An act of the Legislature authorized the town of Beloit to subscribe $100,000 to the capital stock of a railroad company building from Racine to Beloit.

The evidence

• “This subscription eventually led to protracted litigation, and an account of that transaction is essential to a complete history of the railroads in Beloit. An act of the Legislature, approved February 10, 1853, authorized the subscription of "$100,000 to the capital stock of a railroad company authorized to construct a railroad from the city of Racine to the village of Beloit, and to pay for the same in the bonds of the said town, payable in! twenty years, with interest, payable annually in the city of New York, not exceeding 7 per cent." Section 5 of this act required that the subscription should be approved by a popular vote of the citizens of the town, and required that one week's notice of the election to be held for that purpose should he given in a newspaper printed in the village. In accordance with this requirement, the following notice appeared in the Beloit Journal of March 31, 1853 :”

  1879-history-of-rock-county/10-rock-county-ch04-early-maps-courts-railroads.md, PDF p. 383 / book p. 387

  Butterfield, C. W., et al. The History of Rock County, Wisconsin: its early settlement, growth, development, resources, etc. Chicago: Western Historical Company, 1879. Cornell University Library via the Internet Archive, archive.org/details/cu31924028871585.

  Grade A: Found on a page of one of our sources