Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1879-06-12
The Public Bonded Indebted
ness of Wood County.

ASSS VI w OOo
In the year 1872, the people q
Wood county voted, and on the 1st OF
Jan. 1873 caused to be issued to the
Green Bay and Minnesota Railroad
Company, bonds, drawing eight per
cent interest, in gold, to the amount of
$3.50, GOO, and at about the same time,
to the Wisconsin Valley Railroad Com
paRy, bonds, to the amount Of $50, 900
to AID in the construction of railroads.
One installment of the interest on the
bonds issued in aid of the G. B. & NJ.
r. r. has been levied, collected, and
paid over. This is the only payment
or expense that has ever been made or
incurred on account Of the r. r. aid,
except several thousand dollars paid to
attorneys for services in defending,
| unsuccessfully, an action brought to
enforce collection of certain of the I'M
paid interest coupons consequently
the burden of taxation thus far has
not been particularly heavy on account
| of the Railroad aid.
After the decision of the court,
holding the bonds valid, there was no
alternative but to pay, or compromise.
In 1876 the bonded Indebtedness
amounted, with accrued interest and
costs, to a sum considerably in excess
of $25O,O0O. Senator Scott then pro-
cured the passage Of an act, chapter
IA, laws of 1876, authorizing the
Commissioners of School and ITniver-
sity lands to loan 100000 of the
trust funds Of the state. to Wood Co.,
to be used in compromising said bond
ed Indebtedness at so cents on the dol
lar, face value, so far as such compro
mise could be made. Under this act,
Senator Scott, by his almost individual
effort, brought about a compromise
whereby in 1878, Wood county drew
from the trust funds $40, 800, and
cancelled railroad bonds to the amount
of $3.50, 600, face, amounting with in
terest, to about S214, $50. After this
compromise had been effected, tht
principal holder of the then outstand
ing bonds, Milo R. Eames Of Buffalo
N. Y. seeing the Indebtedness of Wood
county so much reduced, took advant
age of the improving credit and pros
poets, and refused to accept, as the
others had, fifty cents on the dollar fol
his bonds, but would compromise a
about so per cent.
No money could be drawn, under
chapter IA of the laws of 1876, ex
copt to cancel bonds at fifty cents oil
The dollar, consequently further legis
lation must be had, and in the winter
of 1879, Senator Scott procured an.
other act, by the terms Of which, thu
amount authorized to be loaned tt
Wood County was increased to, no
exceeding $4,000, and the exoes
over S79,500, which Wood Count.
had already drawn, was to be used il
compromising the outstanding bonds
upon such terms as should be agreed
upon between the holders of tn,
Bonds, and the Board Of Supervisors
An agreement was concluded be
tween Mr. Eemes and the Count,
Board at its meeting in March last
and carried out by the Clerk ant
Chairman early in the month of May
whereby the thirty. one thousand dol
lars each, Bonds held by Eames, to
gether with two judgements agains
Wood County upon unpaid coupons
amounting altogether, principal, inter
est and costs, to about $45,500 were
cancelled, and discharged in full, 70
the sum of 1868 Of which las
named sum $4,000 Was borrowed
from the state and The balance some
thing over four hundred dollars wa
paid by the clerk and chairman, anC
afterward repaid to them By the coun
ty Treasurer.
There are eleven Bonds yet GU
standing, owners unknown. Thu
you see Wood County has cancelled
nearly all of its rail road bonds a
terms in the aggregate, less than 81
per cent, and is now owing to tn
State of Wisconsin SIG, 900. By tn
terms of the two acts authorizing thi
loan, Wood County is to pay tn
State 7 per cent annual interest, to
gether with ten per cent of the princi
pal annually, commencing two yea
after the date of the loan.
1t is solely for the purpose of Cal
ing the attention of the tax payers tt
this fact. that [ have written this ar
ticle. There is no longer any chanc
er excuse for litigation, evasion or dc
lay in the payment Of this debt,
must be paid promptly when due, an'
tie same as other state taxes are paid