The Superior times. [volume] (Superior, Wis.) 1870-1912, 1879-02-15
The BOND QUESTION SETTLED.

to argument. pro and con from our
citizens, unanimously voted to APP
prove and ratify the terms of settle
ment agreed upon at Madison. The
following letter from ION. p. L.
Spooner, senior counsel for the
county, will explain the terms agreed
upon better than we can:
MADISON, Feb. S, 1879.
JAMES S. RiTCHIE, Esq,
District Attorney.
DEAR SIR,-l have yours of the
81 inst Mr. Gates took with him
drafts Of compromise to submit to
the county board for approval.
The proposed compromise pro
vides:
lst. For the cancellation of the
275 bonds in First National Bank.
%. For the retention by W al
bridge Brother & Sargent OF % of
the uonds in their hands-coupons
up 10 Aug. let 488s TO be cut of for
cancellation.
Sd. The other so bonds to be
deposited with q trustee (Air. Cafes
and 2 vote to be taken during the
present year whether the bonds
shall be cancelled, or be given to
any railroad company which shall
have actually completed aud put il
running oTdsr within time limited,
a good and substantial railroad from
the bay Of Superior, on OF near the
lire located ~ 'he Superior Il st,
CrOiX L Il. Co. to connection
with The Northern Pacific in Carl
ton Co, MINI.
As to the 25 bonds less coupons
As aforesaid They amount to some
what more than II bonds with cou-
pons up 10 Aug. Isl 1888, but | had
10 hesitation in believing that
ettiemeut upon that 0ass-no bet
ter being acknowledgements be for
the interest of Douglas county. |
thought II matter OF some Ialpor-
tance that all arrangement should
be made by which the remaining 80
bonds should be placed II safe de
post, TO abide the result OF rea-
sonabie compromise.
AS to Tic 10 bonds, nay expacta-
ton was that we could agree uIon
their cancelat on, and | could new
,.rj j.sI q,
which would apply those bonds 10
the construction OF railroad wish
out the consent of the U"terS of The
county, for thought the board OF
supervisors had no authority to dis
pose Of them in that way.
But II Was urged upon behalf of
the board that it was or might he
ot great Importance that there
might be power somewhere, to use
those bonds as an induccmcnt 10
rhc construct on of a road which
would give you the desired con
nections with the Northern Pacific.
and | thought the U0terS OF Douglas
county might well be entrusted with
the power Of deciding that question
for themselves.
The interest Of the county on this
point seems to be well guarded.
BY looking at the plan of comp~o,
mise you wlll see, that the 90 boEds
and the coupons 10 be cut off the 25
bonds are TO he deposited with the
trustee within forty days after the
pas>age Of the bin attached thereto
Unlcss these deposits are made
" thin the time limited the compro
mise viii be st an end.
Ii the deposit is made then there
comes next the judgment under
which the 275 bonds are to be can
ceiled and the right of w. B d 5.
to the 20 bonds, less coupons as
aforesaid, declared.
As to the 50 bonds, the election
may be called at any time by dlrec-
ton OF the county board after iudg-
meut has been rendered, and if j
majority OF the votes are against
thr proposition, il is made the Guty
OF the trustee to Immediately can
eel the bonds in the presence of
the county board.
You Will notice also that if the
vote should be in JdU9r of using tie
bonds for a railroad, they are to be
given only to a company which shall
hare atready dtuH the road, and
with past due coupons cut off and III
exchange for sn equal amount OF
stock.
Tit should happen that no rail
road company should complete the
road 50 as to be entitled to tn.
bonds, 1t is the duty Of the trustee
to immediately cancel the bonds in
the presence of OF the board As to
the 80 bonds the voters haye the
whole thing in their hands a"d
when they decide what is to be
done with the bonds, they will
know tcAere to .fad them.
As To the trastees it is perhaps
due To Mr. Gates that | should say
that IN the plan of Compromise as
drawn up by himself and me, the
"Board of Supervisors" were made
the custodians of the bonds, and
the substitution of Nj. Gates AS
trustee was made at Mr.. loans Of
Tee at the instance, no doubt, Of
A.r. " albrid-e, bat as the ,ru.te ee
was 10 be one OF your citizens, and
one who hal received some proofs