The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1906-09-01


Charles w. Spaulding. In speaking
of the matter, Mr.. Brady says, in
part, in the Pocatello Tribune:
1T is not often that a person is
pleased to have a suit of this magni-
tude filed against him, but | am frank
to say that | am very glad, indeed,
that this suit has been brought /
find that there have been rumors of
all kinds afloat as to how | secured
the Idaho canal property, and what
/ paid for it, and when my answer
Is filed, it will most certainly clear
all of these matters up in a manner
that will please my friends and dis
comfit my enemies.
when l first met Charles w.
Spaulding in 1894, l owned the prop
erty known as the Idaho Falls Canal
and Irrigation company, which con
sisted of several miles of main line
and laterals, running in direct COM
petition to the Idaho canal, and sit
uated above their property so that
L Souiu iSdIC any thlh6 IhdI thCy
could cover and they could irrigate
nothing above a certain line in mr.
territory.
In 1895 both companies were try
eminent to construct a feeder canal
to supply the Fort Hall Indian reser-
walton with water. Either company
was in a position to deliver the
walton, and we both entered into ac-
tive competition for the contract.
Sold to Spalding.
"At that time the Idaho canal had
a capital stock of 100000 and
bonded Indebtedness of 100000.
Spalding and one F. w. Smith came
to me to purchase my property and
although it was worth much more, in
order to prevent serious conflict
and ruinous competition. l agreed to
sell them my property and 400 acres
of land in Bingham county for $780,
600. Spalding said that he was not
in a position to raise the cash i'm
mediately, and it was finally agreed
that l should deed my property to-
the Idaho Canal company; that they
should issue 100000 of bonds and
take up the sos, 900 that was against
in bonds, which Spalding agreed to
redeem at par and accrued interest,
within one year, and leave $141 900
in the treasury for the extensions OF
buying what was known as the Eagle
Rock and Willow Creek property.
Believing that Spalding was finan-
cially responsible and that l could
at par and accrued interest, as agreed
upon, within one year, ] took what
idle money l had and commenced
construction of what is known as the
Marysville canal, depending upon the
redemption of these bonds. as agreed
upon by Spalding, to enable ME to
finish the same. Spalding never did
redeem but q few of the bonds and
then, as the public knows, he de-
faulted for about 100000 of the
Illinois State university funds and
wrecked the Globe Savings bank for
about 100000 more. and left me
with the Marysville canal on my
hands. incomplete, and the Idaho
canal tangled up in endless litiga-
ton.
Ticklish Position.
~ could not raise any funds on
the Idaho canal bonds that ! owned,
for the reason that the very name
of Spalding caused investors to shrink
from any proposition with which his
name was connected. and l spent
two years of my life going through
the worst trials and tribulations, In
financial way. that / have ever ex-
perienced in my whole business ca
reer. l sincerely hope that l will
never be called upon to go through
such an experience again, in trying
to save myself from absolute ruin.
Spalding In Prison.
when Spalding defaulted, as he
admits. In his complaint. he was ar.
rested and tried and sent to the peni
Tertiary and served his full term
three different administrations re.
fusing to interfere in his behalf, oil
give him the prisoners parole, which
is allowed under the laws of Illinois
for the reason that each of these ad
ministrations believed that his crime
was SO enormous and his moral con