The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-12-28
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On the 4th day OF November. 1S79-the
day OF the election In the State upon the
question Of adopting the McCullocb bill
Mr.. j. Bell Bigger, who was the secretary OF
the Conservative State Committee, came 10
me in the rooms OF the committee late In the
evening and told me that he wished me to
do him service. He said that be was ccr-
tain the State would go for the Debt-Payers,
and that therefore Virginia bonds would
very greatly enhance In value. He bad a
check in his hand for $1,000, and be asked
me to take it and put 1t up as a margin with
which TO buy as many Virginia bonds
as 1t would buy. He said that be
did not want to appear in the matter
himself on accout OF being secretary Of the
committee. told him / would take the
money and put 1t in the hands Of a broker
and order him TO purchase the bonds In my
name. gave 1t to Mr.. Campbell, OF Camp
bell a. Schoolcraft, and directed him to pur-
chase the bonds in my name rs "trustee,"
but not TO ask me who my principal was.
My impression is that Mr.. Campbell reported
to me that night that the bonds were pur-
chased. Possibly, however, did not know
they were purchased until tbe'next MORN
Ing. At any rate, either that night or the
next morning be reported to me that he
had bought eight consof bonds and three
10.40's. | remained at the Conservative
headquarters that night until very late, and
until became satisfied that the Debt.Pay-
ers were beaten. | came down the next
morning and found Mr.. Bigger at the Con-
servative headquarters. He was in a state
OF very great agitation, and made a very
strong appeal TO me TO protect him in every
way in my power. He said that he had
wife and nine Il think children; that he
had now lost his place as Clerk Of the House
OF Delegates, and that this thousand dollars
was nearly everything in the world that he
had. | recollect he said that his wife had
urged him that morning to get out of the
speculation il possible, and that he had
told her he had the utmost confidence
in me and was sure / would manage IN
some way to save him. felt very deeply
moved by his appeal TO me, and determined
10 save him if it was in my power, and 50
told him. / considered him as placing
himself entirely in my hands, and as giving
me full authority to do whatever | might
think best. | told him my advice was to
hold on TO his bonds until the very last mo-
ment. That there would be great panic
for some time after the election. which
would cause the bonds to 90 down very
much in value, but that as soon as the panic
was over they would return TO the price
that he had paid for them, and that in the
mean time they would pay as much interest
as he would have TO pay for the money that
he borrowed on them. | understood him
to agree TO my view OF what was best.
Immediately went to the office OF Campbell
d SchOolcraft. The panic in the market
which | had anticipated had set IN, and
there was an eager demand on all hands TO
sell and no buyers. The bonds were fall
ing in price almost every minute. Mr..
Campbell told me that the thousand dollars
OF margin would soon be exhausted, and
that he would have to sell the bonds TO pro.
tect himself, aud be urged me TO let him sell
them at once. | told him no, TO
hold on to them to the last minute,
and il necessary to place hundred dollars
OF my own money (Of which some was on
deposit with him) to the account as means
OF saving il. That day or the next, do not
remember which, he gave me notice that 1t
would be necessary for him to sell the bonds
out unless put up more margin. | in
quired how much more he demanded, and
he said three hundred dollars. found Big
ger and told him. He brought me three
hundred dollars, which gave TO Campbell
& Schoolcraft. Soon after told Bigger that
he must take charge Of bis OVID matter, and
carried him to Mr.. Campbell and ended
my connection with the matter. Some time
afterwards / saw Mr.. Bigger in the pre-
sence OF General Logan and MIR. PeytOn,
and he showed me an account which had
been furnished him by Campbell 4 School
craft, from which it appeared that when
put the three hundred dollars with them
they had already sold the bonds that they
had purchased, and that they had thereupOn
repurcbased them. To make the narrative
ineligible. should state that afterwards
they sold the three thousand ten-fOrties 10
protect themselves, as they alleged, and the
eight thousand consols, on Mr.. Bigger's
order. and that the bonds had fallen
so far that the thirteen hundred dollars
was gone, and one hundred and fifty
more. When Logan, Bigger, Peyton, and
myself met together | could not recolect
| that when / put the 1900 in CampbelPs
hands he told me that he had sold the bonds,
or that ordered the repurchase. do re-
collect now, however, and recOllected and
stated at the trial, that when | brought the
1900 Campbell told me that he had teIe-
graphed ordering the sale OF them, and
that told him to telegraph at once counter
manding the order; and | should say that
Campbell has many times since told me that
| | told him to repurchase them, and that you
testified at the trial that you heard me say
| to Campbell, III they are sold, buy them
back" | could not contradict this. | know
| this that was so strongly impressed with
the importance OF holding on 10 the bonds
that | should most certainly have ordered
| the repurchase il | had known that they
were sold.
This | believe to have been the substance
OF my testimony. 1t is proper that should
add that, having had many transactions with
| brokers, and knowing the rules OF the busi-
ness perfectly well, | knew that Campbell q
| Scboolcraft would have sold Bigger out the
next morning, as soon as his margin became
impaired, had they been dealing with an
ordinary customer. But bad had great
deal OF business with them, they had conf
dence in me, and I1lrged them, as a favor
| 10 me, TO treat this case just as they would
treat it il it were my own transaction.
knew perfectly well that II Mr.. Bigger had
been dealing with them himself they would
| have sold him out before they were put into
any risk OF losing anything. | therefore
| felt that as hadgotten Campbell Il School
| craft into scrape 1 was bound TO protect
them, and that it was my duty TO pay what
ever verdict was rendered against them.
This have done by enclosing to Judge Ii.
Fl. Marshall, Mr.. Blgger's counsel, check
for S390.96. should say, further, that
when | came to you and told you that | pro-
posed to settle the matter you would not
agree to II, and all that | could get you to
agree TO was an equal division OF it between
us. Very respectfully,
WILLIAM l.. ROYALL.