The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-19

Each separate road had its separate inv
! debtedness-and all that it could carry. A
/ $50 600, 900 mortgage was placed ON the
entire system, "a large portion CT which was
sold in England. The system was also
stocked 20 the extent Of some $50, 600 COG,
one-half of it preferred stock, and the most
Of this was daily marketed on Wall street
and in London. In 1879, 1880 and 1881
everything was booming 6 per cent. divi-
dends were paid, the preferred stock sold at
9S and the bonds at par But the system
did NOT earn the money to pay these divi-
dends, nor scarcely enough to pay the in
| teTest on the separate mortgages with run
ming expenses.
The heroic treatment of the system by
! MIR. Gould and his associates had the effect
heroic treatment often has on other kinds
of systems. 1t broke down, and one day Ia
May, 1884, Gen. Wagner Swayne, attorney
for Gould and all his friends, appeared be-
fore Judge Treat at St. Louis and filed
bill in equity on behalf of the Wabash
company, asking for the appointment of a
receiver. Judge Treat referred him to
Judge Brewer at Leavenworth, and Swayne
went thither and obtained the order private
ly from the judge, securing the appointment
Humphreys and Thomas E. Tut
as receivers. This was all done
without notice to any creditor, and
on behalf of the debtor company itself;
Humphreys and Tut being intimate asso-
ciates with Gould. Among the first things
these receivers did was to pay out of the
receipts of the road as fast as they could
certain advances that Messrs. Gould, Sage
and Dillon had made, totally obigiols of the
fact that they we're but ordinary creditors,
if at all, and that the mortgage creditors
must be paid first. In fact, they ran the
system exactly as could wished.
The first mortgage bondholders, finding
their requests we're not considered at ALL
finally filed bill In the United States court
at Chicago for the removal Of these receiv-
ers and for an adjustment of their rights.
The case came on for hearing Def re Judge
Gresham In November, 1886, aud lasted
many days. Much testimony was taken,
many nice and intricate questions of law
we're raised, and learned counsel argued
with acuteness and ability. In his decision
Judge Gresham tore away all the mass of
sophistry that had been thrown around the
case. ignored all the fine points that had
been raised and went to the heart of the
matter.
He saw through the whole scheme, by
which Gould and the rest had added mill
ions to their private fortunes, and he had
no hesitation in characterlzing IL as it de-
served. He took control OF the roads In the
system which we're east Of the Mississippi
river, discharged the unworthy stewards
and placed the road in the hands of an
honorable receiver, Judge Cooley, with
whose integrity and ability the whole ooune
try is familiar.
Jay Gould sneered and said: "That man
Gresham is running for ProsidenEm
IL Benjamin Harrison had not been in
control OF Indiana politics the Republican
party would have elected Judge Gresham
to important offices. His following in In
diana has always been strong one, but the
Harrison following was usually bit
stronger. The two leaders have never been
friendly, and their followers have had BIT
ter feuds John G. New, the leader of the
Harrison forces at last years Minneapolis
convention, ran foul Of Gresham en- the
bench years ago. He was president of q
bank that made bad failure In charging
the next grand jury Judge Gresham in
structed them particularly to investigate
the circumstances of the failure, and If they
found evidence to substa tiate the discred.
liable rumors flying, to bring in indictments
against every one Of the directors. The
charge to the grand jury was what was
called "a scoroher,h and Mr.. New and his
friends we're terribly excited by it. The
statute OF limitations saved the directors
from a. tFiais--
Benjamin Harrison appeared before
Judge Gresham once as counsel for a de-
PENDANT Who had been indicted by the grand
jury for some otfense against the federal
laws. The prosecuting attorney introduced
his evidence and Gen. Harrison arose to
make his plea for his client.
"Mr Harrison, you will please take your
seat, " said Judge Gresham quietly. my
mind is made up on this matter, and am
ready to instruct the jury without further
hearing"
Mr.. Harrison stammered, grew red in the
face, and finally blurted out that in Justice
to his client he should be permitted 20
speak.
alt is entirely unnecessary, Mir. Harri-
son" repeated the judge. "You may take
your seat.h
Still misunderstandingth the situation, Gen.
Harrison insisted on being heard, but was
finally sharply ordered to bis seat by Judge
Gresham, who then turned to the jury, and
instructed them TO acquit the prisoner,
since he could not be held under the evil
dence presented.
Judge Gresham was q candidate for the
republican nomination for President in 1884,
and again in 1883. In 1885 he received III
votes on the first ballot in the convention;
his vote rose to 1913 on the second ballot, aud
then dwindled TO SO on the eighth and last,
The Peoples party, In convention at Omaha
last July, turned to him, and the nomiua-
tlon was his until he positively refused il.
Judge Gresham was considered the ideal
candidate by the populists because of his
lifelong opposition to tyranny, oppression
aud injustice OF any sort. He was an anti
monopolist, hater OF corruptionists, and
never in sympathy with the
high tariff views of his old party. 1t was
at Indianapolis in 1886, Just after the cleo
tion of Harrison, and tine exposure of the
''blorks of fiven and other methods by
which Indiana had been carried by Dudley
and bis fellow corruptionists, that Judge
Gresham said these ringing words to a
World reporter:
There ought Co be reform In our state
elections and unless the state takes steps to
stop corruption at the polls a condition of
affairs will be produced to which the re-
hellion will not be a circumstance.
ut is the pharisees who are doing this It
10 men of prominence aud responsibility
who raise these large sums Of money, know
ing the use that they will DO put to, men
VINO deal openly in corruption one dav and
go TO church the next
at is these men who bring disgrace upon
the state. You may convict a hundred
yes, even a ACKNOWLEDGEMENTS voters for
bribery, but the effect upon a community
would be as nothing compared to that
which would follow the conviction of one
prominent man,
Judge Gresham's final revolt against the
party at whose birth he had ASST ted came
during the last campaign. He announced
his intention of voting for Grover Cleve-
land in the following letter, dated Oct. n,
1892. and addressed TO Maj. Bluford VIII
son, who was solicitor of the treasury under