The Butler weekly times. (Butler, Mo.) 1881-1918, 1904-09-08

I ANLAS. NuAS 0Col VI S-VsVuNiOoN Wa
shifted from the railroads to the peo-
pie As 10 whether there was any cor
ruptiOn in these sales, in view Of the
/ remarkable manner in which the as
sets. securing the bonds, dwindled
away. is a dear question. Our oppo-
nentS claim that the railroads were
sold in the open market for the best
price obtainable, and they brought all
ThxC they were WORTH. On thhe-other
hand. Gov. Fletcher, Republican, in
his inaugural address in January, 1865,
stated that the railroads securing the
outstanding bonds of the state ARE
ample security for the amounts ad-
vaEced 10 them respectively
The Wabash railroad owned the state
$685. zoo. In 1865 the Republican legis-
ls,ure passed an act whereby this
debrwas sold for 5000, 900 to a private
party. Comment on this transaction
is unnecessary.
The Iron Mountain railroad owed the
state about 100000. Commission
ers were appointed by the proper au-
thoriiies TO sell this road to pay the
amount These commissioners reject
ed an offer of more than a million
dollars and finally sold the road to
one. Mckay, and others, for $780, 900.
The circumstances of this sale were
so scandalous that an investigation
was instituted by the legislature,
which developed the fact that Nc
Nays fortune at the time he bought
the railroad consisted of about one
thousand dollars in money, two mules
ard a spring wagon. 1t also appeared
that three brothers of one of the com
misisoners. who rejected the higher
bids. were directly interested in the
purchase.
The Missouri Pacific owed the state
| stN,7Sh.coo, According to a report of
4 legislative committee, the road was
ample security for the amount. but
/ the same legislature that adopted this
report passed an act relieving the Pa
ciic railroad from payment Of all but
/ SS,aN',oe Of the Indebtedness, giving
! S5.1Sl. 600 of the states assets away
for nothing, The report OF com
m;ttee appointed by the board Of d.
reCtors of the Pacific railroad, which
was fled as an exhibit in the case Of
Lamb and others against the Pacific
ra.lNoad and others, in the United
States circuit court at ST. Louis, Is
interesting In this connection. The
report is rs follows: "OUR NEXT
MOVE WAS TO ENGAGE OR EN-
PI.oY IN OUR INTEREST PERSONS
OF SUCH POLITICAL AFFINITIES,
STANDING AND POWER WITH
THE DOMINANT PARTY IN THE
LEGISLATURE AS WOULD SOFTEN
DOWN OR REMOVE THE COPPER
HEAD CHARACTER OF OUR
BOARD AND ENABLE US TO GO
BEFORE THE PARTY ENDORSED
BY SOME HIGH IN THE FAITH
THROUGH THEM WE WERE LET
INTO THE SECRET OF HOW
THINGS ARE SOMETIMES DONE,
WHEN OTHER METHODS ARE IN
ErFECTUAL. IT WAS TERRIBLY
COSTLY FOR AN ORDINARY JOB,
But WE WERE GOING IN FOR THE
MILLIONS. THE SUM OF FIVE MIL
LION DOLLARS is THE PRICE. THE
STATE ABATING SIX MILLION
DOLLARS OF ITS CLAIM. 1T WAS
OBTAINED THROUGH OUR EXER-
TONS AND APPLIANCE AT A COST
TO THE COMPANY AND STOCK
HOLDERS OF s57,313.60, ALREADY
PAID, AND 1874, S65.00 TO BE PAID,
THE wH0E AGGREGATING $780,
1850" This certainly bears all the
earmarks of boodling.
The Frisco railroad owed the state
six and a half million. Commissioners
were appointed and the road sold for
81. SOC. 600. Again the Republican legis-
lature became generous, and after the
payment of s325,OO0 it passed an act
kindly relieving the purchasers of
making further payments.
There are not mere surmises, but
actual facts from legislative journals
and court records. This is the true
story of how, under Democratic rule.
the state loaned its bonds, taking
mortgages on the railroads and lands
as security, and Of how the amount
due the state was reduced" under
Republican rule. When the >'Republi-
can managers deny that there was cor
ruption in this marvellous system OF
financeering. whereby the amount due
the state was reduced, we can over
look that, although the records speak
for themselves on this point. 1t does
seem, however, supremely ridiculous
to be Boosting about how much the
debt was reduced" under Republican
administration, when it was done by
getting rid of the assets securing the
bonds. II an individual were to have
his debts reduced" in this manner,
/ the process of reduction would end in
making him a financial corpse.
TAX RATE.