National Republican. (Washington City (D.C.)) 1872-1888, 1876-04-25
F0RTY-FoURTH CONGRESS.
PROVED UNSUCCESSFUL,
(Confinutd from Firs. PGgt.)

highly honorable mtn, ever parted with bond
10 any person, except at the regular price fixed
for their sale. The enterprise, though appar-
antly very promising,
PROVED UNSUCCESSFUL,
as so many similar projects did about the same
time. ] lost considerable sum Of money-over
s2O,00Q-by my investment and presume New
England met net loss Of s. 600 900 In completing
that road for Arkansas as she has lost over 800,
600 by similar ventures West and South
within the last twelve years. In addition to my
investment in the bonds, united with others in
raising some money TOR the company when It met
Its tirst financial troubles.
Proceedings are now pending In the United
party Of record, for the reimbursement Of the
money so advanced. All the bonds which ever
purchased continued to hold, and when the COM
for stock and bonds in the new concern, which
still own. My whole connection with the road
has been open as the day. Ifthere had been any
thing to conceal about 1t I should never have
touched 1t. Wherever concealment is desirable
avoidance is advisable, and do not know any
better test to apply to the honor and fairness Of
As to the question Of propriety involved IN a
member Of Congress holding an investment Of
were granted to the State Of Arkansas, and not
to the railroad company, and that the company
derived its life, franchise and value wholly from
the State, and to the State the company is amen
able and answerable and not, in any sense, to
Congress. Since i purchased the bonds but one
act Of Congress has passed in any way touching
previous mistake in legislation. / take It when
any security, from Government bonds to town
scrip is offered at public sale to any one who can
ff fyyO 51f IT. every AMERICAN ''''1en Is if'e 10 0us
EXCLUDE A REPRESENTATIVES,
from the investment on the ground that in some
secondary or remote way the Legislation of Con-
gress has affected ar may affect, the value of the
article, then you exclude every man on this floor
not only from holding Government bond or
share in national bank, but also from owning q
f0ck Of sheep, or a field of hemp, or q tobacco
plantation. or a cotton mill, or an iron furnace;
for all these interests are vitality affected by the
tariff legislation, on which we vote at every SEES
now pending in the Committee of the Whole. In
the seven intervening years since Little Rock and
Fort smith bonds were placed on the market 1
affected by the legislation of Congress. But this
case does not require to be shielded by any such
comparisons or citations; for repeat that the
Little Rock road derived all It had from the State
of Arkansas, and not from Congress. 1t was in
the discretion of Congress TO give or withhold
from the State, but it solely In the discretion
the State to give or withhold from the Little
Rock Railroad Company.
When the Little Rock road fell into the fnar
cial troubles Of which have spoken, there were
certain interests connected with it that were
under peculiarly pressing embarrassment, and
that needed relief. There had been, at different
times, very considerable talk about inducing the
Atlantic and Pacific road, which, on its Southern
branch, was to be a connecting line East and
West with the Little Rock and Fort Smith, and
would be
CONNECTING LINE
both North and South at the point or junction, TO
aid the Little Rock and Fort Smith enterprise by
taking some Of its securities, practice very COM
roads the completion of the Little Rock road was
OF very great Importance. Accordingly, in the
spring OF ISL, when only one coupon had been
Of its bonds and none passed on the. other, and
when there was sanSuine hope Of getting the en-
terprise on its feet again, the Atlantic and Pacific
company took one hundred thousand of its bonds
and one hundred thousand of its stock for the
gross sum of $4,000, and the Missouri Kansas
and Texas, If remember correctly, took half the
amount
At THE SAME RATE.
This was done, not for the corporation ITSELF but
for an interest largely engaged in the construc-
tion of the road. With the circumstances attend
ing the negotiation with the Atlantic and Pacific
road was entirely familiar, and with several of
its officers have long been we'll acquainted. I
also knew of the negotiation with the Missouri.
anu I1a ny nSaa tHIusn never to my
an interview with any Of them on any subject
But, in the case Of both roads desire to say that
did have one dollars pecuniary interest in the
whole transaction with either company.
