Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-01-30

Ques.ion-l on are very positive Mr.! Steven
son mad no information whatever from Won be.
fore he offered the resolution?
ANSWER am, sir.
Mr.. Blane-Then the allegation OF Steven
son IS not supported BY you:
Answer-No sir.
Mr. Blaine to Judge Poland-AIr. AIMEE
told me the other day that he had the conyer
sation with MIR. Stevenson after he (Steycn.
SOM offered the resolution.
hir. stevenson to Mr.. Ames-Y GU have FREE
qneht!y stated here Mr.. Ames that your rec
objection as to'dates is not very distinct.
Answcr-Yes, sir.
Witness resumed-Did not know when the
company was formed. Did state to Mr..
stevenson that lie had never been over the
road. There is but one larger stakeholder in
the road than witness. Witness did not know
the amount of stock held by himself; believed
he subscribed five or six hundred thousand
dollars, and afterwards for more Did not re-
member the date when he had the converse.
ton with MIR. Stevenson, but he knew it was
after that gentleman offered the resolution in
the House, as witness laughed at him about
the resolution, ard telling hia (Stevenson) he
had hold Of the wrong road Never heard of
the resolution until Mr.. Stevenson offered IT,
Mr. Blaine then questioned Mr.. Stevenson
as follows:
luestlon-Did you have an anonymous or
other kind of letter from Iowa on this subject
before you offered the resolution?
Answer-Ncnc whatever.
Question-IIaye you ever spoken of having
received such letter?
Answer-No SIR
Question-Didy you ever say to any one that
You thought you had caught the Speaker?
Answer don't remember
Questionable you have such a converse
ton with Senator Stevenson of Kentucky?
Answer don't remember had a CONVEX
sation with him on the subject
Question-And you said, 81, have caught
the Speaker"
Answer-Not in that rough way. | NAV
have indicated that had something which
would implicate the Speaker in land grants.
Question1Do vou think your controlling
motive was for the public good or to catch the
Speaker?
Answer-My object was to catch the Speak
er, if he was involved in this road, and said
further, that if the Speaker of the House was
engaged in such transactions, it was equal to
dealing in Credit Moblier stock.
Mr.. Blaine was then sworn and made the
following statement: The Iowa Falls and
Sioux City Railroad is about one hundred and
eighty miles in length. 1t was begun in 1860
and flashed in the autumn Of 1870. 1t never
received IN acre of land by direct act of
Congress. The State of Iowa gave to the
company the remnant of the old land
grant made to the State in 1856, amount
ing to triile over 5000 acres to the
mile. The road was built by contracting
company entirely Of cash. The capital of the
contracting company was between six ard
and seven million dollars and the amount
necessary for building the road was levied
upon the stockholders Of this company pre-
rata by direct assessment.
The total assessments were, | think
about sixty per cent, Of the whole, or shade
over four million dollars. In this contracting
company my particular and highest valued
friends Messrs. A. & 2. Coburn, the wealth.
est men of Maine, and as good men as ever
lived, took two hundred thousand dollars of
stock, and paid their assessments in hard cash,
amounting to'about one hundred and twenty
thousand dollars, all within period, think
of eighteen months.
When completed the company issued bonds
on the road for $4,000 per mile and stock to
the amount of S25, 900. The bonds at the
time of the issue were worth $50 and the
stock about $50, so the contracting company
go. securities worth S27,0 goo per mile in cash
when the construction of the road had actu-
ally cost them about $23 900 per mile in cash
in advance. Their profit was prospective in
the anticipated use of the bonds and stock,
profit not yet realized. In January last, Just
a year ago, in settling up some business with
the Nessrs. Coburn, | took from them guam
titypf the stock of this road, for Which paid
about $50 in cash; that was the first of my
ownership in the road. | hold the stock in
my own name, and the transaction is ore
which Congress, in my Judgment, is no more
called upon to investigate than it would be to
enquire into the weekly expenses of my house.
hold, but ut the same time wish the Com
mittee to understand that make this explain
alton without the slightest reluctance.
In answer to n question by Judge Poland
Mr.. Blaine testified that he never had q dol
lar worth of interest in the road till 1872.
The road was chartered by the State, the
land donated to it to by the State, and it
was accountable to the State; and it could
not possibly come before Congress for any
thing; and spoke as follows:
Il must say, with all due respect to Mr..
Stevensons better Judgment, that consider
an investigation into the weekly expenses Of
my household as legitimate as this
Judge Poland-Do you know of any other
member of Congress interested in the road?
Mr.. Blaine-"Mr Ames says he is and +.
A. Pike, formerly colleague of mine, pur-
chased twenty thousand dollars worth of
stock in it, he acquired it in an honorable
manner and paid the money for it."
BY Mr.. McCreary-Has this work any con-
necton with the Union Pacific Railroad?
no more than it has with the Baltimore and
Ohio or New York Central.
Mr.. Blaine further testified that he owned
SIC shares, for which he paid $4,000, and
had ever since been living in the hope that
they would draw dividend but up to this time
they had not. Laughter.)
lie was not generally in the railroad
business; would like to be more.
by Mr.. Stevenson-Do you know how
much the Coburns' invested?
Mr.. Blaine-If you want to put them on
investigation / will send for them.
What was the value of your transactions
with them?
Answor-do you mean in regard to this
matter, or timber land in Maine, or coal land
in Pennsylvania? IF you would like an in
terost in this railroad, Mr.. Stevenson, | will
sell it to you upon slight advance over what
| paid. Uaughter)
Mr.. Stevesuon-Thank you l prefer to
wait till get out of Congress.
Mr. Blaine-Well that will be on the 4th
of March, (great laughter), and will agree
to take il all off your hands when you are re-
elected. (Renewed laughtcr.)