The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1876-09-02
ONE OF THE STORIES ABOUT TILDEN.
The Truth of the Alton and Terre Haute Matter

The Truth of the Alton and Terre Haute Matter
The New York Nation is republican pa
per, and as such supports Hayes and Wheel
er. In conducting the canvass, however, ii
strives to be fair and truthful, and despising
mean and dlshonorable electoneering tricks,
1t has the manllness to oppose them, nc mat
ter whom it helps or hurts In this spirit
it takes up the dirty ialsehoods told by the
republican press about Mr.. Tilden's connec'
ton with the Terre Haute and Alton Railroad,
and disposes of them effectually, as follows;
These charges against Mr.. Tilden deserve
some attention. because they affect tie charac-
ter of man who, it Is not at all unlikely,
wild be for four years president OF this coun.
try They are supposed TO go to the root OF
his character, and to show him not to be
not merely unfit for public life, but for de
cent position OF any kind. They are said, in
fact, to show his whole career to be one OF
chicanery, fraud, and robbery, and to exhibit
him as only differing from man like Fiske,
Jr., or Jay Gould IN not having openly thrown
off all restraint. We have carefully examln-
ed the principle one of these charges, in fact,
the only one brought forward in tangible
form, which relates 10 the st. Louis, Alton
ana IeTTC 'h"b AZ
rests on these facts:
In 1853, some seventeen years ago, there
was a western railroad, called the Terre
Haute, Alton and st. Louis railroad, which
got into difficulties, and could not pay the
interest on its bonds. The bondholders de
termincd TO forclose the mortgages under
which the bonds were issued and reorganlze
the road. They accordingly appointed MT
ITilden and several other gentlemen, who
were selected on account OF their knowIeug"
of law or their skill in railroad matters, to do
the business for them. These gentlemen,
! forming what was called the purchasing
committee" of the road, bought the road IN al
"A foreclosure sale, and sold II again TO new
recognized company, receiving IN return
new securities, which they were To distribute
among their principals on the basis oil agree
ments made with them. They issued these
new securities to the old creditors as long as
any creditors appeared 10 claim them. There
we're at the end of these proceedings mum
Der of securities still undistribulcd, which
the purchasing committee divided among
themselves, either for their services or luI
other reasons satisfactory to the parties con
ceincd Ii does not appear that there was
any conccalment Of these facts, or any com
plant made by anybody TO Mr. ll!den or ~,
lcopulchasers who stood in the relation OF
trustees.
Il Indeed. so far from this being the case
the purchasing committee, while having IN
der their agreements the right To excuse any
persons from the benefits OF the reurganlZa
ton after June 1861, took no advantage o
this right but admitted claimants down :,
1868, and have never excluded anybody. BE
sides this, they say, that IN purchasing The
road in their own name, they assumed heavy
liabilities, some OF which are still ou,stand
ling; that they performed many services ioi
which they could get no remuneration, cX
} ccpi from the surplus in their hands; TIA
The whole remuneration arising from inn
surplus would not pay each member Of TIM
committee, al the outside, threequaTiers o
one per cent of the nominal amount 81 th'
securities which pass through the hands %
The committee. a small remuneration; INA
1.-THE net result OF The whole operation was u
greatly benefit the road, advancing The secu