The infamous insinuation made In certain quar-
tiers that engaged to use my influence in Con-
gress for the Atlantic and Pacific road, and also
for the Missouri Kansas and Texas, In considera-
ton Of their purchasing these securities, hardly
companies SO far as have known the one and
heard of the other are heightened and honorable
gentlemen, and they would have Justly spurned
me from their presence had been willing to SUBJ
nit an offer so dishonorable and mutually degrad-
ing. had no pecuniary stake In the negotiation
and l should have loved infamy for infamys sake
had bartered my personal and official honor in
the transaction; and am sure that every man
connected with either company would repel the
dishonoring transaction as warmly as do myself
The whole affair had no more to do with Congress
sional legislation than any one of the ten thou
sand similar transactions that are constantly oc-
curing in the business world.
OF o like character with the insinuation lust
answered is that which, in an irresponsible and
anonymous way, attempts to connect the owner
ship Of Little Rock and Fort Smith bonds with
the legislation of last winter respecting the State
government Of Arkansas.
THERE ARE SOME ACCUSATIONS
which it is difficult TO repel with SUFFICIENT force
because Of their mixture Of absurdity, depravity
until within few days, and Iventure TO say there
is not o responsible man In the country, Of the
slightest sense who can discern the remotest con-
nection between the two things that are alleged
TO have an intimate and Infamous relation.
Let me now, Mr. Speaker, briefly summarize
what have presented:
]. That the story Of my receiving se4, 900 or any
other sum of money or any other thing of value
from the Union Pacific Railroad Company, d.
recty or indirectly, or in any FORM is absolutely
2. That no bond Of mine was ever sold to the
Atlantic and Pacific or the Missouri, Kansas and
Texas Railroad Company, and that not single
dollar Of money from either OF those companies
ever went to my profit or benefit.
3. That instead of receiving bonds Of the Little
Rock and Fort Smith road as q gratuity, never
had one, except ut the regular market price, and
that instead Of making large fortune out of
that company, I have incurred q severe pecuniary
loss from my investment in its securities which
still retain; and out of such affairs as this grows
the popular gossip Of large fortunes amassed in
Congress.
can hardly expect Mr.. Speaker, that any
statement M hose
who have so ndustriously circulated these calum-
mics. For months past the effort has been ener-
private circles Emissaries of SANDER have visited
the editorial rooms of leading Republican papers
from Boston to Omaha, and whispered Of revela-
tions to come that were too terrible even to be
spoken in loud tones and at last the revelations
have been made.
1 am now, MIR. Speaker, in the fourteenth year
Of not inactive service in this hall. I have
taken and have given blows. I have, no doubt
said many things in the heat of debate which
would now gladly recall; | have, no doubt, given
But have never done anything in my public
career for which I could be put to the faintest
blush in any Pr, ssnce, or for which cannot an.
swer to my constituents, my conscience, and the
great seareher of hearts.
: Mr.. BUCKNER then called the previous ques-
tion on the bill which was pending, and it was
seconded.
Ths substitute offered by Mr.. NEAL was adopted,
1ol to 49,
Tn. mir: .ilird reading of the bill was ordered.
Mr.. SPRINGER, Of Ill, called Tor the Ssad,Gg
of the bill.
Pending this, on motion Of Mr.. RANDALL,
the House, at 40 p. m, adjourned.
One of the most wanton and brutal cases Of tor
ture to O live animal ever recorded has occurred
in Shrewsbury, Eng. A farmer was convicted Of
having cut q hens ''cropn while she was alive.
She was found the next morning, with her
chest cut open. When Intercepted about his
motive, he said that he had lost a bag of wheat,
and, suspectipg a neighbor, had cut out the crop