New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-04-25

And this closes the testimony have wished to offer
Several newspapers, Of them doubtless from
friendly motives have urged that should ask for COM
mittee to investigate these charges. might have done
that and awaited the delay and slow progress that newt
ably attend all Congressional Investigations. Three and
half years ago moved committee TO Investigate the
Credit MObller charges, and though every particle OF
proof In complete exculpaon Of myself was before the
Committee I'm SO hours after its first meeting, was com
PEELED to wait for than two months, indeed 20 full
days. before got public report generating and vind-
eating from the charges. II had asked for COM
mittee to investigate the pending matter should have
been compelled wait its necessarily slow action with
charges all the while hanging undenied and I'M
CATION. which had myself asked, propriety would have
forbidden my collecting and publishing the decisive
| have deemed that the shortest and most expeditions
mode of vndication was the one which was Dona 70
choose by every consideration OF myself personally ana
OF UNOFFICIAL relations. have not omitted the testimony
| OF single material witness to the transaction on
which the accusation against me ia based and unless
misapprohend the scope and lorce O the testimony ~
leaves charge against me. In any and all events ai
ready to submit the whole matter the candid Judgment
OF the House and the country ana IL he Rouse ninhe
press my entire readiness give all the assistance in my
power 10 make the investigation thorough, as rlBu,
| and as impartial as possible A., . A.
TO give seeming confederation foundation to the
story which have disproved the absurd rnmOr ms S
owner Of from $4,000 S25o,6o6 of the Little Rock
and Fort Smith Railroad bonds which received W1 St
consideration and that Il was from these bonus r
Thomas A. Scott received his $4,000 Inc stateness 70
appears any where for this unfounded story but In dis
missing It desire TO make the following eAphct s'"0
ment:
THE WHOLE STORY OF THE INVESTMENT.
More than twenty-thrce years ago. in the closing days
OF Mr. Flmore's administration, the Government
granted to the State OF Arkansas some pubic h'hus
within its limits to be applied to the construction Oh
railroads that state. The Legislature OF Arkansas III
corporacd tho Little Rock and Fort smith Railroad
Company the year and gave to the Company por
ton OF the lands had received from the General GOV
ernment to aid in the construction OF the road ABOUT
5000 acres the mile. think but the Company were
unable any money for the enterprise though
they made the most strenuous efforts and when the
war broke in 1861 eight years after the state had
given tn lands the Company, not mile OF the road
was built OF course. nothing done during the war
After the NIL the grants OF land previously madt 70
ne southern states "epo e. 6 r smith CompaHy
again received grant from the STATE ana aga IT, 80
raise money bald their road but 1862 l9Oo lso'
passed without their getting dollar. ~,
Finally, toward the close OF lst4 company OF 1oS
TON gentlemen representing considerable capital under
took lis constructions In raising tbs requisite means
they placed the bonds on the New-Engand market N
the summer OF 1860. Offering them on terms which
seemed very favorable to the purchaser ana Offering
them time when inyenimens Of this KIND We're Ia
PIE in New-Englnd and other paris OF the country,
bought OF these bonds not very large amount,
paying them at precisely the rate that olheis
paid heard and do not believe that the Little
Rock Company. which know is controlled by highly
honorable men, ever parted WIN oQhu 10 any lcisun
except the regular price fixed for their sale lie en-
the same time lost a considerable sum OF
money. 10000. by my Investment, ana
presume New-Engand made net loss OF S2O00OOO In
completing that road for Arsansas IA she has lost over
the lst twelve years. In addition TO my Investment IN
the Company when II met its first financial troubles
Proceedings are now pending 10 the United st rcsor
for the reimbursement ~ The money 80 advanced AZ
the bonds which ever purchased continued 10 mold
aud when the Company rcorcnnizcd in 1874 | eN-
changed them for stock and bonds In the new concern,
which still Ny whole connection win the roah
has been open the day II there mad been anything TO
conceal abou, n | should never have touched H.
wherever conccalmcnt IS do'irabe avoidance Is nc
ylsaOlc and do not know any better test 10 Apply 70
the honor and fairness Of a business Transaction.
A PROPER ISVHsrMEnr.
As to the question Of the proprety involved in mem
Der OF Congress holding investment OF this kind, II
must be remembered the lands granted to the state
OF Arkansas ana not the railroad company and that
the Company derived s life. franchise, and value wholly
from the state and 10 the the Company amcnabe
and answorab and not IN any sense to Congress since
purchased bonds. but act OF Congress has passed
In any way touching the subject aud that was merely to
roctify previous mistake In iegtalltion take II when
any security from Government bonds To town scrip Is
offered at public sale {? any one wh2 can gay i"d ~
Representative from the Investment on Tue GROUND mat
i'm some secondary way the legislation Of Con
scn Won exclude every man this floor not only from
holding Government bond OF share IN Hhllona
bank. but also from owning a nock 3i sntep
"a heli Of hemp or a Tobacco P', , i
n ipu mi q furnace,
tercsts vitality affected by ia. taIln l,Ii-aiioh On
which We vote ~ every 'ssion, and oi winch an IMPORT
an, measure IS even now Prnalg IN tLe n I'll, I
Rock and Font Smith bonds were placed on tue uaIne
few investments that nave NOT Deeu NOR
by the legislation OF congress bnl .lis u.s. w. t ~
qiiire TO be shielded 10y any such c0mpar- rs OF ea
ons for repeat that tle i1ig ocs 'onu d n frn,n
Congress II ~ tho discretion oi tonSicss 10 CIV
or withhold from state but II was solely within lnc
discretion the state To give or withhold from The ttio
Rock Railroad Company.
THIRD PHASE OF TIE sIANDEB.
When tho Little Rock Road fell into the financial trouo
cs Of which have spoken there were certain interests
connected with It that were under peculiarly pressing
embarrassment and that needed relief There had been
u different times very considerable talk about inducing
the Atlantic and Pacific road. which on Its southern
branch WAS to be connecting link east and west with
the Little Rock and Fort Smith, and the MISSOURI Nan
sas and Texas roads, which would be connecting
line both north and south NJ the point OF Junction.
n aid the Little Rock and Fort Smith enterprise by tax
ing some OF its securities practice very common among
connecting roads To both these roads the completion OF
tbc title Rock road Of very great Importance Ac
cordngly in the Spring Of 1871 when only one coupon
Lad been passed By the Little Rock Company on one
series OF s bonds and passed on the other ana
when there was sangune hope OF getting the enterprise
ON its feet again. the Atlantic aud Pacific Company TOOK
100000 Of ts stock FOR the gross sum OF S70ooo ana
the Missouri Kansas and Texas. II remember correctly,
,ool half be amount at the same rate This done,
MOI for the corpora itself but for an Interest largely
engaged in the construction OF the Toai, o,,a,ors
with tho circumstances attending the NEGOTIATIONS
with the Atlantic aud Pacific road was entirety Ia
mar and with several Of Its officers have long Dcch
we / acgunntcd / also knew OF the negotiation with
the Missouri Kansas and Texas road mo gu never 10
my knowledge saw any OF ts oesrs, I hnt in the
case OF both roads desire TO say that the Dohu SOU
them did not belong to me- nor dln 'o OILY h o ,her
pccunlary interest," III '"o ""o''
'V The in amous insinuation made in certain quar-,
In