Golden Valley chronicle. (Beach, Billings County, N.D.) 1905-1916, 1914-02-06

s~S0A SAA
am in receipt of yours Of the 10Th
inst, in re So called donation subscrip-
tion for the proposed electric road for
the Golden Valley and am Immediately
replying as understand you wish i'm
mediate information. In view of the
fact that you desire such immediate re-
ply there may be defects and objec-
tions in this matter which would re-
quire more careful consideration to de-
tect but some Of the objections both
from a business and legal standpoint
are SO plain that | can readily call your
attention to them.
This document 10 about as analogous
and uncertain in its terms and obliga-
tions as any l have ever seen. for that
very reason alone is something that no
business man should enter into. II the
proposition is valid one. the terms of
the subscription and the obligations up
on the part Of those who are about to
build this road. could readily be made
so simple and easy to understand that
there should be no difficulty in COM
pairing a document that would need no
Interpretation.
Upon the face of this instrument
from business standpoint there seems
to be the following objections:
The parties singing this so called
subscription are dealing with no one.
The promises therein made are not
made to any one. One is wholly in the
dark as to whether this 10 . subscrip-
tion to the capital stock of some cor
poration about to be formed. or pure
donation, or an association Of certain
subscribers to furnish the money to
construct the road in question. No
agreement or contract 10 Of any value
even from a business standpoint unless
it deals with some known party. and
unless there 10 such a known party,
such an instrument is always danger
ous one.
There is no obligation upon the part
Of any one to do anything in favor Of
or for the benefit of these subscribers.
It is true that the subscription 10 sup
posed to be for donation towards the
building Of an electric road but there
is no party against whom such an
agreement could be enforced. nor 10
there anyone who could be compelled
TO go ahead with such construction.
Suppose that the notes Of the var
ious sisners were executed and deposit
ed in the bank and collected and por-
<ion Of the proceeds paid out and the
work should then be stopped. There
IL no one who could be compelled to
proceed with the work or expend the
balance Of the monies or complete the
construction. and the result would be
loss Of what had been put into it.
iii.
The agreement 10 most general in its
terms as to what this money 10 to be
used for. To say that it is for the con-
struction Of an electric railroad gives
NO one information as to the kind or
capacity Of such electric railroad. OF
manner Of its operation or that it will
be such an electric railroad Of such size
or capacity a. will be Of any benefit
whatever to the various subscribers.
w.
There 10 no promise or obligation
upon the part Of any one to operate
any such electric road. even should the
same be constructed. The whole
amount subscribed might be expended
in the construction Of the road and the
mythical parties who are supposed te
come into existence sometime might
not be able to or care to operate ths
came: In other words there 10 no ~
surance Of any kind that even If sucl
a road were constructed it would b.
operated or operated in manner 90 a
to benefit these people who are donat
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