New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-03-16

EXPLANATION OF Mr.. KINGS POSITION by ONE of
ms rR,rNDs-TBE ALLEGED BANK ACCOUNTS OF
Mr.. KING SAID To BE MERELY The RECORDS OF
HITTING OPERATIONS.
my TELEGRAPH TO THE TRrBUNEl
w.su,vcrox March l5-The Hon. VIM. 8. King
,s stn in Washington, protesting his innocence OF
.nv imnroper action in regard TO the Pacific Mail
subsidy and promising full vindication. MIR. King
saws that he has not yet been "interviewed by any
newspaper correspondent, and has not said dozen
words TO any one which could be used as the basis
for an interview Some Of Mr.. Kings friends still
seem 70 have faith in him. One Of them said to-day
that Mr. King would clear up all the dark corners
and make everything plain that no question as TO
his admission into the next House would be ralseu'
But he got the money! nterposed pystahuei'
"Of course: but not for anything he did in the
way of corrupting members in behalf of the subsidy
He had some dealings with Mr.. Stockwell and the
latter guaranteed him profit certain stocks and
bonds OF course he made Sl25OOo, and Mr.. Irwin
paid II TO him. but not a corruption fund"
Then why did he go to Canada "
"He bad the very best of counsel, and he went ov
advice; but when the House meets next Winter he
will voluntarily go before the Committee, either
with Mr.. StOckwell himself OF with his sworn atl-
dayit"
But there is the bank account interposed a
correspondent. who listening: "how does ne
get over that 7 lie swore positively tnau lie never
kent a bank account anywhere, and Jay Cooke az
Co.'S books showed that he had one here in WASH
ington and have heard that he had other bank ac-
counts in Newly and ST. Paul. How will he ex-
PLAIN thatp
Easily enough" was the reply. "Ile never did
keen bank account in the sense in which the term
Is ordinarily used that is, he never made deposits
and then checked against them He was always
short Of money, always giving notes, and always
having hard work TO pay Them For instance, ne
would he IN Minneapolis and need 5000; he would
give his note for the amount payable at Jay Cooke o.
Co.'S in Washington IN GO days, and getit discounted
When the note became due, he would seldom have
the money to pay aud so he would draw on q bank
In ST. Paul at three days sight and deposit the draft
with Jay Cooke & Co. to pay the note. At the same
time he would write to the st. Paul house asking
them 10 honor his draft to draw on him personally
at Washington for the amount and telegraph the
fact to hun. In this way he would put off the pay
ment Of the money for at least two weeks, and in the
mean time he would raise the funds meet the last
draft In the course of these operations each bank
would make several entries in their books under
account bearing his name, fact he never thought
of when he testified before tue Committee You
see that the explanation is simple enough. He will
come out all right yet, take my word for It,"
The explanation Of the bank account is ingc-
NOUS to say the least" was the remark tLat WAS
made in reply
"No il is not ingenious it is the TRUTH" was the
answer and Mr. King says that if the accounts IN
Jay Cooke & Co.'s books had been put in evidence
and an explanation Of them asked for, the matter
would have been made as plain as day."