Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1890-02-20
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WOOD COUNTY RAILROAD BONDS.


At the last meeting of the County
Board the railroad bond matter was
brought up by q letter received from A.
L. Smith, of Appleton which reads as
follows:
APPLETON, WIS, Dee. 3, 1888.
Mr.. L. 4. Arnold, Marshfeld, Wis:
Dear Sir:-I have for collection, and
was about to commence suit for the
same, the following bonds: Number
%, for $1,000, dated the first day of
January, 1873, and running for Is years,
all coupons attached except those prior
to July, 1875; number 30, dated the first
dav of January, 1873 and running for 13
years, all coupons attached except
those prior to July. 1879; also number
81, dated the first day of Janury, 1873,
and running for Is years, all coupons
attached except those prior to July,
1875; also number Sc, dated January l,
1878, running Is years, all coupons
attached except those prior to July,
1875; number 81, dated January l, 1873,
and running for Is years, all coupons
attached except those prior to July,
1875; number 81, dated the first day of
January, 1873, running for 20 years, all
coupons attached except those prior to
July, 1875. l do not want to commence
suit on this, if l can arrange with the
county, sOmeway, to take them up, and
| understood that the county board will
soon have meeting, that is, [ would
infer from your letter, and you thought
would so arrange as to pay these bonds.
The attorneys hold, some of them, at
least, and good ones, that the coupons
have not been outlawed, those not
! detached from the bonds. Now, how
ever that may be, am not sufficient OF
lawyer to determine; but [ would
prefer not to have any litigation, if
can adjust this thing equitably and
fairly. VIII you please give me your
views on the subject. Yours truly,
A. L. SMITH.
This letter was referred to the
Finance Committee and they made the
following report on the matter:
The finance committee have carefully
reviewed the entire history of the
railroad bond Indebtedness, and before
making any recommendation bonds
will offer brief synopsis of the whole
matter. One hundred and fifty thous
and dollars bonds, were granted to aiC
the Green Bay & Lake Pepin railroad
and fifty thousand to the Wisconsin
Valley, making a total of 100000. By
chapter IA, of the laws of 1876, the
county was authorized to loan from the
commissioners of the trust funds one
hundred thousand dollars, with whicl
to compromise the county bonds at fifty
cents on dollar, face value. Unde-
this act, SI5S, 600 dollars of bonds were
Cancelled, and in their place, 15S certifi
Gates of Indebtedness of $500 each, or
total of $4,000 was signed by the chair
man of the County Board and county
clerk and deposited with the commits
sioners of the state trust funds. Th,
bonds bore eight per cent. per annun
interest and the certificates of indebt
edness seven. By chapter I6S, of tn
laws of 1879, the refunding act wa
changed so the loan from the stat
might be increased to $4,000 and th
limitation of compromise to fifty cent
| on the dollar face value of the bond
| removed. Under this amended act
81 bonds were redeemed, for whicl
there was paid S37 900, or the face Q
the bonds aud $4,000 interest. Thi