The Lake County star. [volume] (Chase, Mich.) 1873-current, 1877-07-12


On the first day Of January 1877
we had unsold in Lake. county over
G4,344 acres.
/ am informed by some Of your
county officers that there is some
feeling on the part Of the citizens
against the Railroad Company.
The occasion of this feeling Gf it is
true that such exists) 1 do not
know. 1t has, certainly been the
intention of the officers of the Com
pany to so conduct their business,
both in the management of the Land
Department and the operation of
the road, as not to be subject to any
just criticism; and il abuses exist
no one will BIO more ready to corr,
rect them than the general officers
of the Company when their atten-
tion' shall be- called to the fact.
The officers having charge Of the
three land grants in the Lower PEN
insula united in a circular, stating
the principles upon which they de-
sired to act in the management of
their trusts and the property in
their hands, and although somewhat
long, yet as many Of your citizens
may not have seen it, | will here
insert it for their information. It
is as follows: % =
10 the, ,Supcrrisors and other officers
charged NTH the ass ssn,cnt and dis
burscn,ent of Tdres along the line of
the screrdt Land Grant Rdirodtfs u,
the State Of Micligan: ~,t.s
In 1856, Congress granted tothc State
of Michigan certain lands to aid in the
construction of the several roads herein
represented. These lands were by the
State transferred to the several Rail-
road companies to aid In building said
roads. The country through which
said roads were to be built was, In the
main, n wilderness, substantially mac
ccssil,lc by roads of n character which
world permit the ingrcss of icavyma-
chinery for the construction Of mills,
and over which the products of such
mills had they been constructed, could
he transported to market. To build
those roads required an outlay ofmany
millions of dollars. The money to buih
them could not lie obtained within this
State, but could only bc obtained from
capitalists of Eastern Suites or In Eu-
rope. TO obtain the money, bonds were
issued, tho payment of which was .se-
cured by trust deeds, embracing, not
only the line ofthe road to bc construct
cd and the rolling stock and other prop
crty Of the company, but also the lands
embraced within tile hand grant afore-
said. These bonds were placed upon
the market and capitalists were sOlic-
tied to purchase them. Those who lad
money to invest objected that tho roads,
being projected through an uninhabite,l
country, would not have sufficient bus
mess to enable them to pay interest On
the bonds ~ Ii should accrue, aud that
it would be many years before the
country would le 40 far developed as To
furnish y paying business Tor tic roatls.
The lands had lain many years In y the
market, subject to sale mt the minimum
price, and had not bccH entered, and
this was urged ~ 4 reason why the
lands were not desirable security.
Tho officers Of the companies, desiring
to sell the bonds, and believing that
tie lands, under tho legislation by
which they were granted, would not be
subject to taxation while held by the
companies, 80 represented To these cap
italists, .claiming that tho construction
of the road would give increased value
Z. tn the lands and thereby increase the
value of their securities. These repre-
sensations were made In good faith, 10
tcing then believed that such was the
law. in PlA fft tttf
All these inducements, however,
failed to secure tho money for the con-
striction of tile roads, except ~ the
bonds were sold at ~ large tIiscount and
bcarfny high raies " interest. tSfrtfgs
giing un'lcr tlivsc adverse circumst,n-
'ces the companies, However, perscveed
Aha nave NV, Ia the main, completed