the delivery of the bonds the same
amount in paid up certificates of shares in
the capital stock of the company together
with a bond duly executed by the Superior
and St Croix Railroad Company as principal,
and Horace S. Wabridge, Heman D. Wal
bridge and J. II. Sargent as sureties, in the
snm Of two hundred thousand doOllars liqui-
dated damages" conditioned, in substance,
''that the company shall by or before LIST
July, 1873, build, complete and operate a
good substantial road, equal in all its parts to
the Northern Pacific r. R., from Superior to
the Junction Of Northern Pacific r. r. with
the Lake Superior and Mississippi r. r., and
that by the first Of January 1873 the com
pany were to place upon the road for its use
two first class locomotives and forty plat
form cars.
March 4th, 1872, the County Board hay
ing the bonds ready to deliver refused to do
so, and ordered all the papers referred to H,
\. Setter, Esq, for his opinion whether all
the requirments of the agreement had been
complied with and whether the County was
fully protected And also ordered the
Clerk to notify the company that no bonds
would be issued until the County was rep
resented upon the Board of Directors by two
members named By the County Board.
March 9Th, 1872, the executive committee
OF the railroad company pledged the election
as directors Of any two persons who could BY
any means be shown to be satisfactory to a
majority Of the people, 50 soon as a quorum
OF the Board could be gotten together; and
Mr. Setter having given it as his opinion,
that the location of the line upon the banks
Of Left Hand River was binding on the Com
pany, and that the action granting aid was
based upon such location, and that the bond
presented by the railroad company was in
due from and fully adequate for the purposes,
and that the County was fully protected in
the premises, the Board rescinded the reso-
luton of March 4th and instructed the delivery
Of the bonds.
August a, 1872, the Board held a con-
sultation with Mr. Setter, their counsel, in
regard to the condition, and prospects of the
fulfIlment, of the contract with the company,
" hich raSultad in the BOARD dpc19pipU that