Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-04-25

I 8YOidauce Is adViSADtei ana 90 NOT
know aUy better test to apply to the
/ honor and fairness Of business traDsac-
tien. As to the question OF pr0prlety
/ involved in members Of congress
| holding an investment of this
| kind, it must bo remembered that
the lands were granted to the
State ofArkansas and not to the railroad
company and that the company derived
its life, franchise, and value from the
State, AMI TO the State the company is
amensble and answersble, and not in
any sense t0corgress. Since purchased
the bonds but one act OF congress has
passed In any way touching the subject,
and that was m srely to Tectify preYi-
GUS mistake in legislation. take it that
when any security from government
bonds or town scrip is offered at Lubiic
sale, to any one who can pay for it, ev-
cry American citizen is free to buy. II
you exclude representative from the
investment, on the ground that in some
secondary or remote way the legislation
OF congress has affected or may stfect
the value Of the article, then you ex-
c!ude every man on this floor, not only
from holding government bond or 3
share in g. nationsl bank, but also from
owning 8 Il pck of sheep, CT a field Of
hemp, or tobacco plantation, or cotton
mill or iron furnace, for all these interests
are vitslly affected by tariff legislation,
on which we vote at every session, and
OF which an important measure is even
now pending in committee OF the whole.
In the seven intervening years since the
Little Rock anu Fort Smith bonds were
placed on the market, I know OF few
investments that have not been more
affected by the legislation OF congress;
but this case does not require TO be
shielded by any such comparisons or ci-
tations, for I repeat that the Little Rock
road derived all it had from the State OF
Arkansas, and not from congress. 1t
was in ths discretion of congress to give
or withhold from the State, but 1t was
solely ia the discretion OF the State to
give or withhold from the Little Rock
railroad company. When the Little
Rock road fell into the financial troubles
Of which ] have spoken, there were GER
tain interests connected with it that
were under peculiarly pressing embar-
rassments and that needed relief. There
had been at different times very consld-
cradle talk about inducing the At
latte and Pacific railroad, which
in its southern branch was to be q con-
Meeting link, east and west, With the
Little Rock and Fort Smith and the
Missouri, Kansas and Texas road, which
would be 8 connecting line, both north
and south, at the point Of Junction, to
aid the Little Rock and Fort Smith en-
terprise by taking some OF its securities
"a practice very 1mmOn among con-
Meeting roads. 10 both these roads the
completion Of the Little Rock road YVES
of very great Importance. Accordingly,
in the spring of 1871, when only one
coupon had been passed by the Little
Rock company on one series OF its bonds,
and not passed on the other, and when
there Wss no sanguiue hope OF
getting the enterprise on its feet
again, the Atlantic and Pacific
company took ten thousand dollars
of ifs bonds, and one hundred thousand
OF its stock for the gross sum Of seventy
nine thousand dollars; and the Missouri
Kansas snd Texes, if remember cor
rectly, took bali the amount at the same
rate. This vas done, not for the corpo-
ration itself, but for an interest largely
engaged in the construction OF the road.
With the circumstances attending
the negotiations with the Atlantic and
Pacific railroad / was entirely familiar.
with soVuIaI Uf It's UnlCCrS I have long
been ACQUAINTED. I also knew of the
negotiations with Ae Missouri, Kansas
and Texas railroad, though / never, to
my knowledge, saw any Of its officers,
and never had an interview with any Of
them on any subject, but in the case of
both roads desire to sSy that the bonds
sold to them did not belong to me, nor
did have one dollar pecuniary interest
in the whole transaction with either
company. The infamous iDsinuation
made in certain quarters that l engaged
to use my influence in congress for the
Atlantic ard Pacific road, and also for
the Missouri, Ksnse9 and Texas road,
in consideration OF their purchaling
these securities, hardly merits notice.
The officers and directors of both COM
psniCs, 50 far as 1 have known one and
heard of others, are high-toned, hOnora-
BILE gentlemen, and they would have
Justly spurDed me from their presence
mad 1 b2en willing to submit an offer so
dishunOrabls and mutually degrading.
I had no pecuniary stake in the nego-
tiation, and l should have loved infamy
for infamy'5 sake had bartered my per-
sonal and official honor in the transsc-
ton. am cure that every man connect
ed with either company would repel the
dishonoFing suggestion as warmly ss L
do myself. The whole affair he's no
more connection with congressional Leg
islatiOn than any one OF the ten thou
sand similar transactions that are con-
SANITY occurring in the business world
of q like character. With the insinuation
just answered is that which in an ire
sponsible and anonymous way attempts
to connect the ownership OF the Little
Rock and Fort Smith railroad bonds
with the legislation of last winter. Re-
specting the State government of Arkan-
SAG, there are some accusations which
it is difficult to Tepel with sufficient
force, because of their mixture OF sb-
suIdity, depravity and falsehood.
never heard this stupid SANDER until
within few days, and venture to say
there is not responsible man in the
country, of the slightest sense, who can
discern the remOtest connection between
the two things that are alleged to have
an intimate and infamous relation. Let
me now, Mr.. Speaker, briefly summs-
rize what have presented: First-that
the story Of my receiving sixty.fOur
thousand dollars, or any other sum Of
money, or other thing of value, from
the Union Pacific railroad company, di-
rectly or indirectly, or in any form, is
absolutely disproved by the most con-
elusive evidence. Second, that no land
OF mine was ever sold to the Atlantic
and Pacific, or the Kansas and Texas
railroad company; and that not single
dollar of money from either Of these
companies ever went to my profit or
benefit. Third, that instead OF receiv-
ing bonds of the Little Rock and Fort
Smith railroad as gratuity, / never
had one except at the regular market
price, and that instead OF making large
fortune out of that company / have
incurred pecuuiAry loss from my in
vestments il its securities, which still
reteip. And out OF such affairs as this
grows the popular gossip of the large for
tunes ama9sed in congress. l can hardly
expect, Mr. Speaker, that any statement
from me will stop the work OF those who
have so indGstrlously circulated these
calumnies. For months past the effort
has been energetic and continuous to
spread these stories in private circles.
Emisssries OF slsnder have visited the
editorial rooms Of leading Republican
papers from Boston to Omaha and whis-
peTed OF revelations to come that were
TOO terrible, even to be spoken in loud
tones, and at last revolutions have
been made 1 am now, Mr.. Speaker, in
the fourteenth year OF a not inactive