New-York tribune., 1885-07-20
JOHN ROACH'S STATEMENT.
DISCUSSING THE CAUSE OF HIS FAILURE.

John Roach is much broken in spirit by the re-
verses which ended Saturday in the assignment OF
his extensive properties for the benefit OF his
creditors and bondsIen. His face is wan
and weary looking. and one can easily see in his
varying expression the nature Of the thoughts that
crowd upon his mind when he contrasts his pres
ent broken fortunes with his ability three years
ago to retire with an annual income OF $SO.OOO.
He lives in a large, handsome country house, with
beautiful grounds, in the village of College Point.
This house goes with the rest of his assets He
bought it four years ago to save friend from
financial calamity. He has acquired most of
his real estate the same way.
His property in Fourteenth-st.. and
in Eighth-st. this city. was purchased at adj
vanced prices not because he needed or wanted 1t,
but to save broken friend from discredlt and
failure. Hc was sitting on the back piazza of his
home yesterday morning with his sons Garrct and
Stephen, when TRIBUNE reporter drove up.
$50 you want to know the causes that led to
our assignment Z" he SAID, " well, have scarcely
had time to prepare my mind for such a talk as
would care to have printed as coming from me.
But before we go any further lot me ask you to
deny with the heaviest emphasis an outrageous and
wickedly false story in this mornings Herald.
My son Garret has just written a letter to the
editor of TIE TRIBUNE about it. which l will ask
1ou W lt SiidiHc duu uiSSidco w "hJ
reputable newspaper that it permits its reporters to
manufacture interviews with men. and make them
responsible to thousands of readers for language
such as they would not have thought OF using You
the first and the only newspaper man whom l
have spoken q word to since made the assign
mentv
The letter reads as follows
To the Edttor or The Tribune.
SIR Will you do me the kindness to print
my emphatic denial Of M alleged % neryews Hsr eaea III Saye e
been held with my father and myself No reporter
e d "m.e at our house, The are purely
manufactured and calculated seriously to embarrass
US think Is the duty OF every iair ana ans
manufactured statements under the name or interviews
iSan in the honor Of The press Very truly yours
College Point ILL.,. July 10, 1855. GARRETT ROACH
"Now as to the causes which have led up to my
assignment" continued Mr. Roach, strictly speak
ing it is not failure that is to say, my assgnees
will be able to pay - for 81 of liabilities II
they realize anything like the real value of my
property. cannot now saw what the exact amount
of nv liabiitic is nor what the sum of my assets
will be to meet 1t. but if | were not so old man
and if 1 had health awhile longer l could pull
things straight again. II the people understood
this matter If the meudacious frec-trade press had
not 80 extensively deceived them. the failure of
John Roach would be recognized from ocean to
ocean a. a National calamity. Twenty-four hum
dred workingmen 800 in the Morgan Iron Works
aud twice that number at Chester went out of my
shops Saturday night who will not 60 back to-
morrow. IN these hard times that is a serious mat
ter. Ibis is not party question. l have been
Republican. but above that have first, last and
ever been an American. Ii was my great ambition
that our Nation should recover it glory aad pros
perity on the seas. | wanted to prove
that American merchandise, grown or made by
American workingmcn IN American shops could
bc sold the world over through the medium o
American ships built from iron rolled in our own
shops and of timber cut from our own forests |
wanted to prove that we codld do business on our
own bottom, and that other Nations with less re-
sources were not moro sagacous and entcrprisng
on the seas | have given my life and my fortune
to that end and even in the presence of this caanl
ity, am proud Of what John Roach has accom-
plishcd Ten years ago an American Minister ac-
credited to Brazil was forced to 20 to England In
order to reach Kio Jancro To-day John Roach's
iron vessels take him there direct. Ny lcet repre-
senting millions Of invested capital aud millions OF
wages that have gone into the mechanics pockets,
and millions of merchandise bought and sold at
Southern ports. cruise along tho coast under an
American dag. And the rates of freight are less
than half what they Onco were. AT an expense OF
more than million erected ship yard. built
a rolling mill To prepare my own iron and steel
employed 300 American workmcn. incorporated
companies To- sail vessels ana despt the fact that
the Government leat me scant announcement while
foreign governments practically supported their
have proved that it is possible for
US to an immense foreign trade aud to be-
come. if the Government would but lift its consent
ing finger. the greatest sea-trading Nation of the
earth Tradcced AMI abused by those men and
newspapers whom foreign interests have subsd |
zed and brought into scandal with millions of my
fellow citizens who were deceived by them and |
who did not understand my purposes. in my old |
and enfccblcd age and after half century Of toll.
have lost my money and my spirits; but am |
,onsocd by the fact that the people will one day |
understand it all and at its real value what | |
have done of good and what they have done of |
harm to our National interests
" business became stagnaDt about year ago. !
when the Presidential nominations were being |
made Tie : free ship movement was strong, for |
Il has n catchy sound. 1t sounds practicable |
4 we can buy ships abroad at less than we can |
build them here that that is where to save tue |
money. But the fact is that it is neither fair nor |
honest nor possible In dozens of pamphlets and in |
arguments before Congress ! have forcibly |
Established that fact that the repeal of our navi-
cation laws has been invariably defeated. 1t |
would take too much time and space to go INTO all |
hat here, and The TRIBUNE has explained the
ieresy time and time again The Democratic party |
s supposed to be in favor of free ships and when
the election excitement began. and people saw the
possibility of Democratic success, aud OF the pas
,age of a law that would mean tho annihilation OF
American shipbudng, there was no business.
Carrying companies would not build ships because
ms, al no know IN soou tho foreipu ahips oper-
ited by foreign cheap labor would be admitted to
lrve their business away All the work, therefore,
that have had on hand has been the construction
IF the new dispatch boat and the three cruis-
,rs
/" tell you, my friend, that those boats were con-
iernned before their keels were laid They were
,onLcmned In Cnupress. Tho democracy dared |