The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1860-03-23


before the Committee, were somewhat pecu-
liary situated. The operation required con-
siderable sum and the promise OF large gam
was most brilliant, bu, there was an incon-
yenient and embarrassing deficiency oi the
requisite cash capital. Mr. Leavitt in his testi-
mony before the Committee. very frankly said
I" As 10 capital had none; We did not rely
on Weston to furnish any Jones could not
command much means; HalloweN could
have made the first cash payment II he had
been so disposed. II was not understood
however among us that Hallowell nould or
that the rest OF US could furnish the capital.
Situated thus IL became quite evident that
the {" refusal" would be OF little value TO the
gentlemen named unless moneyed man
could be induced 10 unite in the enterprise,
and accordingly IL was resolved that an IN
dividual of that description was the indispen-
sable requisite to further progress or proht.
Mr.. Leayitt in his testimony before the CON-
mittee thus states il: Our calculations
were TO have some one come in and advance
some money. This some Que 10 advance the
money was the one we were looking Tor. III
WAS understood among US that II any one
was found TO advance the money he was To
have an interest in the property. Thus
matters stood throughoutth the winter OF 1913,
and during the spring and early summer OF
the latter year. EfITts 10 secure the assist
ance of moneyed partner in Bangor Jailed
and the gentlemen interested were waiting
with patience and hopelulness for the proper
individual to appear.
Mr.. Weston was the member OF the hrm
who discovered the man that could advance
the money for the operation. Being IN Au-
,us,, about the first of July, 1858, as Nr.
Weston ,estiies, he was informed by Jonas
Drew, that "Mr. Peek had three. four or
tiye thousand dollars which he would like TO
invest i'm lands" About the same time, by
A fortunate conjunction of circumstances Mr..
Weston "receivsd letters from his friends
Leayitt and Hallowell," "set,ing out, as he
says, Z" in glowing terms, the value o' the
Canada speculation and calling on me Tor
money, they supposing was about to receive
n large sum from the State as agent Tor It's
claims at Washington" Acting on the
hint" given by Drew, Mr.. Weston says, he
broke the matter to Peek aud laid open to
him the whole design with all its brilliant
results. Figures and alleged facts were
shown to Peek which gave the scheme most
captivating aspect-prornising the largest OF
profit on a comparatively small investment,
With the most triing modicum Of risk and
no possible danger OF ultimate loss. Weston
SAYS that Peck expressed confidence In Hal
lowell and wished him to come over to Au.
gusta. Weston wrote him at once. ualio-
we'll obeyed the summons and alter an inter-
change OF views Mr.. Peck expressed WILL
lingness to Join in the enterprise.
The immediate payment required by Seal
Ian was $4,000 and Peck furnished 1t to Hal
lowell in two official checks, one on Bangor
Bank and one on the Suffolk. Hallowell re-
turned to Bangor. had one check cashed,
took $4,000 OF Dudley T. Leavitts notes,
$4,000 each, payable in 1860, |, :, and
and Immediately proceeded 10 Canada and
closed the bargain for the property-S2O,O0O
being the price. Shortly after these transac-
tions. Mr.. Peek proceeded to Bangor. and as
Mr., Leayitt states" Mr.. Jones and myself
called on him at the Bangor House, were
introduced to him and talked tho matter all
over; the value of the property, what there
was init, what the explorer reported, &c., &c.
Ii was the verbal. agreement at Augusta
that as Peek had furnished all the money for
the purchase, the title should vest in him
alone. and uallowell had procured the deed
from Seallan in accordance with that under
standing. The other parties were to have
their rights and interests defined by papers
from Peck. aud the Bangor conference was
for that purpose. Mr. Peck made the fifth
gentleman embarked in the scheme and as
some one was wanted To manage the proper
", Theophilus Cushing OF Frankfort was ad-
ded rs the sixth partner. Mr.. Cushing had
been conferring with Mr.. HalloweIl IN refer
ence 10 some timber land in Canada the pre-
vious winter. and it was at the instance OF
the latter gentleman that the share was thus
disposed OF. Mr.. Cushing was 10 receive Sl,-
500 per year for his services as general agent,
and 10 have besides an equal par;icipancy in
the net profits OF the operation.
II was agreed at the Bangor conference
that each of the partners should receive his
proper proportional part of the property and
the profits from Peck after he should be fully
reimbursed for all his advances, charges and
expenses aud paper acknowledging and
accurately defining these rights aud interests
was signed by Peck and delivered TO each
one of his associates. The following is a
cnpy of the one given 10 Mr.. Leaviu and the
Others are understood TO be OF similar tenor
and date.
JTAerea,, Edward Seallan, OF Industry VIII
LACE. Canada East, on the 10th day OF July, "A.
ID. 1853, in an instrument by him signed, sealed
and delivered, conveyed TO b. ID. Peek, the sub
scriber, a certain saw mill and timber limits
therein described That instrument acknowl-
edges the receipt Of two thousand dollars IN
money, three thousand dollars in check drawn
by the subscriber, and notes signed by ID. r.
| Leayitt 10 the amount Of fifteen thousand dol
lars with interest annually from July D, 1888.
| The principal in installments from October, lS-
60, three thousand dollars annually, at the SUI
/ folk Bank, Boston, and the annual interest at
the Traders Bank, Bangor. The sale Is eondi-
toned upon the prompt payment OF the notes
/ and interest. Now to protect the sums already
| paid and the property. hy the payment of the
notes and interest, and 20 furnish such means rs
are necessary 10 the successful prosecution OF
the numbering business therein contemplated, II
may become necessary to hypothecate the o6li-
CATION from said Seallan. and all cost of raising
money, with suitable commissions for negotat-
| ing the same, and all incidental charges and ex-
penses. shall be deemed legitimate charges upon
the property.
The intent and meaning Of this instrument is.
that after the subscriber shalt have received fu II
nav for the money now advanced aud interest,
and commissions ON all sums he may advance
for the successful prosecution Of the business,
that one-sixth part Of the purchase OF the mill
and limits. and one-sixth part Of the net profits,
shall become the property Of ID. +. Leayitt or his
assigns, and shall be paid over to him on de-
mand.
For the mutual protection OF the interest Of
the parties. IL is agreed that uron the payment
nv said ID. +. Leayitt or his assigns Of his pro-
norton Of the sums coming due on the property,
either for the purchase or cost Of operations,
within three months after he shall have been
notified of the amosnt, then this obligation shall
n. xoid II il understood in case OF loss that