Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1889-04-24
WQtGrtOwn YindiCQted
Her Bonds OutiaWed and her Pros
perity Assured.
To the People of the Cmited States:

To the People of the Lnited States:
Your love of equity and right, so char
acteristic of our nation-the sense of
wrong and injustice burning within us
-impels us to appeal to you to judge
between us and our accusers, and do us
that Justice which we have right to
expect, and award us that measure of
your consideration and esteem which
the merits of our case warrant. We
wish the public to hear our side of the
story of the famous fight between the
city of Watertown, Wis, and the hold
ers of the bonds, believing that when
the facts of this contest are fully known
and understood by the people, the eff
forts of her enemies, who are syndi-
cate of bondholders, to injure our cred
it and reputation, to destroy our char
acter and attach stigma to our munic-
ipal and corporate name, to undermine
our well-being, to Danish our present
prosperity and blight our prospects,
will fall harmless at our feet, or possi-
bly, react like boomerang and return
to crush their authors.
The supreme court of the United
States has just given verdict-April 8,
1SS9-which sustains and vindicates the
action of the city of Watertown in her
thirty years war with her bondholders,
and this verdict has stirred up the gall
and bitterness of these spectators and
impelled them to belch forth their
wrath and fury at our city and at the
supreme court of the United States in
the shape of 'moral and financial lect-
ures''-as well as diatribes on "munic-
ipal dishonor" and the "obliguity of
using the columns of such of the public
press as they could influence, mislead
or control
THE BEGINNING.
The city of Watertown was incorpor-
ated by Chapter 451, local laws of 1858,
approved March 3. On the 25th of the
same month the legislature passed an
to aid in the cons truction of the Milwau-
Ree & Watertown and the Watertown
& Berlin railroads.
THE RAILWAY BONDS.
On the 1st of August, 1858, the city de-
Hvered to the Milwaukee & Watertown
Railroad company bonds of that date in
/ the aggregate amounting to $4,000, to
run ten years, with coupons attached
| for rthepayment of interest at per cent.
/ 1t was provided In the act authorizing
4 this issue that before any of these bonds
! should be delivered to the railroad
company, the railroad company should
/ execute and deliver to the city bond
1 duly sealed in the penal sum of $780,
| 600, conditioned that the railroad COM
pany should punctually pay and dis
4 charge the principal and interest due
/ on said bonds, and save the city from
all harm that might come to it from is
suing them. 1t was further provided
that the railroad company should duly
\ execute and deliver to the city a mort
1 gage ON their railroad to further secure
1 the city. The company upon receiving
the bonds did deliver to the city its
bond of indemnity, OF which the fol-
/ 1OWlng is copy:
! Know all men by these presents, that the
I Milwaukee q Watertown Railroad company,
4 q company incorporated by the legislature of
! the state of Wisconsin, is held and firmly
bound unto the city of Watertown, in said
state of Wisconsin. in the penal sum of $780,
4 OO0 to be paid to the said city, or it's assigns
\ made, the said Milwaukee L Watertow n Rail-
road company does hereby bind itself by
4 1heSe presents.
Signed and sealed this first day of August,
Whereas. The city of Watertown by an or
4 dInance Isassed by the city council thereof,
\ ON the 3GTh day of July, 1858, were authorized
TO issue bonds of said city in aid of said rail
\ read company, to the amount of $4,000, pay
4 able in ten years, with interest at s per cent
| payable semi-annually in the city of New
York, upon certain terms and conditions
mentioned and specified in said ordinance
Now, the condition of the above obligation is
sllcf that IT the said railroad company shall
from time to time, as the same shall become
due and payable, pay and discharge all inter-
est that shall become due and payable on said
oonas and shall also pay the principal
amount of said bonds when the same shall
become due and payable. and snail iii all re-
spects save the city of Watertown harmless
and mdemnfhed from any loss, damage, ex-
pense or costs that may accrue to said eity of
WatertOwn by reason of the issuing of said
oOndS, and then and III such case the above
force and virtue
In witness whereof, the president and Sec
retary OF said Milwaukee & Watertown Rail
road company, in this behalf, duly authorized
by fesOilltionof the board of directors have
hereunto set their hands and affixed the cor
porate seal OF said company the day and year
first above written.
(Seal.1 JOHNS. ROCKWELL, President.
j. L. HATHAWAY, Secretary pro tempore
A VITAL CONDITION EvADED.
The further conditionof the delivery
by the railroad company of mortgage
upon their road was delayed, evaded
and never complied with by the rail
road company-a certain amount of the
stock OF the company was deposited
with the city as collateral, and the guar
antee OF the company endorsed on the
back OF each bond, but the oft-repeated
demand of the city for the mortgage
was never complied with, though the
company often promised to execute and
deliver the mortgage provided for in
the act. Still, they never did it and the
city was defrauded of it. But while
considerable irritation was occasioned
among the citizens of Watertown by
this breach, their feelings were some
what soothed and their suspicious kept
in abeyance by the railroad company
paying the coupons as they became due.
This they did up to 1857.
MORE BONDS
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