The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1881-07-14

his own notes he could at this heavy
discount he positively refused to permit
such thing to be done.
NO." he said; :" / propose to Pay
every man to whom owe anything
dollar for dollar.''
While Colonel Scott was in the midst
of this trouble, John Edgar Thomson
died on May 81, 1874. and the executors
of the estate felt themselves somewhat
embarrassed by reason of Mr.. Thom-
sons Endorsement of the note for
81, 100000. Under these circumstances
Colonel Scott did probably what no
other living man would have done. He
felt somewhat hurt that any one should
think that he had brought his benefactor
into trouble or had deprived President
Thomson's widow of any other portion
of his wealth, and SO he said to the ex-
ecutors: 81 win give you bonds at par
good and desirable securities that /
hold-to a sum equivalent to your en-
tire interest in the Texas Pacific Road,
and will assume the entire indebted
ness, and hold that note for 81 800, 000."
The bonds that he offered were of such
a character that the executors gladly
accepted them. and the bargain was
made. But he was not without many
and influential friends, who had watched
his wonderfully brilliant career and had
confidence in his recuperative powers,
and these aided him materially. Simon
Cameron loaned him 81, ZOO, 900, and
Colonel James Duffy, of Marietta, ac-
commodated him with like sum. His
own self-reliance, however, proved the
eventual means of triumphant success.
Undismayed by misfortune, he still kept
urging along the Texas Pacific scheme.
and as his securities reached their full
value he parted with them and Cancelled
his notes, until in a comparatively short
time he had redeemed his promise and
paid every creditor dollar for dollar.
1t was this conscientious discharge of
all his indebtedness that enabled Colo
mel Scott to make proper retort to a
remark made before a Congressional
committee by C. P. Huntingdon. Presi-
dent of the Central Pacific Railroad.
Colonel Scott asked the Government to
aid the Texas Pacific Road by guaran-
teeing the interest on it's bonds. He
claimed that the security was ample. as
the railroad ran through a marvelously
rich country. He urged that the enter
prise was necessary to the prosperity of
the extreme South and called at
tention to the fact that the
Union and Central Pacific Roads
had been subsidized not only by guar
antee of bond interest, but by large land
grants. His request was opposed by
Sidney Dillon, of the Union Pacific, G.
2. Huntingdon, of the Central Pacific,
and the California combination of rail-
roads, together with the Southern Pa
citic road running through Arizona On
one occasion, after Colonel Scott had
made a really mastery argument be-
fore the Congressional Committee, in
the course OF the discussion that ensued,
President Huntingdon said, sneeringly:
II never had a note to go to protest"
q have had.' replied Colonel Scott,
proudly; ''but, thank God, have lived
to pay every dollar of them!''
The appeal for Government aid was
never pressed to result, for while the
discussion was still progressing the
financial credit of the country recov-
cred from the severe shock of 1873, and
private capital becoming less timid
Colonel Scott found it ready to assist
him, and Immediately ceased being a
suppliant before Congress.
On April II, 1881, Colonel Scott 8
continued ill-health, that led to his re-
tirement from the Presidency of
the Pennsylvania Railroad, to
which position he had been elected
on the death of John Edgar Thomson,
induced him to resign his post as Presi-
dent of the Texas Pacific Company, and
at the same time he sold, although with
great reluctance, all his stock in the
company to Jay Gould. who became its
President, with James Patton Scott,
however, as his assistant. Nothing
could better illustrate the surprising
Judgment of Colonel Scott than the re-
suit of this transfer of stock. The de-
spised Texas Pacific shares of less than
eight years before of themselves
brought him fortune. Various incor-
rect figures have been given as repre-
senting the sum paid by Jay Gould, but
the actual amount of purchase money
was So, 400, OUO, and when the negotia-
lions were completed Mr.. Gould
sat down and wrote a check
with those figures on it, it being
probably the largest check ever signed
and honored in America. With the
sale of his stock, however. Colonel
Scott did not by any means part with
all his interest in the Texas Pacific, the
estate of 81. 200, 600 that he will leave
behind him being made up in part of
the bonds of that corporation. -Phila-
detphiG Press.
A Novel Surgical Operation.