The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-04-29


wordp, in order that my answer may be the
The first of these charges ia that in the
spring session Of Congress in 1869, bill
was before the House, of Representatives
which sought,to renew a land grant to tho
Little R9ck}& Fort Smith railroad, OF
Arkarisas, IN isrhich some Of Mr..gBlaine's
friends uere interested; that an'attempt to de-
feat it by an amendment was made, and
Its promoters were in despair; that at this
luncture Mr.. Blaine, being then Speaker OF
the House, sent message to General Logan
to make the point Of order that the amend.
ment wss not ge.maine to tho purposes of
the bill; that this point OF order was &c.
cordingly raised ! and promptly sustained
BY Mr. BIalno as Speaker and the bill was
in thismanner aayed, that Mr. Blaine ,prote
at once 10 he promoters calling attention 10 lie
srpicc he had rendered them, aud finally, after
some negotiations, secured jroan item, as a re.
tCard Jor IL his appointment as selling
agent Of the bonds Of tho road on coimmis.
sion in Maine, and received a number of
such bonds as his percentage; that the
leading featured oI this transaction appear.
ed in two letters OF his sfterward made pub.
lic, dated respectfully June 20 and October
!, 1860. =. :.
Your error is ia7he facts. Mr.. Blaine's
friends were not connected With the Fort
Smith 4 Little Rock road at the time OF the
passage Of this bill. Those to whom YOU
refer as his friends were Caldwell and
Fisher. The bill passed in April, 1860.
In April, 1860, Mr.. Blaine did not know
that there was any such man as Caldwell,
and Fisher, who WAS Mr.. Blaines friend,
did not know that there was any such en-.
terpriae as the Little Rock Railroad in the
world. The evidence Of these assertions
was before Congress, was iuncontradicted
and 10 within your reach.r On the 20th OF
June, nearly eighty days after Congress
had adjourned, Mr.. Blaine from his home
in Maine wrote to Fisher and spoke Of
Fishers sciler to admit him to share in
tho new rEi!road enterprise" Fisher had
introduced the suhjsct to Mr.. Blaine for
the frs! time q week before at tho great
musical iesIiyal in B,ston. He told him
that Mr.. Caldwell, whom Mr.. Blaine had
not yet seen, had now obtained control OF
the enterprise and had invited Fisher to
join him. At that time Fisher WAS sugar
rcGner Of considerable wealth in Boston,
had been q partner of Mr.. Blaine's brother.
in.lEI and through him had. made Mr.,
Blaines acquaintance. The offer Mr..
Blaine refers to in his letter was Fishers
offer to induce Caldwell, II he could, to let
MIR. Blaine have a share in the bed rock OF
tho enterprise. Mr.. Fisher failed 10 do
this, and Mr.. Blaine never secured any in.
terest in tho building Of the Fort Smith K
Little Rock Railroad M ss, T. 49, * Il
Mr.. BLAlSE's INTEREST AND now he GOT IT.
What interest, then, did MI. Blaine Sc.
cure? An interest in the securities OF tho
company. How?S by purchase on tho
same terms as they we're sold on the Bos.
ton market 10 all applicants, to Josiah
Bordwell, 10 Elieha Atkins, and to other
reputable merchants. He negotiated for q
block oithe aecurties, which we're divided
as is usugf in such enterprises into three
kinds, first mortgage bonds, second mort
gage bonds, and stock. The price, think,
was,three for one. That is, the purchaser
got first msrtgago bonds for his money, and
an equal amount oi second mortgage bonds
aud OF stuck thrown5in. as the basis OF pos
eible profit. i may be mistaken as to the
price, but 1 think not. went myself at
this time into several adventures Of the
kind nj that rate, and have always under.
stood that Senator Grimes and bis ffieudH
. got their interests in the Burlington K Mis-.
souri, road, afterward the Union Psciflc, on
, the Rame thresto one basis. It was the
, common rule in that era Of speculation,
Having made his purchase, Mr.. Blaine con
ceived the idea that he might retSin bis
second mortgage, bonds as profit ,'and sell
i the il;se mortgage bonds with tho stock as {
. bonus 10 attract purchasers. He believed
tho lrst, mortgage bonds were good, ant
!. disposed Of them to his neighbors in ths
r faith and with the determination to shielt
them from Ices In case OF disaster. piaas
ter came. The bonds proved worthless
and Mr. Blaine redeemed them all. In OH
or two cssts only was there any guarantee
In none other was there any legal obliga
It lion, but he recognized moral claim, AM
a lie obeyed j! to his own pecuniary lcaa.
:, cannot but ieel that the purchasers OF thes
,. bonds would have Jared worse had they +
8 look to many Of those who have sought +
Q give an odious Interpretation to Nj
!. Blaine's honorable conduct The arrange
;. ment for The purchase Of the block OF secu
i rites was mada in June. The sales OF III
. first mortgage bonds out ol the block wer
"a continued through the moutha oi july
n August and sep.ember. 1850. sothe tral
Continuation Third Pa9a