Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-10-14

ssr. riasae,s cers.psaaeaee with scssrh A.
s..Asrs- rich Revelations.


The Chicago Doiy News cent c,rrc-
spcpdent the other day 10 Maine 10 inter
view Mr.. Emcry Sanborn. the son OF Mr..
Jc,s nh A. Sanborn, Que OF the parties (,
whom Mr.. Blniue sold Little Rock bonds
and .hings. His GRAND was attended with
surprising success. Mr.. Sanborn net only
tcsliug bin what he knew Of the transar-
slens. hut turning TO him all the eorrespond-
sncc lHtween Mr.. Blaine and his father on
the sutjsct. More than i've hours were
spent In tracing the different steps OF Mr..
Blaine from his opening letter on
the subject down 20 the close of
the correspondence With Mr.. sanborn's
death In juno, 1871. The letters from
M. Blaine were all In his own handwriting.
With frequent italicized passages and in
Vulnerable injupctiops 10 secrecy. Several
Of them had the familisr confidential 10
the ere corner aud "You can show this 10 y
se-ard.so In the other. The Daily AeanS
correspondent was permitted TO take copies
Of few Of these letters. such as would
clearly show the course Mr.. Blaine ADOPTED
to gel his friends In Maine TO invest ia Lii-
tie Rock securities. and they are herewith
submitted, with only such comment as 1,
Necessary 10 connect and explain them.
Although Tie Fisher contract with A. & T..
fob,rn and others bear date september D.
1863. II IL evident from this correspondence
TINT The agreement must have antedaied
The contract. In this correspondence Mr.
Blaine firsf app cached Mr.. Joseph A. SAN
born aboui the Little Rock in the folio sing
ttieT:
TIE sTAITEE.
AUGUSTA, AiE.. September IL. 1859.
Nv Dear sir: II you desire to invest
from SIC. 600 10 $4,000 ! can assist you In
an operation where there Is no risk. and
where I think the profits will be e. for 81
inside % two yeers. let me see vou TO-
morrow Saturday The money would be
required In Ten equal monthly payments,
beginning October 1st and ending July |.
1870. Call, u YOU can conveniently, to-
morrow. Your friend sincerely,
j. G.. BLAINE.
Eon. j. A. .Sanborn.
TIE THING OF SPECIAL VALUE Is NOT THE
BONDS. But TBE STOCK.
Mr.. Blaine Piled Mr.. sanborn fast and
thick with letters describing in glowing
terms the advantages OF the Little Rock
opportunity. In one Of these. dated at
Boston. October %, 1869, he winds up q
description OF the bonds and stock by say
ing: THE stock Is regarded by the in-
fiated rs the special udlue. You will smile
when tell you that they say here IL will
ray 800 per cent. In ten years" Could
professional touter do better than thisi
But Mr.. Blaine met an obstacle 10 his en-
tb,lsiasm in Charles N. Bailey, the warm
peroral friend Of Mr.. Sanborn. The two
were members OF the sale church and called
each other brothers. Mr.. Bailey from the
outset looked with suspicious eyes on the
speculation which Blaine was dangling be-
fore his eyes.
ON the same date that Mr.. Blaine limited
at 800 per cent. IN ten years, Hr. Bailey
wrote 10 his friend SanboTn the following
WINTHROP, October esd.
Brother Sanborn. ! saw friend Blaine
in Boston on Thursday. aud told him |
thought ! would meet him again in Angus
Tn Monday or Tuesday, but dnd | Will not
be able TO. and will JUST say that you may.
n you please. take Tor me five or ten in the
railroad enterprise, just the same as You
do. He will probably make You an offer to
take IL in two different ways. aud the one
YOU like best will be satisfactory to me, as |
do not care anything about II any way, as /
have told you before. have but little
faith in II II 1 have anything 10 do with it,
hut am willing TO 20 in for the amount re-
let me IN. do not. am very much Obliged
to you Tor interesting yourself so much on
my account. Yours,
CHARLES NJ. BAILEY.
I'VE LiND-GRANT BONDS RESERVED TO PAY
OFF OLD DEBTS.
But, rs IL 10 counteraci the cold water Of |
Dir. Bailey's disbelief. Mr.. Blaine, under |
date OF Augusta, October 20, 1869. wrote a |
long letter TO Mr.. Sanborn, proposing three |
different plans In which he might make his !
As a sort Of addendum To this |
letter the following, in Blaine's own hand !
writing. describes the enterprise:
The Little Rock and Fort Smith railroad,
in the state OF Arkansas, 80 miles in
length. has a land grant OF LOCO, 900 acres.
IL il selling at a minimum OF sl0. SEN
ator Rice thinks the grant Is worth e40, 900.-
coo. There can be no doubt that it is
worth $4,000, 600 to e20, 000,000. The land |
Is the very finest OF the upland cotton re- |
gion. The present company hare TO mort. |
gage The land for q, 100000, TO pay Of old /
debiS and start square. The State OF
Arkansas has given the company $780, |
COO OF Stale bonds, and the counties along |
the road S5,000,000 OF county bonds-both |
Ms gifts free snd absolute, with no lien or |
are negotiated at about 5 per cent, yet |
bring the company little over si,6O0,0OO |
In cash. About sl,0O0,000 is needed to /
finish tie road. II is now in process
Of construction on the most economical /
cash basis. The company will PLACE a
mortgage Of $3,000.000 on the road, per |
cent. gold; also S3,000,000 OF preferred |
stock. per cent. currency, aud $3,000,000 |
Of common stock. The certain guaranteed |.
frrfEc OF the load viii easily pay the inter- |
est on the mortgage and preferred stock. |
and the common stock. az the owner in Tee |
simple Of the lands will be worth ~ or 50 !
tor 81. A rare chance is offered for those !
who will subscribe 10 the common stock. |
IL is offered only among friends IN a conf. |
Dental irdy. For every $1,000 subscribe !
and paid, a certificate Will be issued for
that amount Of common stock. also for the
same amount OF first mortgage bonds-in
all SO for 81. Payment Of subscriptions.
10 per cent. October LIST, 10 per cent. each
ensuing month until the whole IS paid.
IL VIII be remembered chat Mr.. Blaine's
commission bonds were land grants which,
he tells sanborn, are reserved 10 pay of old
debts aud start square. IL will be remem-
bered also that the Little Rock Railroad
tompany's petition 10 the Public Lands
<ttb"hSt VI 'Ht VI htiUt>tutSt-
tIycs said that the contractors for building
the road "were 10 be paid principally in
bords OF said company secured by mort
gage OF the lands granted" 1t appears also
that the bonds which Mr.. Blaine said he
bought eat the regular market rate in COM
mon with hundreds OF others in New Eng
land" were offered 10 Sanborn "ony
among friends in confidential way"
LITTLE PRESSURE ON sANBoaN.
PARKER HorsE BoSToN. October %. 60.
Friend Sanbcrn Excuse any urging you
20 be punctual In your advising me OF your
fBal conclusion touching the railroad mat
ter. There are parties here pressing Fisher
for chance, and l am not able TO prolong
The option. You know | never urge any
man into speculation, but the more see
and know OF tins the more confidence /
feel In II. Yours hastily,
j. u. BLAINE.
Eon. y. A. Sda6orn.
Read this In connection with the letter to
Fisher Of May "a. 1870, six months later.
saying I" think had better not insist on
the $4,000 additional bonds at same rate"
Evidently there WAS no great pressure for
the bonds In October, 1860.
"Dox'T WANT FISHER TO Know"
II appears that the sale OF bonds TO san
born contained en- option that Blaine might