New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-01-03

with ts result he agreed purchase 300 shares az 40
share the pree which otter siUckhOldefs paiu gu. ~
mS,us hong limited and that fit,t being commitments
To Mr.. Park tna6 gentleman agreed 10 lodn mn a.,
loan him, the necessary amount TO complete tne p t
chase For tie security of this loan cen p'euEeu '
slaree and gave Park collateral property DeiohguS 70
him I'M the United states fully suiceuJ 10 ncet inc "pl
CATION and Mr. Park agreed To guarantee 10 MN an nm,
dividend OF Is per cent payable monthly! oh
dcnd paid regularly by the COMPANY ir 10 t
10 Gen. Schenek and the other Stockholders; Al tno
time OF this agreement no proposition was Iade ni in
nation gwen him that Park stewart, or either OI te
desired MIN 10 of the directors Of the company,
nor did he receive such proposition unu several 1y
afterwards Being then tOd that ths wouu en "a C, mr.
to protect his own interests and the interests ol oe
American stockholders, and without thinking telS "a
any official imIropriety in DOING ne consented anu
was appointed director What induced MN 10 DeueNo
that there such impropriety wa, among 3ther
things, the fact tnat company had Deeh Ioreu uu
Portuguese charter for the construction OF steam tr
ways az Lisbon, of which tine Minister OF Portugal one OF
the oldest and most esteemed at ts oOuft, freu to
sinai the Duke of Saldanha, was the protector anu 'e
chairman the Board Of Directors ana ls STOCK was on
this marhet Neither at that time nor since has THIS s'ep
on the part Of the Duke been censlred =, ..,
The guarantee referred to- MI PARK nad oS ne 'eriS
the right To withdraw ut any time, and ana ia laGt "It
draw that IN truth, IT was no guarantee AT an. o
SchencK WAS 10 receive the amount apparently g'Ia,n
teed If the dividends were equal TO H. ana nothing fehy
by virtue of the giilaltee when that guar H.,
withdrawn What he did receive therefore Nus
dividends and wnen these ceased 10 he made ne rceNcu
nothing. Tne guarantee WAS OF no auValaE" ~ rin
whatever and did not place him In sitlai9n no,eI
than that OF the stockholders IL Is lossog, ~ s p
nose even n lac were ~ different character, tla
whatever that i'm doing he would do injustice to The
other stockholders. Soon after the 6eneiiu ptcahS
to appear aud AT resigned. 1t II proper also 10
state tnat before ne became director he asked w pe III
nation was given him in note IRON Mr.. Stewart datcu
the 3D. of November, 1871, and was TO tne ensot
mat they were gentlemen Of the highest respecta
blity and large wealth, including several hlempsIs
OF Parliament and extensive manufacturer, ndn,lnS
them His resignation wass,nt IN on Dee u, ISL wien
his official connection with the Company cc'i-' %
pant Of this PERIOD thats TO say Ito lo I'm I'm
issgna,,on, n any t"'ry the stock mad enhanced in
,alu from I'm
malie at the latter price lhc lnm',ao y"u ;a
the subsequent depreciation was the tact at tno niho
had cave M that large expenditures would be htces
sary Ia SIT IL again In order. IL must pe apparent "
every reader that, IL the enterprise bad proved 70 NC ~
permanent value the cruel charges OF when the ,iole,
been tine Ouje would never nave bcch ln'ic iio
never sold Ills siOce and holds II s and tue ioss to
him mas been one, eNhdusOug nearly al nls
available means lie has repaid tl5 loah haue MN wv
Park Lut 10 do SO has bcenODhged To dispose OF other
stocks and bonds. In word, then, what Gen
Schcnck did WIS n mere business Transaction 'n
tered into by him with fun beiitl, Whlch he VIE
author ed 10 entertain that 1t would nurc 10 his proh
ami this must have beeu the c'sc WIN al ihe dig ~!
s,OchnOldcIs 30 far IRON is htvns tulned OUT pIon
able, II been aud is qItc otherwise but me behe
hears the with the hlnncss when belongs 10 MS
character aud without TIE least eOhs,lolsuC Va, ~ ~
done anything gally morally wrong although as
he himself stated IN his Testimony, Il" Subsequently
Thought tlht III ntDmhE uic'"i ~ ..' a. -,
mistake. 10 must he satisfaction to hhn tidt MS HoF
eminent consutcd him, but on the contrary i'
acquitted MN OF any WIVns lu'l.ioh' s' =, ~
feet confidence In iis ahiiiy a. hlsltr"hu ne ht-
- know thai he stands wen Wlt lu1 Wv m 81 ~.
MAJ sty. and l. enabled Ia serve tue United states as wen
n n inc Eulno NINE lst never ptfl Auut'' W "
Iiht our representative AZ ono oil vac i'"' ~ t
Courts Of Europe should toe so mcrcissy asjir j. not
only great personal wrong Ia NM but IL II tu''u"h
upon Adnins ati,n VINO continue To connie III MN
n this letter snail nave the cncc m some degree oi
scttug tie public sentiment Oi country lEht IN r.
gard 10 The matter On winch nave WIittu II WI ever
bc a qualification to mo mat an opportunity ha- btc
offered Ia dn wOri more Hud l nave done /
am not ~ you know political iucnd oi Cen s,ncuch
havius dE red with man upon almost al thr questions
wncu nave b-cn before country since the t,fnlnh
ton OF our late war, but have differed gcuucu'n
differ, without npuuug improper motives 10 olir
ttuf a. gfIg az war
Our views antagOuisc after tiat sad CONFLICT ter
minated. although dulg thc pio-rcss al iur war We
som, differed IN ic-ri to Congo sIoni ipi-itloi
remain, vita regard, our oOc'uent servant
KtNLKDH JOTiNsOS.