Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1880-10-14
GEN. GARFIELD'S RECORD.
How He Forced An UncOnstitHtiOna
Railroad Measure Through the
House to Help Wall Street
Speculation.

OYCCuAatkVHe
General Garfield champione5 if he did no
invent one of the most scandalous pieces o
stock k-jobbing legislation which were proposed
in the Thirty ninth Congress.
The " Washington end of this performance
he conducted as follows: On May 80, 1866, he
reported a bill to authorize the Cleveland and
road into Pennsylvania and SO on to Pistsburg.
The point aimed at was to organize rival to
the Cleveland and Pittsburg railway, which
already existed, and at the Introduction of the
bill to depress the stock of the latter load.
The Cleveland and Mahoning railway was
then under ninety-nine years lease TO the
Atlantic and Great Western railway, and GER
tain privileges of extension from Ohio into
Pennsylvania, which the legislature of Penn
fylvania had heretofore granted, it had re-
diately gave rise to an exciting debate, which
was interrupted by the expiration of the
morning hour. The bill, however, came up
in the regular order on the succeeding day,
when Mr.. Garfield further moved to amend
his bill by providing for removal into the
United States courts of any litigation adverse
to the road which might be begun in any State
court, and against earnest objection Mr.. Gar
field refused to allow the bill, which had never
been in committee OF the whole, to be sent
Blond, denounced the bill as embracing no, ell
features in Congressional legislation. " If
this power be exercised" continued Mr.. LIE
Blond, "we shall establish principle which
will authorize Congress to regulate all the in
ternal concerns OF the various States" Other
members followed with remarks to the same
effect, after which Mr.. Garfield defended his
extraordinary bill, and at the close oil his
speech moved the previous question. He even
declined to allow Mr.. Randall to debate the
bill The record even shows that the bill
Congressional Globe May 81, 1866, page
2, $3.50 on being ordered to be engrossed was
instantly presented in the proper form and
passed. Among those who voted with Gar
field for its passage were such colleagues as
James M. Ashley, General Banks, Bingham,
Delano, Hale, Ketcham, Latin and James F
Wilson, while among the negatives were
Deming, Kerr Marvin, Niblack and Window,
and as many reputable legislators as could be
gotten together in a thin house with sixty-fve
absenees, who numbered within twelve OF the
members who voted to give Congress the
power TO allow railroad to be run into Penn
ylvania after that State had reiusr its per-
mission. Finally. to clinch the ma Ter, Gar
field moved to reconsider the vote, and further
moved that this motion lie on the table. In
this manner jobbing measure, clearly uncon-
stituIional, was introduced and rushed through
in two days me without any reference to the
committee OF the whole, and without having
been printed and put upon the files, and with
the most important power of the bill interpo-
lated on its passage an amendment.
Let us now look at the Wall street end of
this measure Reference to the stock lists of
the New Yo Exchange of May 29-the day
before the bill was reported-shows that over
Is, 900 shares of Cleveland and Pittsburg were
sold, the price opening at "a and closing at 96s;
that at the first board on the ensuing day, and
before the introduction OF the bill was known,
sales were made at SO, while after the intro
duction of the bill was announced the stock
fell to 934, with heavy transactions. On May
81, which was the day of the passage OF the
bill, The stock fell to 864-the World money
article remarking that &c the Pittsburg clique
seling.' In few days atterward the price
dropped to 81, and after decline OF nearly
twenty per cent. the clique began to load up
again and the price TO rise. OF course the bill
never became law, and it probably lay upon
the table OF Mr.. Garfield for the benefit OF the
clique, something in the manner OF the Han
cock bill, which, as he observed in his letter to
Hinsdale, he retained-"not SO much tor the
purpose of passing it as 10 show him how much
he was in our power"
Can anyh who reads this story OF one OF
Mr.. Garfields pieces of commercial legisla-
ton doubt that Mr.. Garfield knew exactly
what the results upon the stock market would
be of the introduction OF a bill which he knew
as practical project of law. and which there
fore he never meant to become law. Whether
Mr.. Garfield was stock-jobber or the tool of
sctok-jobber will not make much difference
in his fitness to be President; but we fancy
that nobody supposes him to be such fool as
not to know that there was comfortable
profit to be made from turn OF $1,000 shares
on the stock market with variation OF twenty
points in ten days.
HOW HE EARNED HIS CREDIT MoBIIIER STOCK
General Garfield has endeavored, and his
friends and biographers have endeavored for
him, to make it appear that he never knew
anything about the affair of the Union Pacific
railway until his eyes were opened on the
Bile, therefore, that General Garfield, his
friends and biographers should explain, if they
can, the lively interest shown by Genera
Garfield in the affairs of the Union Pacific
railway during debate reported in the Con.
gressionat Globe of December is, 1887, being
matter OF six years before Congressional
investigation sent General Garfield to seek
light from Judge Black. Mr.. Dawes on that
day, without any action taken by his commit
tee-of which his colleagues Mr.. Randall, Mr.
z. B. WashbuIne and Mr.. Pile then com
plained-suddenly introduced joint resolu
ton to change the time of the annual meetin,
of the Union Pacific directors from the autumn
TO the spring At that time the last annus
meeting was only two months old, and tn
pending proposition was meant to secure ye
another meeting in few monthsj warn
discussion followed the action OF Mr. Dave:
n the course of which Mr. washburne en