Rensselaer Union, Volume 3, Number 46, Rensselaer, Jasper County, 10 August 1871 — Kankakee Valley Draining Company. [ARTICLE]

Kankakee Valley Draining Company.

At the request of J. J. Glidden, Vice President Kankakee Valley ] Draining Company, wc publish the ] following article from the Laporte Argus: Editor Argils: I avail myself of your kindness to make pubHc answer as to matters pertaining to the assessments of the Kankakee Valley Draining Co., and mode of eoifectiug the same, in regard to which inquiry has been frequently made by property owners and others interested, and to correct an erroneous impression which I am informed exists to a considerable extent, vis: that the whole amount of the assessments will be' collected by the Company, and that speedily, and by that means a great many farmers would be compelled to sacrifice their lands or permit them to be sold to pay the assessments.

The Company pro [loses to realise the money to construct the work exclusively from the sale of its bonds. — These bonds run 20 years, and the assessments are mortgaged or pledged to secure their payment. The law provides that before the assessments are mortgaged the Board of Directors shall set apart a certain per cent, to be annually collected and paid into a sinking fund for the redemption of the bonds and coupons. The law authorizes the setting apart of 5 per cent, of the principal of the assessments and all the interest (the assessments bear interest at 10 per cent.) for this purpose. The Board of Directors, however, find that one per cent, of the principal annually collected and invested, will, with its accumulations, be sufficient to meet the principal of the bonds when the sjamc shall fall due. They have accordingly by resolution set apart that amount only for that purpose. As it is the purpose of the Company to sell the bonds only so fast as money will be needed to pay for construction, they resolved further to only collect so much of the interest upon the assessments from time to time as is found necessary to pay interest on the amount of bonds actually outstanding at the time. The company do not desire to call uj>on the property owners for money until they (the land owners) can see what use is being made of their money; therefore, the first installment is made due Nov. Ist, 1872, by wtiich time it is hoped a considerable portion of the work will be done, the work having been contracted to be completed in three years. To illustrate, a land owner assessed $5 per acre, will be called upon for 5 cents ]>er acre, Nov. Ist, 1872, and the same amount each year for 19 years and his -proper proportion of the amount necessary to pay the interest upon the bonds outstanding, and this is all he is called upon to pay. If he owns 40 acres assessed at S2OO, his annual tax is $2 and his pro rato to pay interest, and before many installments fall due, he will begin to reap the benefits. with which to make payments. The Company by the mortgage divest themselves of the power to collect more of the assessments than amounts for sinking fund, as above stated, and only authorize mortgagee to collect the same amount in case default is made. We are only anxious that property owners should get correct information in regard to the enterprise, and will take pleasure in answering all questions, verbally or by letter. It may be true that in some instances Injustice has been done to individuals by the appraisers. If so, the law authorizes the Company to direct the appraisers to make a review and correct mistakes, and if parties will make application to the Company in such instances, we w T ill cheerfully do all that we'can, to the end that justice be done to each individual. J. G. GLIDDEN, J Vice Pres. K. V. D. Co. We wopld say that we have no desire or jntention to misrepresent the facts in regard to that company or to mislead the people, and at all times onr columns shall be open for any statement of reasonable length that Mr. Glidden or any officer of the company may desire to present to the people in reply to any article that we may publish. We believe that with the present appraisement individuals will be wronged, and as soon as possible we shall collect tber’iiecessary data and show just wherein the appraisements of benefits bear unequally, unfairly and unjustly on individuals in this county. v

The Indianapolis «fc Northwestern Kailway Company filed Articles of Association, last Tuesday, in tho office of the Secretary of State. The capital stock of the company is three millions dollars divided into sixty thousand shares of fifty dollars each. The place of beginning is Indianapolis and the terminus some point on tho State line in either Lake or Newton county. Tho precise liifo will be fixed by the boat'd of directors. Tho hoard of directors also decide whether the road shall be a narrow or broad guage.. The Indianapolis Journal says: “If the narrow guage is adopted by the directors, the road can be cheaply and speedily built, and cannot only he extended into the rich timber and prairie country in Indiana which, jt proposes to strike, but with the same power of cheapness it can be extended across Illinois, lowa and the. Northwest.” They have in the Bcllairc, 0-, district a Democrat candidate for representative, who don’t depart as fast as some of our Dcmoqrats of Jasper county. The name of this old-fashioned hardshell is Dr. Wyer and here is the way he explains his position: “I was educated in common and high schools; by profession a physi,cian, and a member of the Presbyterian church. Cast my first vote for President for General Jackson, and my last for 11. Seymour, and have never changed my politics, but have stood oil the Jeffersonian and Calhoun platform, of State rights and Nullification* all my life, and am proud of it. I was married on the sth of March, 1835, to Miss Francis McMaster. I am opposed to Woman Suffrage, Negro Suffrage, Negro Freedom, Negro Equality and Negroiam in. all its phases. I was not in the late war, and thank Odd 7 I never, voluntarily, ly word, act or deed, aided or abetted that abominable war, and have not one drop of its blood on my garments! I was elected to and served as Representative in the session of 1849-50, under the old Constitution; that and the position I now occupy, arc the only civil offices I have held.”