The times. (Owosso, Mich.) 1882-1897, 1884-10-31

y pu, itdiiISi w isiibI anu ShliWcll DltCiSell
the same price that they were receiving from
o. her In the market.
Now, great many people, o; some
at least whom / have heard talk.
seem TO think thai Mr.. Baine, did
not buy bonds TO sell them as
his own, that he treated and sold them on
commission, and they r ly upon h contract
which hold IL my hands. aud which desire
to read to YOU IA proving that fact. This
Is IA contract between Mr.. Blaine and War
rem Fisher:
WHEREAS: have this day entered into agree
meot with 4. and T.. Coburn aud sundry oher
parties resident in Maine, TO deliver 10 them CIR
tain specified amonnts OF th" cpmmou stock,
preferred stock. nnd first mortgage bonds of { q
Little Rock & Fort Smith railroad com
R the a as1e se'a nS's Of ms
several agreements are witnessed by j. q. Blaine
and delivered to said par les by said Blame: now
thus agreement Witnesses that, upon the due full
hllment OF Nh several contracts re erred TO, by
the payment If the $4,000 and loo other
valuable considerations The receipt Of which
Is acknowledged, hereby agree 70 de-
liverto J. u blaine. or order, as the same NAV
com toto my hanrs as assignee OF the contract
fs building the ,, Little Rock Fort smith rsi
o., oo ot the land bonds, per centss.,
Eold SKIES, sSa 500; AID these Si3o0OO OF
land bonds and S32,JG0 of first mortgage bonds
thus agreed to be delivered 10 sail 3D. aine, are
over and above the securities agreed to be de-
hvered by Warren Fisher, Jr. assignee, to the
parti' making the co tracts, which parties
with the several amounts IL lie paid by each and
the sscur S to tie derived by each,
are named IN me nloiaDdum on the next
page OF this sheet. Auo il is further agreed that
In the event OF any one uf said parties failing to
pay the amount stipulated. then the amount of
securities to be delivered TO sid Blaine under
this agrerment shall D. reduced in the same pro-
portion thatthe deficit OF payment bears to the
aggregate amount agreed 70 ha paid.
WARREN FISHER JR.. assignee.
Bear In mind that contract had been
entered into between Fisher and Blaine.
under which Blaine had "a right to cert in OF
these bonds. Then contract was cute ed
into between Blaine and the parties to whom
he sold bonds, and then this third contract
which have just read was eotered into
between Fisher and Blaine, so that there
was not simply one contract but three.
All We're in reference to the same subject
matter and were given at about the same
time and bear the same date. That they
refer TO the same mater there is no question,
and according to all well-known ru es Of
construction the three Instruments must he
construed together as parts and parcels of
the same transaction and as copstituting but
one contract. TIL" Nv would so treat them
And now what do they show, taking the
three together and not one of ihrm alone2
Let me illustrate. aud l will do so cl.arly in
one or two ways 81 that each and every
one # you may fully appreciate, what the
distinction and then say whether this was a
sale or not
A merchant in this city to-day purchases,
If you please, 100, 900 bushels of wheat from
brother merchant. AGREEING to pay 81 cents
per bushel within thirty days and take the
wheat. There Is no misuu d. retanding what
that is. He then turns around and sells
to brother merchants, to one 1000 bush
els at 81 bushtl. to an ther 10000, and
10 ach and every one of ten brother mer-
chants he SELLS the same, making l00, GOO
bushels, they agreeing To paI 81 per bush.l
and axe the wheat within thirty days Now,
instead of making q contract with each of
frequently-be makes contract with ca h
one Of tnem to take 10000 bushels from the
man from whom hr pu chas. d, and pN him
dollar a bushel for 1t. Having ottaine
the ten contracts, covering the 100000, he
takes thsm TO the merchant from whom he
purchased, and says, "H. re are ten contracts
in all. These men will take all the whe ,t |
purchased and pay you 81 per bu he therefor.
Wprn they have tah Gu it " IL WI have In " ur
hands $4,000 belonging to me- and wa, {
You TO give me an sg cement to pay it, 1t
Is done, and che agree Is pu' W. ing.
Is that u sale or not a saief [Applause1
l Will illustrate again AID max so Gle ,r
ton The CITY of Detroit offers for sale
100000 of it's bonds. drawing. if you please,
~ per cent int rest. They are placed upon
the ma ket and your banks throughout he
city make bid for them OF ~ cents
upon the d ar. Trat is all that can be
Obtained and constitutes the u arket price.
The American Na'ion,l make bid to
take $4,000 wo tn OF the bonds at that
figure. As that is the highest price bid by
any body, they are informed bv the proper
auth rites that the, Can have them. There
Is, beyond all question, sale But the
presdt mt of the bank having taken the M
simply for sprcula ion, if You ple'se, he
goes down TO New York tn Mr.. Vande,b ilt,
OF whom you have "A lheard--a monpyed man
aud he sell HIN S25, 600 worth % thos bond
at par. He goes 10 Russell Sage. another
notorious character down there laugh erl
whp, It Is said, has 20 d de j of morev, and
he s. lis him $4,000 worth at par. He says
to Mr.. Vanderbl "Just enter into little
az cement with the cit, Of Detroit that you
will take those b. ds within thirty days and
pap them par Their for" 1t is drafted and
Mr.. Vanderbilt signs it. Russell Sag. signs
a similar agreement, AVID the pre.ident of
The American n 1ional bank Comes back
and goes to the controller, or th'
proper city authorities, and says, III re
are two contracts, from men Of whom you
have heard, 1 suppose. Tp.y aXree TO he
those bonus at ar And Us h We sg ED to
pay you only % ce' is, there will be Sl,50U
coming to me. Give me memorandum
showing chat. ; The memorandum is given,
aud it is a sale. [Applanse.]
MR. BLAINE's HONORABLE ACTION.
illustrate ag iiu. A railroad company anx.
ious TO raise money and unable to do so, hav-
ing its stock and It's bonds, places its bonds
in the market and can get but 50 cents upon
the dollar offered for them, by giving an
equal amount of S Stuck as bonus.
A man il this city, If YOU pleas Degotiatts
for 500, 600 wor of these bonds, with tOat
bonus, and having received them places them
upon the market aud asks his friends 10 take
them at the same price ar a few cent over
he bond. aloue-ret lining the PREFER d
stock as his profit. He M ,kes contract
with each of his friends and turns those con-
tracts over t. the company. They receive
their money, they deliver the bonds and the
pref rred stock is given to the maa who
negotiated the tran. action. That is a sale,
my friends, in law and In fact, and no man
with the facts before him, with n judici
mind, or possessing q legal mind, would
for q moment saw that IL was any thing
but q sale. [Appause.] 1 assert then
tonight, upon She g, idenc' that bias been
pruduced that when james G. Blaine said
that he bought those bonds, paying the same
price that others had paid for them In
the market he u'terei n truth, and tat
the evld nee will bear him Ou. Applause.
Not ouly that. but some of the parties VINO
received the boz DIS found some time alter
wards that the bonds were not then rs good
as they had been at the time the sale was
made, bee ,use they had deprecated in value
James q Blaine, although under no legal
obligat ons so TO do, at least In many
instances, returned to those parties
their money. took up the bonds
he bad sold, retsined the bouds