The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-09-01

Hon. Mr.. Stoughton. Neither that bar
nor the public has forgotten the, while MIR, !
Tilden, as one of the prosecutor. of Tweed. |
by his mastery analysis of the books of
the Broadway bank, secure. d evidence for
his conviction, the Hon. Mr. Stouphton
was found among the defenders of A.
Oakley Hall, a coadjutcr of Tweed. and
stated to the jury that ne volunteered that
defense on account of bis warm friendsbip
for the man. This speech of Mr.. Stoug-
ton and his announcement that he should
stump 1t continually during the campaign,
have induced me to reconsider my refusa,
as expressed to you on the 25th ult., of
your earnest request that ] should write
you my views of Mr.. Tllden's railroad
practice.
From 1855 to 1858 resided in New York
city, as vice-president of a western railroad,
and held stock or bonds of three others
during the period when they were all of
them reformed and reorganized under the
advice and counsel of Mr.. Tilden. Thus |
became acquainted with him in such
way as TO know pretty thoroughly his per-
sonal and professional character, and to
get an insight into what Mr.. Stoughtou
calls his peculiar practice Of wrccking rail-
roads.
The financial crisis of 1857 is well re-
memberod for its great severity. There
was general suspension Of specie pay
ments by the banks, and Western railroad
corporations, mostly built Cor partly built)
not for cash, but by sale of stock and bonds
at a discount, almost every one of them
west of the state Of New York went to
protest, and very many of them were in
fact, by sale under mortgage, reconstructed
upon reduced capital.
To INV roi1rpoI pprporetinn in euph n
condition of insolvency, a vital necessity is
TO find man of such legal attainments,
sound practical wisdom and integrity of
character that the great mass of dissatisfied
and discordant security holders will unite
In accepting his counscls, and following
his leadership in saving the common pro-
perty and putting 1t in sound financial con-
dtion.
1t was the good fortune of many
of these corporations that they secured
| Mr., Tiden's services and were wise enough
| to follow his advice. Three prominent ones
| corporations in which was personally
in.erested-were the Chicago and North
western, the ST. Louis, Alton IL TorrcIauie,
and the Chicago and Alton railroads. The
| first Of them represents q capital of about
| $50, 900, 600, the second about l COO 600, and
the Chicago and Alton a capital of about
| 10000 900, with ito common stock at this
date in demand in New York at 101b. An
| immense addition to the value of these cor
porste properties resulted from their re-
organization, probably not less than five
fold in either case, and their successful
career for the past twelve years is well
known to financial men all over the coun-
try. The work which Tiden did for these
great corporations was to lift them out OF
the slough of bankruptcy, and place their
property, greatly enhanced in value, in
possession Of their stockholders and upon n
basis of prosperity And for many ether
corporations, as am informed, Mr.. Tilden
did faving work of like kind.
Now, it it is charged that he grew rich
out Of this business, he may well admit the
fact and reply with truth thai for every
$40 900 he has received from the corpora
tions he has added million in value to
their property. The charge that Mr.. Til
den and the four other gentlemen who re-
organized the Terre Iiauie and Alton read
have stolen 100000 or moie of it's stock
and bonds falls to the ground before the
clear and decisive answer of those gentle
men published in the New York T1abunt
of August 9Th. This was what was cX-
pected by those who knew them. Mr..
Tilden's functions in this business were
mainly advisory the active management
OF the new corporation fell chiefly upon
Mr.. Charles Butler, who was for many
years president of the road, aud Mr..
Robert Bayard, both Of New York city
gentlemen whose characters are above Gus
picon or reproach. Mr. Charles Butler il
one of the noblest of men. He would suf.
fer his right hand to be burned to cinder
before he would touch a stolen bond or 9
stock certificate tainted with fraud.
AS to the consolidation Of the Galena anC
Chicago railroad into what is now the Chi,
cago and Northwestern railroad, the facts
in brief are these Parties IN Tho 'r'ereH'
Ur Tue latter road bought majority Of
the Galena stock. Prominent among then
was the Hon. VIM. b. Ogden of New York
for many years president of the Chicago
and Northwestern railroad company
, name alone is sufficient guaranty tha
there was no fraud or swindle, actual or in
tended, upon anybody. Under the laws Of
Illinois consolidation of the two proper
ties was effected, and upon equitabl,
terms. If there were any parties who suf
fered loss they were the persons who, al
great expense, contested the validity Of the
consolidation, for the purpose of getting al
extra price for their own stock. They
failed utterly, however, as the work of con
soldation, under the guidance of Mr.. Til
den, had been too thoroughly done to be
disturbed.
If there are any other allegations ahoa
in reference to fraud committed by Mr.
Tilden as railroad attorney, you may RES
assured that they will not be based upor
any evidence that is tangible, and such al
legations you may safely Sc. down as cam
paign lies. With much esteem, am,
Veiy truly yours,
j. w uIcKoE