New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-01-15
NEW ORLEANS REPUBLICAN, SUNDAY

1
ing, plundering and swindEng legal raid
upon its operations. to 80 far impair it
credit that Mr.. Ames, assisted by q few
others, was compelled to take it upon hi
herculean shoulders several times. and lif
it out Of the difficulty. To do this he IN
vested largely in its securities. and thu
demand. lately made bv the government
tion. and ''out of the We ,ds," and lie fel
that he would soon realize something nea,
| their real vaine. reduced thair make,
value so much that with ali his other b,,r
dens he had to sucOumb.
The demand was as une expected and sud
den as it was unjust; for. venture to say
| no fair minded man who WAS in Congress a,
the time the bills were passed. as were Mr.
| Ames and myself. ever dreamed Of such a
demand being made by the government
To be sure, tho real demand of the govern
| Ment is not 50 very buriensome, and ought
not 10 have seriously affected the securities,
| but the misrepresentation of the public with
regard to the extent Of the demand has re-
duced their market value very materially
| II You will pardon me. viii briefly state
how it happened that MIR. Anne. got into
this enterprise. He was a member OF the
| Pacific Railroad Committee IN Congress.
and he felt. as We all did. the great and
| OvrTshadOwing Importance 70 this nation OF
! having a railroad across the cOntinent-and
| you al remember how much i: was dis.
! eusscd and how Indispensable i: was e.
! gardci. I re:nem,er we'll that President
Lincoln SAID 70 M, one day. that ne re
| gardad it so vital to :.a political safety of
| the nation. as well els 20 the material inter
ests Of the country. that he should 90 for
almost anv biz: tina: the capitalists ut the
country Would accept and agree 10 build
the road under. The first biz! passed by
Congress, provided that the whole of .he
earnings of the road i'll the service of the
government should he appropriated 20 :llc
payment of the bonds and interest.
They found they could not induce ca pitai-
lists 70 build the road under that BILL and
they returned the mex: yeSr and got it
amended. so that only One-half of the earn
lnys IN the service O! the government should
be retained, and also that the government
lien should be a second lien.
Mr.. Ames was on the committee. and
favored the bill. He came 70 me and asked
me 70 support it. I told him it seemed to
me almost too favorable bill. but. of
course. he was on that committee and had
examined it thoroughly. and l should defer
10 his Judgment.
remember his reply distinctly. that he
did not think it too much to give them: it
was Of inest;mabie value 70 the government
and people. and if they could find fools
enough to build it under that bill he should
be glad.
Not he or any other member Of Congress
had the Slightest idea at any time of ensas-
ing in this great work under the bill a..
amended. Capitalists tchietly in New York,
wera indaced to pay IN. believe. about
half million and the work progressed for
some months. when they got discouraged
and concluded to lose what they had put
IN rather than risk more under these cir
Cunlstances. Mr.. AmcS was appealed to
III fi,an q i ,T,'. s,f+n ~
OF these bills under which the road was
built. I remember lie called upon me and
asked ne t" JON him and others. and lift
this enterprise ont of is EMBELLISHMENTS
and try and put it through
lie urged upon me- the patriotic consider
alton OF lis iiumcns" benefit 20 the nation,
and the great credit that all would get from
the American people Who were instrument
tai in its completion. We al! felt that if
properly managed /. promised a liberal
profit.
He wer: into it. aai invested with hi,
brother 2 Tprv large amour: of money. and ,
most faithfully have they keep: all their
obligations with The government. They. !
with their associates, nave bull. a first class
road. and thoroughly EQUIPPED i, and per
formed every part of their agreement. 20 the |
very letter. and a great deal more. Tiev |
have built It in hal: thc tim, allowed. and |
a: an enormcus.r increased co,t-compel!ed |
70 DO 50 20 save their property in Con-r- |
Ollence Of t!,a bad faith Of Congress- i. |
building this road. they have given many |
millions value to the half of the land. re-
served by government. which before were
utterly y9llelesS. ana must have remained |
so if the road had not been built The GOV
eminent saves n transportation and direct
expenses annually scveia! millions more
than the whole interest amounts 70, and |
little did ne or any one think whe was in
Congress at the time hose bills were passed
when the unspeakable importance OF the
road WIS completely realized. and the great
risk incurred by its projectors fully APP
,'rtclatcd- that Congress. the government
Or the people would ever prove tiiithlcs> 70
their obligations. merely because thcy sup
posed it had proved profitable investment;
but III this the public and Congress have
been deceived and dcluded. There is not
,ne who would. like the Ane>es. have kept
al their securities and fulfilled all their
obligations te their associates. that could
get to-day a new dollar tDv an old one. with
interest added.
To be sure, if al these sccur;t;c. prove 70
,e perfectly good and the stock very re-
liable. as Mr.. Anne, and his associate. who
ire thoroughly posted az to al, their ins and
'utS. confidently believe they will he at no
'emotc period. then indeed will they realize
! liberal remuneration for their investment:
md where Ii the man. with an American
leart IN his bosom. that can oegrudge them
uch result, Never were men so ruth
cssiy a.sailed. and never were any entitled
o more credit, if anythin; is to be allowed
or acts and enterprises productive of such
'rodlSious and benctcent results. know
hat timid capitalists shake their heads and
Xclaim, what a bold man: how unw;s.. [
ompiain not OF this.
This is well for them. but we are not all
made alike History records that the uc,.-
hant, sHte~Inan and great prtriOt of the
revolution. Robert Morris. was a bold man.
nd sustained the American army BIZ his
cr>Unal means and credit in its darkest
our OF adversely, ard when he gave his
crsonal obligations for fourteen hundred
thousand dollarS-an immense SUN in that
ay-to keep the army from starving. the
mid merchants and capitalists of PhiIadel-
hia exclaimed. What q bold man how
nwisc." He made himself poor. to be sure,
nd was imprisoned for debt. but the name
nd memory OF Robert Morris are cnshrinrd
the hearts of his countrymen. second ONLY
, Washington. Who can tell me to-day the
anne of any one of the most eminent Of
nose timid merchants and capitalists of
Philadelphia
When Mr.. Alley had finished, Mr.. Hall.
the fremont bank. moved that the report
the committee be accepted. and George
/. Upton followed in support of the motion,
aiming that if the estate went into insOl-
rncv it would damage the prospect of the
editors and greatly affect the industrial
terests of the State by the stOppa.e of
,cir various ana extensive branchc, of
Mr.. Otis, OF Barns:ablc. believing that
one of the creditors would ever lose Il