Union and American. [volume] (Greeneville, Tenn.) 1875-1877, 1876-10-05
THE TRURH.


Eastern Argus says: In the words
of the Tribune, ave must lay
bare his (Tildeu's) true record
call it personal attack ifyou please
but above andbeyond al let the
truth be known though the Heav'
ems and all political parties fall in
consequence"
His true secord is just what i
propose TO give your readers in as
few words as possible. First, as
to the charge hat Tildea and his
associates in the reorganization OF
the ST. Louis, Terre Haute and
Alton Railroad stole q large
amount of its bonds
This charg) made against Mr..
Tilden regarding his transactions
with that road is a grave one. 1t
demands the careful scrutiny Of
all honest mem But a careful,
true statement Of all the facts,
Compel Iy exonerates him or them
from all improper dealing. What
are they concisely?
In 1859 (mark this date, for we
refer to it In the storyof the income
tax) this railroad defadlted inpay'
ing) the interest on its bonds; a
foreclosure was demanded and
Mr.. Tiden, jointly with three
othar gentlemen was selected. by
the bondhoIders to effect such fore
closure. These gentlemen constr
,uted what was known as "The
Purchasing Committee" and
bought the road, at the foreclosure
sale in accordance with an UNDER
standing had between them and
5ondao ders. 1ntaking the deed
of this roa |, they assumed heavy
responsibilities, which none but
sagacious practical clear headed
business men could discharge with
any hope for the future OF he en-
terprise. Bv consent aud full un
destanding with the bondholders,
they subsequently sold the road to
a reorgsniaed company, receiving
new securities, which they issued
to the old creditors in accordance
win an agreement made and .es-
tied with them. AS the holders
Of the title to the road, they were
compelled to settle the claims Of
these creditors. BY agreement
with the bondholders and all con
cerued three years were allowed
for the settlement down to 1861
inclusive. These eutlemen (ril
den and associates), although bav-
ing the right to exclude all persons
from the benefit of the organiza
ton after 1861, kept that privilege
opel to all parties in interest un-
iii 1868. In this reorganization
they not only assumed large liabili'
ties but performed valuable service
for which on remuneration was
provided except such as might be
provided by surplus of uuclaim
ed securities. After this sever
years, extension of time, balance
of unclaimed securities was appro>
priated to the payment of their
own services as Purchasing Com.
mittee,' the vaue of which at that
time was comparatively small II
amounted to a fraction more than
one-half per cent, ofthe securities
they had distributed, a brokers'
commission. There was at that
tine no concealment of these facts
not any complaint on the part of
the creditors. This was consider
ed small payment for their SER
vices, especially. iu view of the.
fact that their able management
advanced the securities from Eve
to eight time their original value.
Now who brings these charges y?
Why the present. managers of the
road, who had nothing whatever
to do with its reorganization, or
the able management which so
a jvanced its securities and whose
clailp now made and their charge
against Mr.. Tilden and associates,
are utterly unreasonable and u1-
Just. There can be no charge of
fraud or unfair dealing. The only
question which can possibly be
raised as to that reorganization is
the purely legal one as to the meth
od Of doing ityahd of that Gov.
eruor TAden knows more, and
moro intimately the laws Of The
several State touching railroads
than all his msligners together.
Nothing can be more unjust than
to attempt to cast odiumi upon
Governor Tiden, .as chairman Of
that committee, and oil fair mind,