Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-01-24
WASHINGTON.
The Progress of Investigation.
Another Treasury Syndicate Formed
To Fund 100000 900 Of Public Debt
At PROFIT of Two and q Half Per


1V L uuu coOVsOOO,UOOVIA VI UNIV DS"S
At q Profit of Two and Half Per
Cent.
WASHINGTON, d. c., Jan. 23.-There
was a large conference at the Treasury De-
partment this afternoon between the Sec
retary and representatives of prominen:
| banking houses who have made proposals
to fund the new loan. After lengthy con-
versation and a thorough understanding be-
I tween the gentlemen representing the firms
| below mentioned, an agreement was made
of which the following is an authentic
Statements aa
The parties to the two proposals which
| have been pending before the Secre-
! tary of the Treasury having united,
the Secretary has this afternoon COM
pleted a contract for the negotiation
of the remainder of the $500, 100000
five per cents funded loan, with Messrs. Jay
Cooke & Co., representing Messrs. n. III.
Rolhschild & Sons, MessFs. Jay Cooke, Nc
Culloch & Co., and themselves; and with
| Messrs. Morton, Bliss & Co. and Messrs.
Drexel, Morgan 81 Co. representing Messrs.
! Barring Bros. & Co.. Messrs. j. S. Morgan q
! Co, Hessrs. Morton, Rose & Co., and them
! selves. It is learned that the first intention
| of the Secretary was to announce one hun
| dred millions, but after further considera
| ton it was decided TO place the whole
| amount. three hundred millions; and the
parties representing the firms already men,
| toned combined and agreed to take be-
! tween them the entire amount. The agree
| ment between the Government and the
syndicate is substantially the same as that
which attended the old syndicate. Though
the particulars could not be officially ascer-
tained, it is understood that few slight
| notifications only have been made, and
! they are in favor of the Treasury Depart
| nent. The business of the syndicate will
! be commenced as soon as the preliminary
! arrangements can be made for that pur-
pose.
Secretary Delano has arrived here, much
| improved in health.
The Louisiana Investigation.
The Committee on Privileges and Elec-
tiOns met this morning. MI. Morton an
| nounced that the questions into which the
! COMMITTEES would Inquire were: First, with
regard TO the electoral vote; second, with
regard TO the legality Of the elections; and
! third, whether legal government now ex-
! lists in Louisiana. The investigation into
! the Louisiana contested Sena5orship was
commenced. Ray and Mcmillan will name
! their representatives tomorrow. Adjourn
! ed.
Tarmoth on Hand.
Ex Gov. Warmoth Of Louisiana arrived
here to-day and will testify before the Sen
ate committee on privileges and elections
concerning the Louisana troubles.
Committee work.
The Ways and Means Committee have
| postponed the subject of refunding the cot
! ton tax until after Mr. Beck's bills printed.
TIE House judiciary Committee have
agreed upon the principal features of Mr..
Buffers bill to distribute the Geneva award.
The House Committee on appropriations
this morning heard architect Mulett con-
cerning estimates for public buildings aad
agreed TO allow nearly two millions for
continuation Of the courthouse and post
Office at New York; two millions for that
at Chicago, and one million for st. Louis.
EE0VY sFle Credit MObiIier Got Paid for
I3s Miles that IL Didn't Build!
Il tho wilson Committee to-day Oliver
Ames, ex-President of the Union Pacific
and Director in tie Credit Mobilier was
sworn. During the examination he SAID
the Oakes Ames contract could no. have
been obtained so low as il was if a coIE-
pleted portion Of the road had not been in-
clUie3 IN the contract.
Chairmau-Dii yCu not By virtue Of the
co tract with Oskes Ames, which includ-
ell lSS miles of road already completed,
derive large profit from the Union Pacific
| rsilroad company, and was not the profit
made the very instant the contract was as
signed to the trustees?
/
Ques.ion-Did not the Credit Mobilier a
few months after declare large diYldendF
AnsWer-We did.
OIestion-Were not all the assets ont of
which the Credit MCbilier made dividends,
Obtained from the time of the assignment
until the dividends were made?
Answer-They were.
Q IestiOn-Was not large portion Ofthe
dividend derived from the extension Of the
contract over that part of the road already
built and accepted by the government?
Au5ver-It probably was.
Ouastion-What did the 1873 miles ofcom-
pleted road iccluded in Oakes-Ames con
! tract cost?
Auswer-I do not know.
Question by Swann-Did you represent
20 the government parties in authority that
the portion Of the road referred to was fin
isaad road and fully equipped, and did you
not receive your bonds accordingly in con-
formiIy " th law?
AHsweT-The government commissioners
inspected every twenty miles of the road
and reported its completion to the govern
ment. The road was equipped for running
/ puTpasas, but not to the extent of accom-
modating travel. The government accept
ed the road as finished and the bills were
paid.
Cuesti0n-Do you know how much
money wass pent for engine houses, engines
etc, after the road was accepted?
Auswer-A good many hundred thous-
and dollars.
Mr.. Hoar--Did the contract with Oakes
Aues bind him to do to the portion of road
already accepted anything more than to
take an additional sum of money in pay
ment for it?
! Answer-The contract bound Oakes
Ames TO furnish a certain number Of en-
ginas and cars which be did.
Mr.. Shello6arger-Was not all the ma
chinary and rolling stock at the rate oi
81 500 mile included in the O4kes Ames
contract, already Included in the preceed-
ing contract?
Ans TeT-I think the required Sol cunt OF
rolling stock had not been put on the road
a. the time of concluding the Oakes Ames
contract.