The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1884-03-27
RAIL ROAD BONDS.

| One question which should receive at
tention at the local elections in this coun-
| ty this spring, sosfar as members of the
| board of supervisors is concerned, is the
fight which is to be made on the bonds
issued by the county in return for rail-
road stock. The county board should
feel that in this matter they are sustained
by the people.
The people of the county have been
defrauded. The county became the
owner of S216, 900 worth of stock for
which 90 years bonds to the amount Of
$216, 900, bearing interest at z per cent.
per annum were issued. The railroad
company by some species of manipula-
ton, deprived the stock of value so that
it is not worth one cent; bat the people
are to be bound to perform their part of
the contract, the railroad company hav-
ing repudiated its part.
The people of Manitowoc county must
remember just the arguments which
were used to induce them to subscribe
for stock, not subsidize the railroad com.
pany. 1t was only loan asked by the
company. The stock at the end of the
40 years would cancel the bonded in
debtedness. The dividends coming from
the stock would meet the annual interest.
To what extent have these predictions
been verified or these promises kept?
As soon as the bonds were in the hands
of the railroad company, the old, old
trick; trick practiced by every railroad
company since the first tie was laid, was
resorted to. The road was sold under
mortgage and the value of the stock held
by the county, extinguished. The stock
to day is not worth the paper Cd which
it is printed. There has t,een no diyi-
dend declared, an1s. the county is saddled
with debt which it will be difficult to
pay. The city has debt whose pay
ment will be practical confscation, and
all this for nothing.
Two Rivers fought the issuance of the
bonds. The Manufacturing Company
was not an unwieldy corporation and
found an appeal to the courts easy. Two
Rivers was bought off by the branch line
from this city and the people of the
county were turned over to the tender
mercies of the railroad company. They
have been systematically feeced. Their
bonds made worthless and they are load
ed with a debt which it will be difficult
to discharge.
Some years ago Hon. John Carey at
tempted to commit the board to the
policy it is at present pursuing; but then
the city members were not wholly wean.
ed from love for the company and the
movement failed. The city voted the
tax by fair means and foul. There are
men living in the county to day. who on
returning from the lumber woods chano-
ed to be in the city Oh the day of the
railroad election and voter. to bond the
county. Many were not residents of the
county then; none were of the city; and
lew We're of age. But the people of the
city were insane on railroads, and it is
only within short time that they heve
found their reason.
The railroad company have not kept
faith with the people in any one single
thing promised. The county is under
no moral obligation to pay one cent of
its raalood debt and it is possible there
is no legal obligation, If there is any
escape it should be sought and found.
The people have right to protect them
selves and when defrauded, as in this
case, seek redress. Is it reasonable to
believe that people are so much at the
mercy of railroad companies that they
have no remedy when defrauded2 When
the Potter law was passed there were not
wanting fawners and parasites who saw
nothing but disaster in the passage of
such law and in the steps taken to en-
force it when the giant corporations pro-
claimed themselves mightier than the
state. But the people won and the rail-
roads had to acknowlede the supremacy
of the law.
This railroad question will be the most
important thing the coming board will
have to deal with. Let it be understood
by the people next Tuesday so that the
board will act their wishes in disposing
OF the matter. The county hss already
paid thousands of dollars in interest on
the bonds i would willingly pay the
full AMOUNT of principal and interest,
aggregating over half million, if the
value of the stock for which the bonds
were given, had not been wholly extin-
guished.
A a xpQ fn thorY,