Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1871-01-25
The Pacific Railroad swindle.

Mr. Boutwell, who now holds The
keys Of tho National treasury, is an
oily gentleman as full Of casuistry and
rascality AS the traditional egg is full
Of animal aliment, and as great an
adept in deception as was ever inhict
ed on tho country by a New England
commonwealth. llo has managed TO
secure a good deal Of pufiery for the
octiyily % ho displayed in trying to
prevent the Pacific railroad from
swiudling the govcrnmcntout Of many
millions of dollars Now IL turns out
that Boutwell, kept his peace until tho
damage was irreparablo, and then
sent up hue and cry which was
meant TO cover up his share Of the in-
fanny.
The history Of the whole affair is
now made public, and these nre the
simple facts without anything having
been extenuated, nor aught having
been set down in malice. When the
Pacific railroad bills were first before
Congress, allegations were made and
denied that Mr. 0akes Ames, mem
Der Of the House of Representatives
from Massachusetts, as well as others
on the floor Of the House, were pecu-
niarily interested in its passage. Be
sides the land grants, in themselves
enormous, Congress gave money 10
build this road TO the amount of $780,
600, 900, with the understanding that
the company would pay the money
back, and until such payment was
made meet promptly the interest
The United States were secured in a
first lien on the road. and on other
property of the company, and thcinter.
est paid amounted TO 81, All ,494. This
the thieves considered too honest en-
tirely, and greedy for additional gain,
they secured the passage Of another
bill giving to third parties the first
lien, and thus the government lost its
security forever Through series Of
disgracefu manoeuvcrs the corpora.
tors of the company became possessed
of without the expenditure Of a single
dollar, the stupendous sum Of 10000
000, as well as the cash atails of all
the first mortgage bonds and stock,
together with first lien covering the
roads themselves. When they pro-
grcssed thus far, they stopped paying
tho government interest, and Mr..
Boutwell, permitted this outrage TO go
on until the arrears amounted 10 &c.
402, 1862, and the people were fast ac-
quiring knowledge of the facts.
As soon as Boutwell, demonstrated,
the company refused TO pay, and not
only that, but gave II out that il was
unable to meet theindebtedness. Then
at this opportune moment, Oaks Ames,
the Radical Congressman, ard bosom
friend and crony of Boutwell,, fails in
business. The Ames Plow Works,
the largest manufactory Of the kind in
the United States, stops at once, and
so does Oliver Ames q Sons, and II
half dozen other works, all of wi ich
are owned wholly, or in part, by Oakcs
Ames, the member Of Congress, and
Pacific railroad corporatOr. Ofeourso
the bonds of the Pacific road fell to
very low depths, and panic in the
market was the result Ames says
no failed because the bonds, of which
he had two millions dollars worth, fell,
and the rumor in the street attributed
the decline in the bonds 10 the failure
of Ames.
Now, we hear of Ames and his con-
federates, one of whom is, in all proba-
bility, Mr. Boutwell,, buying up the
bonds at very low figures.
1t is presumed that fully Sl50,000,-
600 ia cash will DO realized from this
transaction, besides all the equipments
of the roads and one hundred and fifty
thousand square miles Of arabic lands.
We Judge the roads will eventually
be brought to the hammer, and the
friends and relations of bankrupt %
Ames and the proxies of Mr.. Boutwell,
will buy in the whole concern, and
thus possess themselves of the fruits
of the most disgraeeful scheme ever
inaugurated in the United States. If
radical Amcs, or pious polished Bout.
well, have defense TO these charges
we would like to hear from them
The Paper.