Page 281 - La Société canadienne d'histoire de l'Église catholique - Rapport 1961

COMMERCIAL HISTORY OF MILWAUKEE. 277

not got. In this emergency, a mass meeting of stockholders
was called at Waukesha, in the spring of 1850. About three
hundred people assembled, mostly farmers. The question pro-
pounded was, how can $~50,000 be obtained for the purchase
of iron to reach from Milwaukee to Whitewater?
It was during this meeting, and after much discussion, that
Major JOSEPH GOODRICH, of Milton, said-" See here ; I can
mortgage my farm for $3,000 and go to the east, where I came
from, and.get the money for it. Now, are there not one hun-
dred men between Milwaukee and Rock River that can do the
same? If so, here is your money. I will be one of them."
This was a new idea. It was turned over and over. It had
serious objections, but after all it was the best thing that was
presented, and the plan was accepted ; and here arosc, so far
as I know, the plan of raising farm mortgages in aid of the con-
struction of railroads. The one hundred men were found, who
put up the required amount of mortgages, and an attempt was
made to negotiate them. But this was found, at first, impos-
sible. It was a class of security entirely unknown, and no .
market could be found for them. In the attempt to negotiate
these securities, it was found that while they would not sell,
the bonds of the City of Milwaukee would. Whereupon, an
application was made to the city to come forward and issue
8234,000 of her bonds in aid of the road. The city promptIy
and cordially responded. The bonds sold for cash at par-the
money was at once invested in iron, at very low prices, and the
success of the Milwaukee and Rfississippi rail-road was set
down as fixed. I have dwelt thus long upon this road, because
it was the great pioneer road of this city and of the State, and
upon its success every other road built from the city have found
both their origin and their success. Time forbids that I should
follow the history of all the grand avenues that lead into and
across our state from our city. The Milwaukee and Water-
town was begun in 1853, and has steadily pushed its way more
than haIf across the State. The La Crosse and Milwaukee wae