The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1884-02-07
RAILROAD BONDS.

At the last session of the county board
committee was appointed with power
to investigate the means by which the
county was deprived of its stock amount
ing to S216, 900 given in return for bonds
issued by tho county in favor of the rail-
road company. at the time the vote on
the question of extending aid was pend
ing, the argument was made that the
stock given in exchange for bonds would
have value equal to the principal and that
the county only made loan. There is,
perhaps, not a single instance in the his
tory of railroads where any equivalent
was received for aid voted, except indi-
rectly through business channels. The
manner in which the obligation of the
railroad company to the county was ex-
tinguished, has been fully told in these
columns before.
Manitowoc county is indebted as cor
poration for aid given the railroad to the
amount of $4,000. The city of Man
itowoc owes $75, 900; Two Rivers $685.
600, making grand total of 1916, 900 of
railroad Indebtedness on account of pres
ent railroad facilities, without including
the debt of the town of Schleswig
amounting to 1875, 900 given the Milwau-
kee & Northern. The aid given by the
county was secured through the phenom-
email vote cast by the city of Manitowoc
in favor of the proposition. But now
note the change which time has wrought.
The country towns have no feeling of
hostility toward the road, further than
desire to escape the heavy tax which
discharge of the obligation will impose.
This would sound like reputation was it
not for the fact that the railroad COM
pany by trickery deprived stock issued
to the county of value. The city is in a
fever heat of hostility. The road has
not built the city up as it was expected.
The fact is the people had extravagant
ideas of what road could do and did
not realize that growth comes from en-
terprise and activity. The removal of
the machine shops after the most solemn
promises that they would be permanent
ly located at this point, completed the
entire severance OF friendly relations,
and the Donnybrook Fair motto has the
sacredness of religious teaching so far as
railroad man is concerned.
The committee has been acting in ac-
cordance with the wishes of the people
and the instruction of the board. The
advice of leading Milwaukee lawyer has
been secured and fight to the bitter end
seems quite likely to be inaugurated.
The sentiment of the people viii certain
ly support, even demand it. It would
perhaps be difficult thing to find man
in the county disinclined to contest the
payment of the bonds. But if there be
such man he has not the shadow of
chance to become member of the
county board.
The initiatory step being taken the
next county board cannot adopt policy
of inaction. The temper of the people
will not allow it and there appears to be
good chances to escape the payment Of
the debt for which no consideration was
received. There are many points upon
which the validity of the bonds may be
questioned.
1t is reported that an attempt will be
made to unite other localities in the con-
test SO that the expense of litigation may
be lessened. 1t is slso said that this can
be done with little difficulty.