Wilmington daily gazette., 1873-01-28
Mr.. COIfax and the Credit MObiIier,
An EXTRACT FROM THE CAMPAIGN SPEECH OF
SENATOR THoHAs F, BAYARD, N INSTITUTE
HALL OCT A. 1872

An EXTRACT FROM THE CAMPAIGN SPEECH OF
SENATOR THnnAs F BAYARD, N INsrIrrrE
HALL, OcT. 4, 1872
1t is little remarkable that speech spoken
and printed last October should contain the ex-
tract we quote below. But this is so; and any
one who has copy of the pamphlet containing
Senator Bayardls very able speech then made
may turn to page ten and eleven and read for
themselves.
It would seem TO us that in view of Mr. Colfaxs
recent denial thaehe ever had any stock in the
Credit Mobilier, this pamphlet might be put in
evidence against him:
~ say, thSs6fore, thai one Of the duties of the
hour is a publication of this tone of public NOR
ais. And while on this point let me say word
ln reply to gentleman of the Republican party
whom shall always desire to speak of with res
pect, whose courtesy is proverbial, and [ and
those with whom act in the Senate have had oc-
caslon to know II; mean Mr.. Schuyler Colfax,
Whom his party thoaght proper not 10 put again
on the ticket as Vice President The other day
In speaking upon charge which had been made
that he had received stock in a certain swinding
corporation known as the Credit Moblier, which
had made all the profits out of the Union Pacific
Railroad, Mr.. ColiaX seemed TO admit that he had
had that stock and had made the profits; but the
important part of his speech was this Turning
to gentleman on the platform, he said that he
NiulliVu Tue ilHii 10 Duy any StOCk that he chose
to pay for. Nov, gehtlemeu, that is a PROPOSE
ton that in Mr Colfax's position consider ut
terly unsound and highly dangerous | saw. on
tue contrary that while there Is no law of the
land to forbid 1t, there Is the law OF implied con
hdence and trust that it will not be done. There
Is no law 10 forbid Judge upon the bench owning
STOCK, or buying or selling stock of a corporation
against whom or In favor of whom he is about to
denver Judgment yet what would be thought o
Judge who would send into the stock market tC
buy or sell shares predicated upon the fact that
he was to deliver an opinion that would make
them either rise or falll Would he not be thought
corrupt Certainly he would, What difference
in prineiple b there betReen that case and th,
case OF man who Is a legislator in Congress- anl
who knows that his vote and Influence can max,
certain stock valuable? l ask has he q righ
voluntarily to put himself in position in whcl
he is 10 be enriched OF Impoverished by his owl
voter Certainly not.
do not mean TO say that a nlemScr of Congres
Is to divest himself of all property and own moth
ing thai may be touched by official action. W
are all more or less affected by that because wis
and bene6cient laws help every man in his fol-
tune in this country; but do deny, and take i.
sue with Nj. COlfax upon the proposition that
man In public life has right to buy stocks whic
he knows are to bO affected by his official vote
II they are to be so affected will not his vote b
affected by itg l ask you, what was the spectacl
when MI. Ames, the President of the Union Pi
cihc Railroad, was also the chairman of the con
mittee on the Pacific Railroad in the House {
- ''N'f NAoo"fSsAfi Aiip WY NJ "A
the people be operly protected when the ma
who represents them and whose vote contTo
them is interested In the result ofhis own votes
Is Il not plain to you that it would be a most dal
gerous proposition, that Legislators have a rigl
to speculate in stocks, which the next day the
are 10 affect by their votes? | have no doul
such things are done, but / never knew befO
that they gould be defended; aud do not pu
pose that 50 respectable man Mr.. Colii
shall announce to the American people SO da
geroua q proposition without at the same tin
letting them know that there is one man in Il
Congress of the United States who will not VI
UNFAIRLY place himself in position where his p'
sOnal Interests are to be affected by his VOTE