The Wizard of Wall Street and His Wealth; or, The Life and Deeds of Jay GouldWhite, Trumbull
History
The Wizard of Wall Street and His Wealth; or, The Life and Deeds of Jay Gould
White, Trumbull
Businessmen -- United States -- Biography; Capitalists and financiers -- United States -- Biography; Gould, Jay, 1836-1892
“I was first elected President of the Erie railroad in 1868, and I was
President in 1869, 1870 and 1871. I do not remember whether I approved
payment to William M. Tweed of money for legal services while he was
Senator. I do not know whether he is a lawyer. He was a director
of Erie and a member of its executive committee. I would not have
allowed pecuniary transactions with Mr. Tweed to be put in the shape
of legal services if my attention had been called to them. The name of
William M. Tweed is in my handwriting. The words in my handwriting
are: ‘William M. Tweed, legal disbursements as per order, J. G.,
$35,000, April 25, 1871.’ The approval of voucher, April 5, 1869. He
was Senator in 1869, also in 1871 and 1872. The ‘legal account, was
of an india-rubber character. I gave large amounts in 1869, 1870,
1871 and 1872 in the senatorial and assembly districts. It was what
they said would be necessary to carry the day in addition to the
amount forwarded by the committee, and contributed more or less to all
the districts along the line of the road. We had to look after four
states--New York, New Jersey, Pennsylvania and Ohio. It was the custom
when men received nominations to come to me for contributions, and I
made them and considered them good paying investments for the company.
In a republican district I was a strong republican; in a democratic
district I was a democrat, and in a doubtful district I was doubtful.
In politics I was an Erie railroad man all the time. We had friends on
both sides--friends in a business way. The amounts contributed for the
elections were large, but I could not give any definite estimate. No
names occur to me at the moment. I am a poor hand to remember names. I
had relations in several states. I did not keep separate what I paid
out in New Jersey from what I paid out in New York. We had the same
ground to go over there, and there has been so much of it--it has been
so extensive--that I have no details now to refresh my mind. You might
as well go back and ask me how many cars of freight were moved on a
particular day.”
This confession so charmingly frank relates to payments before
elections, but there is every reason to believe that the payments were
continued after election.
The state of things unearthed by this investigation was officially
described in the report of the legislative committee as follows:
“It is further in evidence that it has been the custom of the managers
of the Erie railway, from year to year in the past, to spend large sums
to control elections and to influence legislation. In the year 1868
more than one million ($1,000,000) was disbursed from the treasury for
‘extra and legal services.’
Public-domain text, read in full here on John Shaqi.
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