New-York tribune., 1874-12-11

MR.. ROACH ON BRIBES AND CONTRACTS.
HE DOES NOT KNOW RICHARD IRWIN, AND NEVER
LOBBTD FOR sUBsIDY-TnE CONTRACT FOR
THE CONSTRUCTION OF FIVE NEW VESSELS NOT
SECRET ONE-AN ATTACK on sPECULAToRs.
TO me EdttOr Of The Tribune.
SIR: 1t is very clear even to an indifferent
observer that sharp struggle is going among the
"buls" and "bears OF WaLs as to the current price
nominal valuation which shall be given at this time
tue Stock Exchange to the shares OF the Pacific Mail
Steamship Company la this struggle TO realize profits
by the injury real apparent OF great and
useful enterprise, whether the tactics employed
OF The results attained, have personal interest since
my transactions with the corporation In question
satisfactorily adjusted up 10 the present date, and
have doubt its ability to meet all its out
standing obligations At the same time. for reasons Of
my own have from the first scrupulousy avoided be-
coming the owuer OF much o single share Of
the Company's stock. Tue real vaue OF these
shares indeed ordinarily little affected by the tricks
and raids OF Walst operators and actual holders for
investment watch the alternate ups and downs Of
the market uncOncernedly as an outsider like myself
If this latter the case should certainly
the silence heretofore, the malicious mis-
OF my own name Notwithstanding but unforu-
naly honest shareholders the present raid threat
something like very serious mischief TO their prop
erty.
s,,1rst then I wish to reterate my previously made
assertion that knew Mr. irwin" There doubt
less or was such person. and careful investigation
render 1t highly probable that on one occasion
met hIm aud was introduced TO him. My own reco
lection does not OF this fact but If be TACT
ever 50 well subs;anated Mr. Irwin is still in the same
position as some thousands OF others whom have sini-
larry met in the Of a long and busy life, bQt
whom, nevertheless, l never knew in any right and
honest use OF the phrase and whom fortunately un-
fortunately, should know il met them on the
street elsewhere without voucher for their Identity
on the part of somebody whom do "know." hit Is
insnuated or asserted that "know Mr. Irwin In con-
pecon with Pacific Mail transactions that would not
desire the public to know Of that nsnuaon OF asser-
ton Is utterly and unqualihedly false
S.condv: No living man will venture to assert over
his own signature that in any manner t. lobbied" di
rectly or indirectly TO secure the subsidy for the
Pacnc Mail Steamship Company or received one dollar
of paymeut in form account thereof The truth
Is that the subsidy called, Obtained before had
anything to do with the Companys contracts for the
china mail service. My connection Herewith began
afierward with the contracts for the construc-
lion of the steamships City OF Toxic and City
of Peking. freely admit or rather Claim
the mart which have subsequently taken in washing
ton with relation this affair. An Ubiquitous RAID IKE
the one now making was made upon the credit ana
Interests the Company in order to prevent their fu
dment Of their contracts with myself, with view TO
The success Of corrupt gambling transactions In WaEs
ord not without important comfort from powerful
Influences even yet bitterly and selhshy inimical
10 the building up of American commercial interests
unon the Pacific The claim was made IN the public
IN official and legislative circles in Washington
that the contract between the Government and the
fomnanv was void by OF my own failure TO com
ete ne ships within the time specified, aud my lob
bving consisted solely in determined effort to set the
matter in its true light for the Interests OF not the Com
many only but OF the future commerce and prosperity
Of the whole country There was not so much as sug
es,on OF corruption in about any OF the influences
mnloved nv me- directly indirectly. defy any man
,o cav that ever approached him or that he ever ap
oocbed me With the smilitude OF proposition for the
nse OF improper means in securing iegsla-
tive or official action As TO the "check"
for 5000 900 mentioned, defy any man TO
show that or anybody for me ever received check"
or anv other consideration in any form exceptn accord
snce with the express Of contracts and In the
course of honorable and legitimate commercial trans
actions The specific transaction referred TO occurred
nearly year after the obtaining OF the subsidy and
consisted of so simple and ordinary business matter
as mere exchange checks at the request OF the Com
pany. ,,
Thirdly: Neither the present nor any preceding
po.ra ~ Directors have ever at any time offered me
or any other bribe have traded my SER
vices" to them for that or any other sum-
Forthly: As TO the "secret contract" ludicrous as
the idea thing must seem to every one outside
NJ Wallst the purpose Of this letter compes me to
tender the public or that part OF the public whose
pecunary interests affected the following statement
NJ facts: The Pacific Mail Steamship Company In anti
c,paton OF the inevitable wearing out OF their wooden
wheel steamers and having only two iron ships
whose dimensions and capabilities complied with the
terms OF The law, decided 10 build five other ships
Two of to be OF the class OF the TOXIC ana
Pesng and three smaller size, about 5000 tons
rho secrecy with which this was done will appear
nv the re egular minutes OF meeting OF the Board OF
Directors held April 1874, eight out OF nine OF the
directors being present thereat including the
president Of the Company hmseli Unoer tne
resolution adopted G%%,see emes tbeTec 70 asce
tain AT what price the two large vessels cood De
oonstructed by John Roach Son. In the course oi
subseo mt negotiations the whole matter was Ieey
discussed in open Board. only one director
claimed by the President that the new SHIPS
ought 70 be obtained at less price than tne ioklo an
Pekng, consequence OF the lower Market price Vi
labor and material and this view was met In so prac
round numbers 81 200 each. the new ones are 10 cost
only 81 10000 each. saving OF about s4epO 10 the
Company. Material has been purchased and work done
on thos vessels They absolutely necessary 70 the
Company's stock, and intend TO use their infa-
euce WITH the Government 10 break down The
Company's credit and destroy Its usefulness. are TO
be permitted succeed may come 10 pass that no
.nsier vessels provided for at q subsequent meeting
we're also in like mauper put into the hands OF CON-
,nSttse Bids were asked for from tho wellkDown
hn,ders of NewYork. Wilmington, and Philadelphia.
nd were duly received. each party proposing to build
ono ship seS5,oo or d Tr ,h tne h me
conniry unless they could obtain them Ior soWoo each
The other parties having declined tnese 'eaJ t
cented the contract, preferring 10 40 tne w9rh
anal profit rather than that the sbp snou "a not oe
saving Of 9sooo and the ships are now 10 an
e their class IN tbe Woru