Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-02-17
The College Scrip.

The committee on INVESTIGATION of the sale Of
Agricultural College scrip had another meeting
last evening, in the Representatives Hall. {. Z.
Brown of Bangor, who had previously appeared,
gave in his testimony. He said that very few land
warrants were issued during the war; at that time
trade in them nearly ceased. Thought that from
1866 to 1876 the prices would average one dollar.
lie had not bought any of the college scrip, but
the general impression with him was that it ruled
low. 1t was with great reluctance that he had
come before the committee.
Nathaniel Wilson of Orono, testified 10 having
some correspondence with Gov Cony in regard to
the sale of college scrip, at the suggestion OF Amos
NJ. Roberts and George W. Pickard. They IN
structed him TO buy the scrip as low as he could,
but not to go IS cents. He didn't succeed in
getting any of the scrip, however. Had no con-
uecton with the college when the negotiations
were going on. There appeared to be no scrip
for sale at the prices they were willing to pay.
GOV. Coburn was called. lie had never made
any negotiations for the purchase of college scrip,
The second sale-paiiies VITO thinking OF
buving, he supposed. In his official capacity as
Governor, he had notified the general government,
of Names acceptance of the college endowment;
the Treasurer. lie didn't have any particular spec
ulative disposition to purchase the scrip. 1t was
reported that Smith & Lancey had the inside track
| on purchasing the lands. DIDN'T consider college
SCI p so valuable as land warrants, on account of
certain pr, ileges of location. At the time the
sec md sale was made OF college scrip, land war;
rants ranged from 60 to 81 cts He gave it as his
| opinion, a extensive purchaser of land, that
both sales Of scrip were fully up to their market
value at the time Of their sale. At the last sale
| ~ 10, d. hrol in vii he
government in the sale of lands. Dung the
testimony the Governor stated that he was the
| owner of "a 900 acres of land in Wisconsin, one
| thtd interest in AZ 600 acres in Michigan, and
had II 900 acres on the st. Croix.
| Mr.. 4. X. Harmon, broker in Portland, said
that he had kept scale of prices of land warrants
| from 1886 to 1870, with average of values. In
| 1860 warrants were worth 30 cents; IN 1861, 50;
| lSG2, 20; 1861, touched bottom, 90 cepts an
| acre 1865, Is; 1866, So 1867, SO; 1870, 81 10.
| During the war sales of land warrants slow,
| ard many had been returned that had been sold.
| Did not consider college scrip as valuable by one
| fourth as land warrants.
| l. X. Clark wa. called, but knew nothing Of any
| particular interest concerning the sale.
| Vim. X. Lancey testified that he had purchased
| % coo acres of the college scrip for himself and
Smith, and that else had anything to do
| with it. Considered land warrants worth one
| fourth more than college scrip.
| The committee then adjourned to this afternoon.
| Gen, Shepherd, the secretary of the committee,
received a telegram from DR.. Jordan yesterday
morning, stating that he did not receive the sum-
mons to appear before the committee until after
irain time yesterday morning. This is little sim
| guar, as the summons was sent Sunday night.
| Hon. Hiram Ruggies also telegraphed that his
summons was sent to Bangor. and as he was in
Carmel, it did not reach him in season to enable
him to appear last evening. lie will be in town
| to-day. DR.. Jordan says he will now respond to
! teleslam
Il viii be seen that the facts elected from the
gentlemen on the stand were to the effect that the
cole &c scrip was sold at fair price, at the mar
ket value and that shrewd business men and spec
ulators did not consider it tempting investment.