Year: 1876




ESTABLISHED
honor and fairness of any business
transaction. As to the question Of
propriety involved in member Of
Congress holding an investment Of
this kind, it must be remembered that
the lands were granted to the compa-
ny, and that the company derived its
life, franchise, and value wholly from
the State the company is amenable,
and in no sense to Congress. Since
purchased the bonds but


ONE ACT OF CONGRESS


has passed i'm any way touching the
subject, and that was merely to recti-
| fy a previous mistake i'm legislation.
take it when any security from the
government bonds to town scrip, is
offered at public sale to any one who
can pay for it, every American citi-
zen is free to buy. If you exclude
a representative from the investment
on the ground that in secondary or
remote way the legislation of con-
gress has affected or may affect the
value of the article, then you exclude
every man on the floor, not only from
holding government bond or
share in national bank, but also
from owning a flock of sheep, or
field of hemp, or tobacco plantation,
or q cotton gin, or an iron furnace, for
all these interests are vitality affected
by the tariff legislation on which
WE VOTE AT EVERY SESSION,


and of which an important measure
is even now pending in the commit
tee of the whole In the seven inter-
vening years since the Little Rock
and Fort Smith bonds were placed
on the market, l know of few invest
ments that have not been more affect
ed by the legislation of Congress-
But this case does not require to be
shielded by any such comparison or
citations, for l repeat that the Little
Rock road derived all it had from
the state of Arkansas, and not from
Congress. 1t was in the discretion Of
Congress to give or withhold from
the state, but it was solely in the dis
crction of the state to give or with
hold from the Little Rock Railroad
company. When the Little Rock
road fell into


THE FINANCIAL TROUBLES
of which ! have spoken, there were
certain Interests connected with ii
that were under peculiarly pressing
embarrassments and that needed re-
lief. There had been at different
times very considerable talk about
inducing the Atlantic and Pacific road
which on its southern branch was to
be connecting line east and west
with the Little Rock and Fort Smith,
and the Missouri, Kansas and Texas
road, which would be connecting
line both north and south, at the
point of junction, to aid the Little
Rock and Fort Smith enterprise BY |
taking some of its securities-a prac-
tice very common among connecting
roads. To both of these roads the |
completion of the Little Rock road
was of great importance. According
ly, in the spring of 1871, when only
one coupon had been passed by the
Little Rock company on one series of
its bonds. and none passed on others,
and when there was


A sANGUINE HOPE
of getting the enterprise on its feet
again, the Atlantic and Pacific COM
pany took 100000 of its bonds and
100000 of its stock for the gross sum
of $4,000, and the Missouri, Kansas
and Texas, ii l remember correctly.
took half the amount at the same rate. |
This was done, not for the corpora
ton itself, but for an interest largely
engaged in the construction Of the |
road. With the circumstances attend
ing the negotiations with the Atlantic
and Pacific road was entirely famil-
lar, and with several of its officers
have long been well acquainted. /
also knew of the negotiation with
the Missouri, Kansas and Texas road,
though | never, to my knowledge,
saw any of its officers, and


NEVER HAD AN INTERVIEW
with any af them on any subject.
But, in the case of both roads. / de-
sire to say that the bonds sold to them
did not belong to me, nor did l have
one dollars pecuniary interest i'm the
whole transaction with either compa-
ny. The infamous insinuation made
in certain quarters that engaged to
use my influence i'm Congress for the
Atlantic and Pacific road, and also
for the Missouri, Kansas and Texas.
in consideration of their purchasing
these securities, hardly merits notice.
The officers and directors Of both
companies, so far as have known one
and heard ofthe others are high-toned
honorable gentlemen, and they would
have justly spurned me from their
presence had | been willing to submit
an offer so dishonorable and


MUTUALLY DEGRADING.


l had no pecuniary stake in the nego-
tiation, and should have loved in
fanny for infamy's sake had bartered
my personal and official honor i'm
such transaction, and | am sure that
every man connected with either
company would repel the dishonor-
ing suggestion as warmly as / do
myself. The whole affair had no
more connection with Congressional
legislation than any one of 10000
similar transactions that are constant
ly occurring in the business world.
Of a like character with the insinua-
ton just answered is that which, in
an irresponsible and anonymous way,
attempts to connect the ownership Of
the Little Rock and Fort Smith bonds
with the legislation of last winter re-
specting the state government of
Arkansas. There are some accusa-
tions which it is difficult to repel
with sufficient force because of their
mixture of absnrdity, depravity, and
falsehood. l never heard


THIS STUPID ISLANDER


until within few days. and ven
ture to say there is not responsible
man in the country of the slightest
sense who can discern the remotest
connection between the two things
that are alleged to have an intimate
and infamous relation.


Let me now, Mr.. Speaker, briefly
summarize what l have presented:
l. That the story OF my receiving
$64 600, or any other sum of money.
or other thing of value from the I'm
ion Pacific Railroad company, direct
ly or indirectly, or in any form, is ab-
solutely disprovcd by the most con-
elusive testimony.
2. That no bond of mine was ever
sold to the Atlantic and Pacific or the
Missouri, Kansas and Texas Railroad
company, and that not a single dollar
of money from either of these compa-
mics, ever went to my profit or bene-
fit.


) That instead of receiving the
bonds of the Little Rock and TT.
Smith road as a gratuity, l never had
one except at the regular market
price and that, instead of making
large fortune out of that company, L
have incurred severe pecnniary loss
from my Investments in its securities,
which | still retain, and out of such
affairs as this grows the popular gos-
sip OF the large fortunes amassed in
Congress.


I can harllv axno,t NJ c,1a.,