Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1884-01-24
L LOOK INTO THE INSIDE
OF THE TRANSACTIONS IN
WHICH WILLARD WENT DOWN

The report Of the committee on the O.
I. company, and Mr.. Wizards letter re-
signing the presidency Of the Northern
Pacific, the final abdication Of all his
former power, have been leading subjects
Of discussion. The expression Of person
al feeling in the letter touched like
chord Of personal feeling in its readers,
and while many, perhaps, yet sore from
their losses, could not feel otherwise than
resen,iul, there was still feeling Of sym
pathy for the man whose brief and s,rik-
ing career had ended ia 80 sudden and
complete ruin. Even Wall street was
moved at the cry Of anguish from the
f,llen man, prostrated in mind and body,
the costly surroundings erected to hi
glory only making him fall more conspic-
u5us to the world, and laying down his
oflice with words of bitterness. "This is
the unjust result All had been sacri-
feed to avert failure, and in the end there
was failure, utter and disastrous. 1t is
the hard experience of life that we are
made to pay for our mistakes as cruelty
an for our conscious nlisdeeds. Mr.. Vii
lard had to pay hard for his, for it is not
enough to intend to do right; ii is neces-
sary to do it. Every man who has given
thought to his own life secs that for the
errors done from want of strength, or
want Of knowledge, or want Of forti.ude,
there is no more mercy than for the
wrong-doins done in actual yiciousncss.
Indeed, that thing which may bring the
hardest punishment is often something
done unwillingly, despite our mental pro
test, but under press Of circumstances
too great for our strength. Yet for this
there is no mercy, because the errors OF
incompetence are always most fatal in
their effects Ii is the incompetent gen
cral who sacrifices ha most uion, aud Mr.
Willard has gone down because the things
he undertook to do were more than he
knew how to do.
Nevertheless, he was not alone. All
his sins of failure are laid on his head,
but the facts daily coming to light in Wall
street show that there we're others engag-
ed with him in the disastrous speeulations
which have broken down 80 ruinously.
The report Of the O. r. committee shows
little, but it shows this. A more disin-
genuous document has not been put forth
in long while. 1t was received with
unanimous and universal conformation.
Obviously it was drawn up to conceal,
where explanation was expected. But
by comparing it with previous statements,
we learn something For example, the
statements made in October about the q.
I. Company were that it owed about
81 100000. This sum, it was explain
cd, had been borrowed on the securities
it hald and advanced the money to the
Northern Pacific company, which was
unable to repay it. Then the second
,na,tyaf,a honas u.ro ornataJ Tba Moth
ern Pacific Company delivered them to
the o. [. Company, the O. T. Company
sold them to the bankers, and with the
money it received redeemed its securities.
The o. I. company should then have
been free from debt. Now comes the
report of the investigating committee,
hree months later, showing that the o.
/. company still owes sll 100000. To
whom, it is asked, docs it owe this money?
How did it come 70 have this debt, thus
.reated, apparently, between October and
December? For what purpose was it in
,uTed, and who are the creditors? Not
'nly has it this debt, but week or so
ago it was stated that the o. T. company
had reduced a portion of its indebtedness
Dy selling S9,000,000 Of bonds it held !
Here, then, vas debt of $50, 100000 |
owing to some one for some purpose, az
ter the indebtedness incurred for advances
to the Northern Pacific company had been
ex.:neuished.
There is ona explanation, aud only one,
gwen Of this remarkable state Of affairs.
At a certain stage in the Northern Pacific
gamble syndicate Of capitalists was
formed to buy an immense block Of the
stock. 1t was bought, AMI the buyirg z