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A Senatorial Palace

A Senatorial Palace image
Parent Issue
Day
12
Month
December
Year
1873
Copyright
Public Domain
OCR Text

Senator Stewart's new mansión is ! ecribed as one of the voost palatial in i Washington. It will not be completed, ; however, for a month. A spacious j da in the centre, frorn which halls and ! doors lead to grand parlors, ia tobe oruamented with statuary and afountain, and stained glass lights trom above. A ballroom occupies the width ot' the building. The rarest f'urniture is from Europe. - But now comes a mau by the name of Pafftird, an Englishman, who porsists in stirriug up things in what he calis a ' true history of the Einma mine" The mine lies out in the mountains of Nevada, and Stewart is its attorney. The mine was exhausted long ago, but it occurred to certam shining lights of Nevada that itcould be made topay. A stock company was forined, and a quantity of the bogus stock " placed whero it would do most good." The scheme was to raise stock in England. There were to be $50,000 shares L20 each ; total L1,000,000. - Stewart received 2,000 shaves and was to receive L30,000 cash, the cash of course to bo paid trom money invested by the gudgeons. This haadaome remuneration was for services in setting the bubble afloat in Eugland and for getting the American Minister, Scheuck, to act as director, and he was not backward ; he became a director ; indorsed the enterprise ; and received 500 shares for whieh he never paid, and never expected to pay. A London banker lent b.iinself to the scheme by the stock to th aniount of L100,000. In the meantime the mine was "salted." Prot. B. Silliuian, of Yale College, was sent out to inspect it, salary $5,000. and reportud ore of great value. In Englaud it was announced that the analysis had been made by tho Sir Roderick Marchison, of America. A novel was written and pnblished, which painted the miuing country in brilliant colors. A book of travels was also published, extolling the mineral wealth of Nevada aud of this mine. It was also announced that a ship load of silver ore had reached Liverpool aud sold for L46,000. In fact, L46,000 was turned over to the directors as the proceeds of this sale - a sale which, in point of fact, had no existence. No ore had ever been shipped to Liverpool. The schemers could very well pay L46,000 to the directors as a blind. They could easily give Stewart his L30,000 and his 2,000 . shares They could gie Mr. Grant, the banker, L100,000, and Schenck his 500 shares, amounting to L10,000, since the British gudgeons, deceived by tho name of an American Minister and his friend, an American Senator, hadactually bought and paid for 25,000 shares, amounting to L500,000. When Stewart and his fellow sharpers laid their hands ou the pretty 8 ïm of $2,500,000, the Emma mine became s.uspected and at onse the bubble burst. - And now behold ! Senator Stewart builds hima "palatial residence" at Washington, and the blasted Britisher, Paffard, is going about writing insulting letters to an American Minister and to an American Senator, and making himself unplensant generalij'.

Article

Subjects
Old News
Michigan Argus