Evening journal., 1912-01-22
NEW NEWS OF YESTERDAY
Two Transactions in Bonds
That Won Political hsnOrS
By Holland.

Just after the nomination of James
G. Blaine for President by the Repub-
lican National Convention Of 1884,
General James H. Hustled. who was
for many years speaker of the New
York Legislature, and very inti-
mate friend Of James G. Blaine, asked
me if ] had heard that Senator John
A. Logan of Illinois would not permit
his friends to place him in nomination
for yice-president with Blaine. / re-
piled that l had heard a report to that
effect.
We'll" said General Hustled, "the
convention is going to nominate him
and he will have to accept, whether
he likes It or not But l only wish it
were possible to name man like
William A. Wheeler for vice-presi-
dent instead. You know, Wheeler was
unexpectedly nominated for vice-pres-
ident on the ticket with Governor
Rutherford b. Hayes of Ohio in 1876.
and have always thought that Wheel
ers nomination actually added
strength to the ticket. In most cases,
it is all poppy-cock to say that this
or that man who is nominated for vice
president adds strength to the ticket.
The people only look at the candi-
date for President But in Wheeler's
case It was different
1T is a curious thing, toO-although
few people know it, that Wheeler
owed his nomination and election to
Congress in the early sixties, as we'll
as his nomination for vice-president,
to a transaction in bonds.
"ln the late fifties, Wheeler, then
practicing law in the town Of Ma
lone n. Y, was appointed a member of
committee to act as trustee for the
bondholders of bankrupted railroad
running from Ogdensburg, n. y. 10
Lake Chaplain. AT that time the bonds
were not worth four cents on the dol
lar. Almost all the work of putting
life into them was turned over 10
Wheeler. and so carefully did he nurse
the value and so skilfully did he man
age the whole property that in the
course of two or three years the bonds
went to par and the bondhOlders got
their money back Not cent did
Wheeler make out of this brilliant
piece OF financing except the fee to
which he was entitled under the law.
But if he had been like good many
politicians he would have bought in,
either directly or under cover, big
blocks of the bonds when they were
worth only a few cents on the dollar
He was on the inside, you know, all
the time But he not only would not do
that; he would not permit any one
elst to do it. The people of st. Law
renee county did not need any better
proof of Wheeler's personal integrity
than this transaction afforded, and so
at the first opportunity they sent him
to Congress.
wheeler also sat in the Congress
elected in 1872, which passed a law
increasing the pay of representatives
and senators from three thousand Il
five thousand dollars year This Law
was made retroactive, so that ths
members of that Congress got bach
pay. representing the difference be-
tween the old and the new rate D
pay from the time they were sworI
i'm as members of Congress until th'
bill became a law. The difference
amounted TO something like two thous
and dollars, as | now recall.
"Now, what did Wheeler do? HI
took the back pay and within a few
hours bought government bonds Will
it. using every cent of the money TO
that purpose, except, possibly, a frac
tional amount. Then he had thos
bonds endorsed, took them to tn
Treasury Department. handed them &
the Secretary of the Treasury ant
asked that they be cancelled That wa
done, but not before the Secretar
had asked Wheeler why he was takin
this roundabout way of returning hi
back pay to the government.
BY my buying the bonds, re
piled Wheeler the government get
the money back. BY endorsing th
bonds over to you, there is a record Q
the disposition of them, and by you
canceling OF them they are ended; s
that neither | nor anybody else ca
ever hereafter make a claim to tina
E.oney. II is the only safe way TO re
turn the back payment. voted agains
the bill, but 7 couldn't prevent it pass
ing
"Well, after Hayes was nominate
for President. and the New York dele
gates were asked to name a candidat
for vice-president Judge William {
Robertson said: Wheeler is the man
lie turned his back pay into tn
Treasury Department within twelv
hours after he got it and when tn
people know that fact it viii be sur
favorably TO affect the ticket
81 have alwa, thought, Genera
Hnsted added. "tha, bat fcr the sTes
Wheeler brought to that ticket Il
one or two close states, Hayes woul
have been Dictated and Tilden electe
without any controversy
Copyright, 1912. by E j. Edwards
All rights reserved.)
Tomorrow Mr.. Edwards will tell {
"A Free Gift to the American Pee
pie
e..