The weekly mountain Democrat. [volume] (Placerville, El Dorado County, Calif.) 1861-1862, 1861-02-02
Telegraph RTatterS--RePOrt 81 the
Late Secretary.

GENTLEhBN: MOStOl You invested yOuT Iuou-
ev in the summer and fall Of 1853 for the pur-
pose Of having it applied toward constructing
IN overland telegraph line, starting from Pla'
cervillc. From that time 10 the present very
few Of YOU have ever received any information
relative TO the manner in which it has been
managed, its past or present financial condition,
and t, lay remain ignorant Of its future pros.
poets. With the view Of giving information to
those interested, l purpose having published
the following statement Of facts.
+. A. Bee became your President at your
first OrganzatiOn-a position he has retained
all the while; and for about the first sixteen
months he also acted both as collector aud dis
burser Of the funds raised on subscription Of
stock. No objections ever being made by you.
be assumed the entire management and control
Of the enterprise. Ynur failure TO place any
checks upon his movements manifested q de-
gree Of confidence in his capacity and intcg.
rity that might he regarded as extremely flat
tering to him. Some Of you still feel satisfied
to allow him to continue as heretofore, and
few of you, who have recently become the
OWUcTS VI u buuVe WV VI SNNCA CuSub HV
anxious that be be entrusted with unlimited
power.
The following will give you some facts Of the
past:
According to the admission Of Mr.. Dee. he
collected for you thirteen Thousand two hun.
bred dollars; and It Is now about twelve
months since he has acted in the capacity Of
collector. Yet, up to this late day, there can
be no book nr statement found in the office ~
the Company that will give the correct amount
Of his expenditures; therefore, no knowledge
can be obtained rs to the cost Of your line
lie made report at your meeting in
September, 1859, purporling to have given the
Gust Of the line from Placerville to Genoa, but
that report has never been made a matter Of
record, neither has il ever been seen or heard
Of by the Company since the night 1t was sub.
nttcd to them. Shortly after this report
vas submitted by Dir. Bee, he left fur the At.
lantic States, leaving no bucks or papers in
possession Of the Company that would answer
as the least guide toward ascertaining the
amount Of his expenditures. During lis alb.
sence many Of you made inquiries, almost daily,
~ u the cost Of the line, its financial condl.
lion, etc. We all knew that there were some
debts against the Company, and that the line
had cost something, but the amount, in either
! case, we had no means Of nscertaining. Infor.
nation could only he gathered from those who
mad been engaged in its construction, and from
such information We supposed that the line
mad cost somewhere between eight and ten
thousand dollars, md that the Indebtedness
was about one Thousand or twelve hundred
dollars. In pay ing the old debts, We learn
that our estimate was not far out of the way.
Cndmsihes. circumstances, the board If Di.
rectOrs frlt it their duty to require Of Mr.. Bee,
on his return, an account Of his matters with
tie Company, which they Immediately did.
In rendering his account, he charges the Com
pnny with five Thousand dollarS for his ser.
vices, and $l,1Sl 80 us paid TO J. u. Lord 4
Co., Of Sacramento, for wire, and ass as paid
tn Hubbard 4 Strong. If Sacramento, for wire,
aud closing with a balance due him from the
Company of $l,93s 81. J. d. Lord 4 Co. were
written to, asking for q statement Of the
smount Of wye bought Of them by Mr.. bee for
the use Of your line from the time Of its first
commencement TO date. In answer he states
$l,.ji s.; ga ca Of this amount still unpaid.
Hubbard and Strong were alsO written 10 like
I manner aud thcyans~er, Z" never sold pound. .
The Board Of Directors appointed three pruc.
teal business men and expert accountants,
Mcssrs. Geo. NJ. Condee. Geo. +. Jones and
TheO. +. Tracey, to examine into the account of
Mr.. Bee aud other officers and agents If the
Company. The following is un extract from
their report:
1--WE have diligently and thoroughly exam.
ined all the accounts aud books Appcrtaining 10
the transactions Of your President, +. a. Bee,
and it is impossible for us to arrive at salts.
factory conclusion as 10 the manner in which
he has collected and expended the funds Of the
company. The manner in which lie renders
bis account is not satisfactory To your commit.
tee, and we urgently recommend to you the
important and absolute necessity Of referring
the matter to some special agent, or to the
meeting Of the stockholders, or to whoever
you, in your wisdom, may consider proper,
with such powers as will lead ID a definite and
just settlement. We have not had power To
pass upon the correctness or incOrrectness Of
any accounts that might be presented TO US
but have understood our duty to lie that Of an
Investigating Committee, and TO point out what.
ever Inconsistencies that we might discover,
and make such recommendations % the result
of our search would justly prompt us to do. /,
/ will hn aaan he tho summin ~ nm fr tho acoour
as presented by the President. on another sheet,
that the Company is indebted To him in the
sum Of 81 1888 81. This, in the opinion Of your
Committee, is gravely incorrect. The follow.
ing presents statement which shows some
what differently, and which we believe presents
nearer the true figures 40 between the COmpa.
ny and your PresidontE
y. A. BEE, IN ACCOUNT WITH PLACBRvILLE AND st.
JOSEPH TELEGRAPH COMPANY.
To amount collected a. per as
Sessmtnt on stock, 1880 90
To amount Of stock placed In
MS hands. ................. lSidn OO
t32,7OOVO
by expenditures on line a. per
vouchers :. .............. &G,OO1 81
ny amount stock issued as per
statement. ............... 1920 no
by amount stock returned. =. 1900 w
Salary claimed by him as per
bill included In this repOrt,.. b,0O0 20
--t2sSOl 81
|
13,SgS 70
Add for amt. Of goods As per bill 9is 81
Due from Bee,..... .......... Si,n7 y
MIR. Bee made an entry on . book to-day
which purpOrts to be one giving the names Of
those to whom stock has been issued. That
presents the appearance Of eight shares Of stock
issSed to him, aud il Lisstock should be issued
to him, it would increase the above amount to
$5,Sl7 90.
Mr.. Bee charges the Company with &S,O55,-
20, and presents no evidences Of payment. Also,
brings charge against the company Of $4,000,
as salary while acting for the Company,
both Of which charges should be adjusted some
way or another as early as possible. We be-
leve it TO be unjust to allow the sum of e5,-
900, particularly when he fails to give salts.
factory evidence of what has become of the