The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1886-04-30

.rraign. The aggregate expense ofpur-
,uing this work from township to town
shin grew To be enormous. When these
bonds were raised, they were placed i'm
escrow i'm the First National Bank of st.
Paul, awaiting the completion of the
road, on which event only they became
valid. On the failure To complete the
road, they were all returned To the
proper officials from whence they came,
and were destroyed. No one had lost
ANYTHING in the transaction except |
those of us who had Tough the battle |
for the bonuses. MankatO, slngularly |
enough, was the only city on the line
not voting bonus, and therefore has
no earthly complaint OH the score OF
bonuses. Indeed, il was the constant
complaint of most of the directors and
of all other towns along the line, that
Mnnkato was doing comparatively moth
ing Ia advance the enterprise.
Thus the general history and course
of events are outlined. We come now
to clear apprehension of the charges
which have been made, and in their
discussion | take my stand upon this
simple proposition all our efforts,
arrangements and contracts were made
and entered into IN perfect good faith,
with the sole view of securing the build
ing ofthe road; that no misrepresenta-
tons were made by any of us, to any
one, affecting the transaction, and the
burthen of proof must rest with our as
sailants to show this liz not true. Plant
ed upon the fundamental maxim, fear
no investigation of my conduct, or that
of any of my associates, In any matter
AL a. Iaxr .nI
i'm yonr resolutions that we have done
atty. IL becomes you to prove it. Gen
Civilizations will not answer. The
proof must be specific, definite and alb
solute. They affect character, the most
sacred thing on earth. Vague declara-
tons will not answer. Ii is no part of
the functions of this or any other board
of trade TO faint character. There is no
provisions for the assassination of repu-
tations i'm your charter. And when you
travel outside of the pale of your legIti-
mate duty, you are treading on danger
GUS ground.
| Let us now consider the charge of
| fraud upon stockholders. There was no
fraud upon ockholders of any kind or
description. All statements of that
kind are false in every particular. In
the first place, affirm that the little
stock subscribed in Mankato or else
where was subscribed with the single
intent of aiding the directors i'm raising
money to prosecute the surveys they
had undertaken. | call upon every
one here to refresh his memory and
see if that was not so. As proof of this
and first subscription list, and the fol-
lowing is II verbatim copy of that and
all other lists SO used:
. Eve, the undersigned, agree To sub
scribe the amount of stock, or cash, sci
opposite our respective names, Ia aid IN
the survey OF the Austin x Mankato
railroad"
Every share of stock taken i'm Manka-
to or elsewhere was taken and sub
scribed to aid in fund being used for
the sole purpose of paving for the sur
views and plats ofthe line. Never dol
lar was put i'm by my solicitation or rep
resentation for any other purpose, and
least of all rs an investment, for the val
Tie of the stock at that time was about
equal to moonshine. After great diff
Guilty and hard coaSIng, q very limited
amount was so placed here. at ten cents
on the dollar, and the proceeds were
used for the express purpose indicated
that this pitiful loan should be returned
when the road should be built Every
dollar of il was so returned, and IN nC
case was the return refused, but quick,
~ and gladly taken back and all obi
cations cancelled. Far less did MankatC
take of this stock than any other city on
the line; it WAS raised with more diff
Guilty and taken back with intense sat,
isfaction. This meager stock did not
pay the expense incurred i'm surveying
and we, the accused, paid them ont o
our own pockets and began series ol
debts which have hung over this enter
prise.
Again il was understood and repre-
scented that any and all stock so taken
was to be turned over and assigned Ia
any road or company agreeing to build
the road, the party receiving back its
cost. No company in the world would
have offered to build such q road on
ony other terms. The company, and
the only company ever offering to build
the line, refused to have anything to do
with il on any other terms, except they
could control the stock. The stock was
therefore turned over to them for the
sole and exclusive purpose of securing
the only chance ever offered of building
the road. We were compelled to ac-
cept the terms, or abandon all hopes of
building the line. They showed their
good faith by proposing to pay all stock
holders i'm full. and all the debts which
| hung over the enterprise. This they
did, and was the evidence of good faith.
| myself asked for some further securi-
ty; but this was refused point blank,
because they said the enterprise was
not of sufficient value in any of its as
poets to warrant any change i'm the offer
made. Had we failed to accept this on
| ly proposition, with conditions attached
| the very men who have denounced us
for what we did would have denounced
us with ten fold severity for what we
did not. For these men are sworn to
be unhappy.
| Every stakeholder stood on the same
platform and was reimbursed TO the full
extent of his just claims. If he put a
dollar IN he got 100 cents back. OF what
other railroad enterprise in the state
can this be predicated? | received pre-
cisely for each of my shares the same
that any other stakeholder received and
not a penny more. In accordance with
the agreement, assigned my stock and
gave my written resignation as direc-
tor, as did every other one of the old
directors, and at the same time.
Let it be fully understood that the
old directors at all times, after the final
consolidation of the lines, owned and
controlled enough of this stock to make
much more than majority. The sale
could have mt any time been affected
without the least reference to Mankato,
or any other local interest. Mr.. Officer
alone owned more than twice the stock
| of all MankatO combined. So with other
/ Lao Il 4,
them when and to whom they should
sell their property? They had bought
it and paid for it, and it was theirs.
Railroad property is always transfer-
BILE by the power ola majority. IL was
simple act of good faith, i'm pursuance
of the original agreement, that the local
stock was taken up and paid dollar for
dollar. Otherwise 1t would not to-day
or ever been worth single baubee to
those holders. For the stock has been
ruined by these constant and insidiOus
attacks.
Next i'm the list of this series of false
accusations is the statement that the as
signment of local stock was made to the
old directors Individually; that i'm Man
kato they run to me personally, and i'm
the other towns to other directors in
dividually. This is an unqualified false
hood 1t is the invention of stupidity
and ignorance. here produce the GER
tificate of the secretary of the company,
i'm whose possession all the documents
have been from the beginning, showing
the total untruth of this charge:
est. Paul, Mimi, April "A, 1885,
Gen. j. III. Baker. Sir: ] have in my
possession all of the original certificates
of the stock issued by the st. Cloud,
Mankato Il Austin Railroad company,
and hereby certify that they were
transferred directly to the Railway I'm