The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1876-07-14

| LoSS on operating road, IN
1850, S2O0,0GO; 1856, say
SlO0,OO0 ............... 500. 900
.. *1,170,OD
Discount of 2s per cent. on
| bonds sold TO make up def
cheney -........-........... S13J. 800
| Total loss. ss..............S1, ,30j. 500
As the 'Galena Division was the only
portion that could have earned a divi-
dend at that time, this in reality comes
out of what that division would have
earned for itself if not consolidated.
and is equal to 90 per cent. on tile
whole stock of the original Galena road.
| ltfollows. therefore, that since Decem-
| Der 1st, 1864. those stockholders have
lost their dividends, otherwise certain
land probably of 10 per cent. and have
incurred, by consolidation with the Pc
| ninsula, a loss equal TO 90 per cent. on
the par of their stock.
TILDEN AN ANTI GRANGER.
These various railroad consultations
of Tilden and his friends, whereby rail-
road stocks were greatly watered, were
followed by oppressive rates CT freight
in the Northwest, out of which grew
the Granger movement resulting in the
enactment of the Potter law in Wis
consin and restrictive railroad legisla-
tion i'll other states. In proof of this,
we take the following from the pro-
ceedings of a convention of farmers
along the line of the original Galena
road held In 1866:
"WHEREAS, Under the present sys-
tenn of railroad combinations and 9th
er freight monopolies, the farmer and
producer has no redress, and is, by the
inadequate means of transportation,
compelled to give two-thirds of his
crop to get the other one third to mar
ket: and
''WHEREAs, We regard the present
system of transportation as little less
than semi-legalized system of plum
der, by which n combination of capi-
talists are rearing immense fortunes
upon the ruins of the producing inter
ests of the Northwest; therefore
''ResOt0ed, That, as we know of no
adequate remedy for the present
wrongs, or security against future OPP
preston, but legislation, we must turn
our attention to the law making power,
and demand such appropriate and efli-
cient legislation as will remedy these
evils, and thus teach corporations and
unholy combinations that the sovereign
people have rights which they are
bound to respect.
'ReSOtoed, That in order to carry
these principles into practical effect,
We hereby pledge ourselves to cooper
ate with the people throughout the
State in eleeting n Legislature pledged
to the same"
HOW THE WESTERN FARMERS WE'RE
OPPRESSED.
To show the eXactions to which the
farmers of that secti On were subjected
by the Consolidation Ring, we have
only to compare the rates of freight on
the Chicago & Northwestern road, in
1861, with those which were adopted
after Mr.. Ti.den had made bis appear
ance us counsel and Trustee The
Chicago Board of Trade Is responsible
for the following statement of the nc
ton in that regard of the Chicago u
Northwestern Railroad, which, their
report says, advanced its rates, as fol
lows:
Upon wheat, seventy-two per cent.
Upon coarse grains, twenty one per
cent.
Upon Hour, seventy-One per cent.
Upon lumber, thirty-five per cent.
Upon live stock, seventy-three per
cent.
Upon merchandise, eighty eight per
cent.
Upon passengers, fares, twenty eight
and one-half per cent"
The report of the Board of Trade
closes with the following significant
paragraph:
''From the present indications, there
seems to be determination to test the
relative rights of all by an appeal to
legislation. We hope that this may
not become necessary, but that poll
cy may prevail that, while it secures to
the people an entirely just considera-
ton, will not lead TO an enbarrass-
ment of our railway lines"
THE CONTINENTAL IMPROVEMENT COM
PANY.
This company was chartered by the
Pennsylvania Legislature in 1868. by
reference to the certificate of incor-
poration filed by this company May u,
1869, it can be ascertained that Mr..
Tilden held l., 900 shares $50, 000), 9, 900
shares (S100, ,000) being owned by Col.
Thomas A. Scott. This company made
n contract to build the Grand Rapids
and Indiana Railroad for u certain
amount of bonds and stock per mile
and its land grant, which consisted of
1,160, 600 acres of public land in Mich
igan. This seems to have been a prof.
table job, for the Report of the Land
Department of of the Continental In
provement Company, dated July 1,
| 1873, shows that 90, 4i3 acres of the
Grand Rapids and Indinna Railroad
national land grant were sold for an
average of Sl4 III per acre, exclusive
of village lots" thus:
90. 4i3 acres at $14 sc. 81 .405, ,041 u
| Express. Observation-Disclosures. 1866 u
Net profit. t..........$1,22 81 ,22S9, ,3G5 90
TILDEN AND THE CREDIT MOBILIER.
1t seems that even the gigantic Cred
it Mobelier job could not get along
without having Mr.. Tilden mixed up
in it, as the following extract from the
proceedings of the Congressional In
vestigating committee:
''Mr Hoar then asked Ames, who
| proposed this cunning scheme, by
which everything was placed in the
hands of the Credit Mobilier, and the
| following was the testimony "a it APP
pears in the official record
''Question by Mr.. Hoar-Wert you
not informed by the counsel who drew
this contract that this was violation
| of law!
| "'Answer by Oakes Ames. We
were informed by counsel whom we
| consulted that this issuing of stock as
a payment upon the contract for build
| ing the road was in entire compliance
| with law.
"sQuestion by Mr. Hoar - Who
were the caunsel that gave you that
| advicel
"'Answer by Oakes Ames-Mr. Sam
uelJ Tilden.'"
TILDEN'S RAILROAD PATENT.
Mr.. Tilden is looked upon a. the or
iginator of the system of bonds voting
at railroad elections. The following,
taken from the proceedings of Il meet
| ing of the stockholders of the st.
Louis, Alton & Terre Haute road,
held in 1875, shows what Corporation
| Counsel Whitney says of Mr.. Tilden's
operations in this respect:
| "' ResOLCed, That the committee
demand from the officers of the com
pany an inspection of the list of vot-
ing bondholders'
| Mr. w. G.. Whitney. in addressing
| the dissatisfied stockholders stated