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

R;ain,,s nomination. Then Mr.. Sanborn
recame conscious OF rejection In has favor.
Little Rock coupons began " ioos
ur. Gentlemen In various paris OF
Maine who had suffered through lending q
willing ear 10 tfr. Blaine's praises OF Ltttle
Rock one b. one came out lauding bis hon
orable conduct In the affair IN the most un-
s,inted terms. one day Mr.. sanborn mel
n LAWYER Of Augusta who began feeling
him rs 10 what sum he woull sell his Little
Rock coupons for. lie said be would take
their face value with interest to da'e, which
would amount 10 something To the neigh
borhood Of $1,000. Then he was asked IL
on receiving $4,000 Cor his coupons be
would be willing 70 give recelps IN ruiz
and make some statement ns 10 the nonor-
abIc way he had been treded. with this
great lieht dawned upon Mr.. sanborn. and
he answered sharply that not Tor $1,000 nor
for $1,000 would he af!iy bus name 10 a
falsebood for Mr.. Blaine or anybody else"
sanbOrn's Investment.
lFrcm the New York T,mes.i
One % the men IN Maine 10 whom James
G.. Blaine sold Little Rock aud Fort Smith
stock aud bonds In 1869 was Joseph 4.
Sanborn. The correspondent Of the Chit
cagO Meas has been allowed by Mr.. san
born's son 10 copy aud publish :evcral let
ters relating 10 the transaction. which
were written by Blaine 20 the father, who
died in 1877. These letters reveal new
series Of Blaine falsehoOds. and we will
point out some OF them.
Desiring 10 induce Mr.. SanbO.n 10 invest
in the securities, Blaine told bin, on Sfp.
temter II. 1909, that The profits would be.
IN his opinion. "S3 for 81 inside OF two
years" In other letters he described the
PROS pective value OF the Investment l.
glowing terms. "You viii smile when
tell YOU" he wrote from Boston. October
%. 1867. "that they say here II lt1e ,t)ckl
will pay 800 per cent. In ten years" a few
days later he wrote again urging Sln-
born 10 come to some conclusion, because
he (Blaiae) was mot abe 10 prolong the
option. You know" he continued. 81
never urge any man into speculation, but
the more | see and know Of this the more
confidence / feel in it," Nearly two years
later Blaine admitted, In another letter,
thpt he had guaranteed part OF San
born's investment. Compare these state
ments with the letter recently published.
written bv Blame TO w. ID. Lee on August
10, 1882. in which he said: 8" never in my
life recommended loan to any one or as
sumcd any responsibility for another mans
investment
Perhaps the most barcfaced falsehood
revealed by this correspondence Is found IN
Blainc's letter 10 Sanborn, dated OctoDcr
20. 1869. in which he endelyored TO show
that the railroad company's land gran: was
very valuable. "SenatOr Rice" he says,
thinks the grant is worth 540,00J.0o0.
There can be no doubt that ii is worth
$15,000,G00 10 S20.0J0,000." The grant
consisted Of 100000 acres. 1t is sell
ing" wrote Blaine, "at minimum OF 80
per acre" But there was In the act OF
congress OF April 10. 1869, which was
saved by Blaiue's ruling. and which re.
ncwed the grant, the following important
/ roviso:
provided, that the land granted by the
act hereby revived shall he sold to actual
settlers only IN quantities not greater than
one quarter Of a section TO one purchaser.
and for price not erecting tlco d0stdrS
and fifty cents per acre"
This provisO was not repealed until
March s. 1870. and the repeating aci-an
act OF the greatest importance to those who
held land-grant bOnds-wGs referred to 10y
Blaine, in his explanation OF April q, 1876,
as one "lhat was merely to rectiiy previ'
OUs mistake in legislation" The point for
confederation now is that when Blaine as
surCd Sanburn that the land was "selling
Mt minimum of $40 per acre." the law re-
CURED that IL should not be sold for more
than $3.50 per acre. Not until nearly four
months later was the restriction removed.
la the same letter Blaine told Slnborn
that while the traffic Of the road would
easily pay the interest on the mort rage ald
preferred stock, the common stock was 3
great thing and would he worth "S2 or 81
for 81 and added it was "Ofiered only
among friends, in a confidential way. He
also wrote that each subscriber would re-
ceve "S3 for 81" or for every Sl.000a GER
I1cate for $1,000 in common stock. one for
FL 200 in preferred stock, and one fof 81 600
In first mortgage bonds. During the in
ycstieation Atkins testified that the COM
mon rate OF subscription in Boston at that
time had been -four for One.' and that a
great many bonds were sold in that way.
This was confirmed by Fisher and by
Blaine himself. The "four for one" in
cludcd Immigrant bonds, and Blaine as
sured Sanborn that the Immigrant bonds
had been creatcdto "p; y or the old debts "
OF the company.
II also appears that Blaine was deceiying
Fisher about the sale 10 Sanborn By telling
HIM that he himself had taken hall Of the
securities sold. In November Blaine urged
SanbOrn to conceal from Fisher the fact
that he had not taken half, but had OILY To-
served an option Tor half. Just LEI that"
he wrote, " be private between US"
When tho company got into trouble
and the securities became almost worth
less Sanborn began to ask disagreeable
questions. In response Blaine asked for q
list Of the securities. saying "a 1oish 10 50
MANAGE that no harm ,cM come 10 any Of rs
|, can prevent it," Sanbosn's bonds and
those OF Charles ii. Bailey we're placed in
his hands TO be negotiated. Blaine gave
receipt on May Il, 1871, in which he agreed
to account for said bonds at 4 rate OF
20 cents on the dollar before June
II, 1871" The papers show tdat a
settlement was made in accordance with
the terms OF this receipt two weeks later.
What became of these bonds! Mr. Blaine
said in his speech Of April "a, 1876, that in
81 the spring Of 1871 the Atlantic
md Pacific Company tooS 100000 OF the
Little Rock Company's bonds and 100000
IF its stOck for the gross sum Of $4,000"
With the circumsl lnces attending the ne
he was "entircly familiar"