Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-11-29
MR.. ADAMS SPEECH.

MR.. ADAMS SPEECH.
What IEe Said About Politics in the Union
Pacific, and Other Matters.
The speech delivered by Mr.. Charles
Francis Adams when he resigned the
pres dency of the Union Pacific has ere
ated cons iderable comment in political as
well as financial circles. THE GAZETTE
yesterday published a few somewhat
"livid - rem rks from MIR. Russell Sage,
which were has d on this speech of Mr..
lAil n MS and which were wired to tins
Journal from New York. As Mr. Adams
speech of resignation has never bean
published in Texas II is given below in
full:
In June, 1884, l was chosen by your
unuu!mous vote pres Ident of your COM
pany, and this action on your part has
subsequently, through six consecutive
years. been approved by the equally
unanimous vote of the stockholders. The
affairs OF the Union Pacific railroad IN
some respects are more difficult Of man-
aEemeut than those possibly of any other
similar corporation III the country, aud
especially has this been the case during
the recent years. Consequently, know
ing that ] represented only body OF
stock holders and could not look for
support to any large coucentra-
tons of capital, l have always
realized that It would be futile Tor
me to attempt to manage the coinpany's
fairs with any reasonable hope of sue
cess in the face of any cons delable or
live opposition either In this board or
to claim Il representation on it.
As you are al aware, changes both
large and significant III character, have
dur.ug the course Of the financial COM
plIcalious Now o ng OF, ak III II o. int Ie
ownership OF the compauy's ,Uck. In
terests with which / have never been in
sympathy and whose conf lence | fail to
command have become leading factors i'll
the situation, and rs II result of these
changes my position has been rendered
false and embarrassing. Doubts both
exist and have been freely and publicly
expressed, not only IN political, but in
financial circles, Us to whether | any
longer really represent controlling in
terest in the ownership of the company
and whether it will be in my power 10
make good the engagements iIto which |
must necessarily seek TO enter.
The Continuance OF such Il state OF af-
fairs rs this can be for the best interest
OF no one, nor personally an / willing to
occupy position of diminished coun-
dence u moment longer than is neces-
snry. FROM Il political point of view
GlOue, with congress about TO assemble
IL is above all essential, with proper re-
gard for the peculiar position occupied
10y the Union Paclhc, that whoever rep
reseuts il should be understood to repre-
seat, clearly AMI unequivocally Its
whole ownership and thus to speak with |
authority rs to its policy. This | no
longer do. Accordingly l feel assured
that political and most probably financial
disaster, also, would hardly fail 10
result from a lack OF confidence ex-
istiug ut this time between u nominal
but irresponsible head of the company
and a considerable and influeu tial
interests among the cknoiders,
whether such reciprocal diStrust is on the |
score of ability, or character, or
methods, or motives.
Under these circumstances, after a |
careful survey of the whole ground, | |
am forced TO the conclusion that can no |
longer hold my present position and ad- |
minister the affairs of the compauy |
either with satisfaction to myself or !
without danger TO the interests entrusted |
TO me. ! desire accordingly 10 offer nv |
resignation both as president of the COM |
pauy aud as II member of this board |
But before action is taken on this sub |
ject | wish To express, gentlemen, the |
great satisfaction J have had in INV per- |
soual aud Official relations with YOU 1t |
is something | feel l aD entitled TO re- |
member with pride that during the |
this board composed OF twenty members, |
many OF them men of strong character |
suu decided views, the rule OF unauimlty |
has from the beginning invariably pre-
vailed. On no s.ugle issue which has
rsen since l became president of the |
Cnlou Pacific has any member of the
board OF directors, whether chosen by |
tue stockholders or appointed by the
government, felt called upon to record
his vote IN the gatlye.
''Ail action taken has been unanimous
Differences OF opinion have, OF course,
existed, tut invariably in such cases the
course proposed has been SO modified as
10 remove ali objection to 1t. or where
this could not be done ths matter under
discussion has been dropped by common
consent. Thus in vacatiug this position,
am able 10 say without reservat ion that
1 cnu Recall while l have held il, no word
or ac!lon III conuec toI with the board OF |
directors which suggests other than q
peasant and kindly memory. Whatever