The record-union., 1896-02-15
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For Northern California = Cloudy
weather; westerly winds.
THE CONFESSION OF A CON-
GRESHAM.

GRESsMAN.
From the report of an interview pub
lished in the Gould-Vanderbilt organ of
San Francisco, we learn that Congress
man Bowers is mad lie is particularly
mad with the Record Union" and
calls us the Southern Pacific Company's
hired man. We experience no little
surprise that Congressman Bowers
should permit his temper to be rufled,
and more particularly because the
statements made concerning him are
Immediately confessed by himself.
We briefly summarize this situation.
Congressman Bowers appeared before
the Pacific Railroads Committee of the
House to urge the immediate foreclos-
ure Of the Governments lien. declaring
that the inability of the Pacific rail-
roads to pay their debts ought not to be
pleaded in extenuation Of their offense.
He declared that the way to treat an
insolvent debtor was to foreclose and
take what he had. He presented this
as a purely business proposition,
course dictated by business experience,
business methods and business ethics.
In this he outlined his own idea as to
how a debtor should be treated.
We undertook 10 prove. and suo-
eseds6 Las-esz utaost satisfaction. in
proving that Congressman Bowers did
not believe what he said: that his ex-
pressions were the expressions Of
demagogue made for demagogic pur-
poses. Congressman Bowers profess
sions were that an insolvent debtor
should find no escape from his debts
We called attention to the fact thaS
Congressman Bowers. had taken the
benefit Of the bankrupt law, and had
been discharged altogether from the
payment of his debts, and we quoted
from the records of San Diego County
in support of this statement. What
Congressman Bowers did is a better in
dication of what he believes to be true
business ethics than what he says for
the purpose of currying favor with the
socialists and communists of his Con-
gressional District.
And now comes this doughty Con-
gresham full Of wrath to tell perhaps
the most remarkable story ever mar
rated by any man concerning his own
business affairs. We present clear,
faithful outline of that statement. Con-
gressman Bowers declares that in 1873
San Diego was nfeless, and some
twenty citizens Of the town placed $12.-
600 in bank to his credit to build a
hotel He built the hotel at a cost of
$2I. 200. Additions We're made which
brought the cost Of the hotel up to $75,-
600. The hotel was a success, and in
seven years the gross receipts were
100000. of which over $200,0O0 was
paid to creditors in the way of interest,
principal and supplies, by which they
made a large profit. Dull times came
just before the maturity of the mort
gage. and Congressman Bowers says he
could not meet 1t. He then recites that
he called his creditors together, and
ssked that they take the property and
release him from his obligation. The
proposition was accepted, the creditors
gave him the furniture of five rooms
and 50 in money, and Congressman
Bowers declares that he went through
insolvency by the advice of his cred
itors, who. with one insignificant ex-
ception, are all his warm friends and
earnest supporters.
This is an exceedingly remarkable
story. Mr.. Bowers, according to his own
admission, was subsidized with S12.-
600. He built a hotel costing $27, 900.
Additions were made to the hotel, until
it cost $4,000 He received in gross
receipts 100000 and paid over $780,
600 to creditors in the way of interest
and principal. Over 100000, then,
was paid in dividends and the business
was therefore exceedingly profitable.
Here on an investment of S75. 600.
over 100000 dividends are paid out.
and still there is a mortgage on the
hotel Dull times coming on just before
the maturity of the mortgage. Mr.. Bow
ers concludes to take the benefit of the
bankrupt law, and his creditors warm
ly second his good intentions. They
came forward like gentlemen to say
that they wish him to be released from
all obligation to them. and instead Of
forgiving him his debts, as they would