Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1889-04-24

was sometimes called. Four hundred
thousand dollars in bonds were de-
manded. The population of Water
tertown at that time was 5000. Con-
tentlon arose about it. an act of the
legislature authorizing their issue
was obtained, the opposition of
the great majority of the citizens was
controlled at the polls by the importa-
ton OF hundreds of nonresident rail-
road laborers, who were marched to
the polls and voted to build railroads,
setting at naught the taxpaying protest
ing citizens, and making their vote
count tor nothing. Bonds for an addi-
tional S40O, 600 were issued to the Water
town & Madison, and the Chicago. st.
Paul u Fond du Lac Railroad com
panies- -$200,0OO to each companv-on
the 1st day of June, 1856 Payment of
these bonds was guaranteed by these
| railroad companies, and secured by
stock deposited with the city as collat-
eral security, and by the bonds of in
demnltyof the respective companies in
like manner as the bonds issued to the
| Milwaukee q Watertown were.
THE HONORABLE CONDUCT OF THE CHICAGO,
ST. PAUL. FOND DU LAC RAILROAD ,
STANDS OUT IN STRONG CONTRAST.
| From those issued to the Chicago. St.
| Paul and Fond du Lac railroad the CITY
| of Watertown has been largely saved
| from harm by the action of the Chicago
| d Northwestern railroad, who is the
successor to the Chicago, st. Paul &
Fond du Lac railroad, in years ago, de-
| posting valuable stock of their com
pany with responsible parties to ex-
| change for the bonds issued to that
company; but still there is about S27,-
Of In fl.nn x-n1, &c i
the hands of private parties, the syndi-
cate, it is believed, who refuses to ex-
change them for this stock.
DIsGRACEFUL RECORD.
Of the disposition of the bonds issued
to the Watertown & Madison Railroad
company most disgraceful record ex-
lists. Fifty thousand dollars worth were
| hypothecated ut from to 10 per cent.
| of their face value and never redeemed: !:
S3O, 600 worth were reported stolen from
the box of the president of the road
| and 500, 900 worth more were currently
reported and generally believed to have
been divided up among certain officials
of that road and retained by them, and
their proceeds never applied by them
to the building of that road There is
every reason to believe that not more
than > per cent. of the face value of
these bonds were ever obtained from
them and applied to the building of the
Watertown IL Madison railroad The
guarantee and bond of indemnity of
this company were totally ignored by
them, and never observed while the
| company existed 1t was twelve wears
after these bonds were issued before
the road was built, and when they be-
came extinct the franchises of the road
passed into others possession, and the
bonds of the city passed into the pos
session OF brokers and spectators, some
for from D to 10per cent. of their face
value, and the balance of the bonds. as
is generally understood, were deposited
with them, to be collected from the CITY
at the face value thereof and a certain
amount of interest, the collector to get
at least half the amount collected
WATERToWN ATTEMPTS TO COMPROMISE THE
BONDS AND HAS SOME SUCCESS.
Out of $50, 900 Milwaukee & Water
town bonds, $13, 900 have been settled
for by the city. OF the 100000 Water
town x Madison bonds, $1,000 have
| been settled by the city Of the $780,
600 of Chicago, st. Paul & Fond du Lac
railroad bonds, S172, 800 have been re-
deemed, and stock of value awaits the
balance; $3.50, 800 Of the original $3.50 900
of bonds have been settled, stock awaits
S27 800 bonds more, and $33, 900 face
value of bonds have been bought up by
an association of citizens of Watertown,
who would have bought up for the city
all outstanding bonds at a fair comprO-
mise, if a syndicate of bond spectators
and brokers had not put its eRectual
veto upon their work
BOND BROKERS AND LEGAL sHARPERs IN
TERFERE AND STOP THE WORK
OF COMPROMISING.
Money-sharks thought they saw
good chance at this .iuncture to get in
their fine work and bleed the CITY eff
fectually. They thought they could buy
up for mere pittance in cash all the
outstanding claims against the city and
hold them until they, by their legal
acumen and financial resources, and by
the laws delay" and everlasting grip,
could worry the city into paying them
in full, even though the city had to sell
itself to do it. These are the kind of
men with whom the city of Watertown
has had for the past thirty years to con-
tend, early and late, in councils and
courts, in legislaturesan commissions;
ready all the time, nay, anxious, to set
tie these bonds by compromise, but
"Nog"
threw every block it could grasp
IN the way of compromise-spur
every offer, and like their brother
Shylock said: "I'u have my bond;
will not hear thee speak; I'll have
my bond, and therefore speak no
more" They had no bowels of COM
passion for the city, notwithstanding
the fact that it was wholly impossible for
the city to pay the debt in full. The
debt exceeded in magnitude the entire
assessment of the city; principal and
interest it amounted to over 81 800, 900.
It's collection would have amounted to
confiscation of the entire property of
Watertown and it's citizens Yet this
was what the demand of the syndicate
amounts to-
They used every means they could
command to SOW distrust, dissension
and discord among our citizens so as to
prevent compromise; they sued the
city in every court having jurisdiction in
the case; they raised every imaginable
point and inconceivable quibble against
the city that their ingenuity could de-
wise; they obtained judgment after iudg-
ment against the city; they have obtain
ed mandamuses innumerable directing
the city to levy tax to pay their judg-