The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-03-30
no. 1e LINcoLN,s INy FIELps.

pending suit and the following note in tho way of ex-
planation:-
No 10 TINcoLN's INS FIELDS. |
LONDON, w. c., March 0, 1876.
SR-The writ issued by us was served upon you
under the impression that you had resigned post
OF Ambassador here We beg apologize for the mis-
take so made beg that you viii the pro-
ceedngs SO commenced as abandoned Yours 96edi-
His Excenency, General scnENcK, Washington, United
States OF America
DEPARTURE FROM ENGLAND.
Mr. Monroe remarked to Mr. schenck that it bad
been said that he had lett England without taking leave
OF the Queen.
Mr. schenck replied that he camo home leave OF
absence; but not knowing his status, no did not
know whether he would return London. Tho usual
note was Lord Derby stating that ne was
leaving suddenly he not able to pay his personal
respects and that he had lett the legation in charge Of
Colonel Hoffman 1t was usual that the resignation of
n Minister take effect the appointment Of his sue
cessor and a successor had not yet been appointed.
He supposed he still Minister, but leave Of alb
sence He left London for Washington for the sole
purpose of appearing before the committee
Mr. Hewitt then Intercepted the witness, who said
he had no inducement subscribe to the Emma Mine
stock except from what appeared In the exhibits
and representations concerning value Of tho
He was asked whether the giving him per on
his f10 coo investment equivalent to twenty
four per cent a year a bonus General Schenck
said he understood the company would divide that
much; Park said the stock was good thing and the
stock would pay such dividend; he had
never communicated the company or the directors
the fact that he had such a contract with Park: he
was asked become director subsequent TO the date
OF his contract with Park when he SAID he had paid
dollar for dollar he that had gwen his note
10 Park which created debt; the guarantee given
him OF two per cent a month before the organza
t,a Of tho
amount of dividends was. made-namey, one and
half per cenI-and he modified his contract with
Park accordingly.
THE CONTRACT WITH
The examination yesterday and oday developed the
fact that Mr. Schencks TO Park for fl0, 900
for his 500 shares of stock, which Schenck paid
first f5oo cash. then FL s49 this being his on
the sale of some Emma Mino stocks; then further
credit OF e. 500 in December lS71-this e. 800 con-
sisted of $500 cash, which had been given by Schenck
to Park just before the latter left London. schenck
heard credit had subsequently been given HIM OF
e. 900 apart from this $500 cash, and he wrote
Park in May 1875, know what the credits on
tho note, and ascertaned by letter, which pro-
duced that the last credit the note was e. 500.
This in the final settlement in May, 1875 explained
by Park as including, with the $500 cash paid by
Schenck Park leaving London, $4,000, which
had been enormously received by Albert Grant
missions on the 500 shares sold, by Grant but by
PARK, to schenok and which Park insisted schcnck
was entitled to receive.
SETTLEMENT
At the settlement after the calculation OF all inter-
est there vas found due from schenck 10 Park an
amount equal in American currency, TO $50, ZOO
Park insisted on allowing to Schenck balance OF over
$4,000, shown by the books OF his bookkceper,
CANCER, to be due Schenck interest, to which he
was entitled on the purchase and sale OF stocks
Schenck he utterly refused TO receive any such
credit and insisted on paying or setting in some way
! as best he could of his the balance OF the
note. This done by payment Of about 81, 700 in
cash and by turning over to Park certificates OF pad
/ up stocks the Vermion Coal Company of Illinois,
! the National Insurance Company OF Washington and
! in another company or companies TO the amount Of
/ $50 600 and promissory note of NJ Woodruff for
$4,000 more, with the right to redeem the stock In
! four years.
the above settlement He calculated that Schenck in
OF being out Of pocket was in pocket $500 by
the transactions. Mr. Schenck SAID he wished he could
view that light Mr.. Hewitt said he had proceeded
very carefully in his questions the theory that Mr.
Schenck made bond fde contract with Park but the
point remained why Schenck having turned over his
property to Park should continue 10 receive tho dvi
receive the dividends which 81 100 the
ance and coal Stocks continue for four years,
within which time he had the right TO redeem tho
| stocks paying both principal and interest
Mr. Hewitt said the suggestion was still open that nc
the end OF the four the stocks might be returned
Mr. schenck replied that Mr. Hewitt might as we'll
say the same thing as to the mortgage OF his house in
! Mr. Hewitt remarked that he never knew a mort
gagee TO collect unless for his actual protection
! Mr.. Schenck understood that man might draw In
terest on mortgage stock as well as on mortgaged
| house
Mr. Monroe asked Mr. schenck whether II did not
him that while Mr.. Park was bestowing avors
HIM he thus acting IN order TO secure his inu
! Minister of the United States In the Emma
nine transactions
| Mr. schenck replied that It occurred TO him
that Park seeking his influence In that direction.
He believed Park TO be liberal ana generous ma but
I having been Instrumental in bringing him into tho
\ Emma mine speculation he was DESTROYS OF assisting
\ him out OF difficulty.
CURED him that Park. by his personal kindness,
! wished to have him serve manager or directory
! Mr. schenck did not 50 understand, but he had no
/ doubt Park and others would have been glad TO havo
him a manager or director There was time
in 1873, when, knowing what 10 think about the
NINE he wrote 10 Park, whose letter in reply he gave
/ IN evidence yesterday The letter went into
| PLANTATION of the condition OF the nine
Mr. swami wished TO know II MT Schcnck now held
the doctrine heretofore expressed TO Secretary
Fish, that while holding the position OF United states
Minister he had the right to 90 into the stock market
and invest money without reference 10 his obligations
TO the government
Mr. Schenck answered that long as he did not
offend against public propricty he had right 10 buy
and sell any kind OF property, whether AS Minister,
member of Congress, occupying any other capacity
Mr. Swami asked Mr.. schenck Whether be consid-
cred no had right to engage N speculative stocksY
! Mr. schenck replied he thought he had a right 10 buy
and sell such stocks. II would not, however be com
mcndabc to go into the stock market because this
might be considered inconsistent with his position
Minister hut " he could buy ana sell stock In good
companies other kinds OF properly he should be
prevented from doing because CT bis Official posi-
Il lion.
Mr Swami said Isl understand yos TO say you have
the right TO invest In what you please as American
/ Minister irrespective OF your obgatpns TO the gov
! ernmentfn
/ Mr. schenck rcpliod-"If II DO an honest enter
prise"
| Mr. swann-That is another question.
Mr. Schenck repeated he had right 10 invest in any
honest enterprise while acting IN an official capacity,
! and no one had right TO censurc him Tor delng
/ MT Faulkner asked what was tho reputation OF the
Portuguese Minister whose presidency Of the lisbon
Tramway Company taken by Mr.. Schenci
precedent for serving q director Of the Emma Nine
Company
Mr. schenck briefly spoke OF the public servcei OF
the Portuguese Minister, saying his character wasex
cellcnL
In the course OF the examination Mr.. Schenck aid
he made a mistake IN permitting his name 10 be ued
as a director Of the Emma Nine Company, and tbs
gave him more concern than anything else connected
with the matter; he might be obtusc but he could lot
In a nnrul nncnnlnn 4 dLrc