The Sun.
London, England, 1867-06-01 00:00:00

THE SUN, LONDON, SATURDAY EVENING, JUNE 1, 1867.

of passes to cases of charity, and those required by the in-
terests of the company.
In regard to private freight expresses there are none
upon the road, but there are fast freight lines—two owned
by incorporated companies, and running to and from west-
ern States. These aro run also over about 900 miles of
other roads, and the effect is to bring over said roads to
the Pennsylvania Central much freight which would not
otherwise be obtained. They have, therefore, been posi-
tively beneficial.
The committee found that the officers and employers of
the road were interested in these private express lines to a
very limited extent, while neither the president, vice-
president, nor any of the directors are interested pecu-
niarly at all, and that by giving six months' notice they
may at any time terminate the contracts.
Iu regard to the expediency of issuing stock and bor-
rowing more money, a sub-committee of three carefully
investigated the financial condition of the company, while
another sub-committee of three investigated the subject of
original issues, but their investigations disclosed nothing
in any way at variance with the last annual report of the
directors.
The value of the rolling stock is much greater than the
amount standing to the debit of equipment of road in the
last annual report. 'rho system of accounts is perfect and
accurate.
In conclusion, the committee referred to the extended
trips which they had made over the various branches of
the road, for the purposes of their investigation, and are
more convinced that the policy of the managers has for its
object the increase of the commerce of our city, the
development of State resources, and the direct interest of
the stockholders.
But unless ample pecuniary means aro provided, the
policy cannot be successfully carried out. Believing that
such means, if provided, will be so used as to conduce to
the public good, the committee recommend to the share-
holders the acceptance of the report of the Board of
Directors and the ndoptioi of the resolutions appended
thereto. The 1 (Tort was signed by Israel 11. Johnson,
Henri Winsor, John C. Davis, Alan Wood, William P.
Cresson, and Charles Wheeler.
When Mr. Johnson had finished the reading there was
considerable manifestation of approval.
The statement prepared by the chairman of the com-
mittee was then read by him. It set forth the object for
which the committee had been raised, and said that al-
though ordered on the 19th of February it was not selected
until the 9th of March. Five of those chosen refused to
serve. Two new names were selected, and not one of them
consented. It was not until twenty-one gentlemen were
notified and heard from that a committee was obtained.
On the 26th of March, thirty-five days after the annual
meeting, the committee was organised, and but twenty-
seven days were left for the discharge of their duties.
Thu chairman could not say anything as to the condition
of the road, as he did not accept the invitation to travel
over it with the remainder of the committee, but he had no
doubt that his colleagues had a pleasant time of it.
Some discrepancies were then noticed between the an-
nual report., as submitted to the stockholders, and the
statement made to the Auditor General of the Common-
wealth.
In reference to the system of free passes, it was stated
that its abuses elsewhere were given as the reason for I
continuing it hero. They have been issued in abundance,
and without any regard to the hands they might fall into.
The members of the Legislature have had all they
wished of them. No record was kept, and it was
impossible to obtain the number during 1866. Time will
develope whether the new system inaugurated this year
will work any better.
The claims of and objections to the fast freight expresses
were then alluded to, and the report of the special com-
mittee to the Ohio Legislature on the subject was spoken
of, and its perusal advised by all who were interested in
the matter.
The subject of authorising the company to borrow money
was treated of at length.
Mr. John S. Mullen then submitted a resolution of thanks
to the committee, which was unanimously adopted.
On the motion of Mr. Theodore Cuyler, a formal reso-
lution was adopted, which endorsed the views of the ma-
jority of the committee, and approved the resolutions
attached to the report of the board of directors submitted
in February.
While those resolutions were under consideration, John
Hulme, Esq., gave to the meeting his views in respect to
the act of the Legislature amending the charter of the
company. He said that it must be accepted or rejected
unconditionally. If he understood the question before the
meeting, the result of the stockholders responding " aye "
would be to grant to the president and board of directors
the power to act, without further consent., in such manner
and for such purposes as they may choose, to an extent that
will eventually increase the present capital stock of twenty
millions by an addition of fifteen millions, and the present
bonded debt of, say, ten millions by an addition of twenty-
five millions, making in all a prodigious total of seventy
millions. He would ask what is the enormous increase
of stock and bonds of forty millions required for ? Is it to
complete the ten miles of double track ? Is it to erect a
passenger depot at West Philadelphia ? Is it to aid a
steamship lino to Liverpool ? All of these and other
legitimate objects would not require one-tenth of forty
millions. The annual report of the president for the past
few years had shown that the surplus revenue of the road,
after making good cash dividends, has enabled the
managers to invest annually about two and a quarter
millions of dollars for extraordinary expenses. This, the
gentleman thought, a very liberal margin, to meet the re-
quirements of increased traffic, and enough without in-
volving the company in forty millions of increased capital
and debt, and he for one solemnly protested against
hts property being thus disturbed and encumbered. He
further protested against granting such vast power to any
agents without knowing in advance the specific objects
and purposes for which it is wanted.
Mr. liulme proceeded to argue against the policy of the
stockholders giving up everything into tho hands of the
president and directors. On the subject of fast freight
lines, the gentleman said that it was a fallacy to argue that
by secret organisations increased tonnage and profits are
realised by railroad companies. Ile would assort without
hesitation that fast freight lines, operated and run by rail-
road companies, can secure every pound of freight that
could be found by fast outsiders. The gentleman closed
by denying that there was any present necessity for action
on the important act of the Legislature submitted to the

meeting.
Theodore Cuyler, Esq., reminded Mr. Hulme that ho
ha'i, when a director of the company, voted in favour of
the establishment of a fast freight line.
Mr. Hulme replied to the effect that at that time he re-
garded the measure as a necessity in order to compete
with other roads. He now thought it was no longer
necessary.
The act which was passed by the Legislature, authoris-
ing the increase of stock and the borrowing of money,
was then submitted to the meeting for its approval.
Mr. Isaac Hazlehurst then offered a series of resolutions,
which were submitted to the stockholders for their vote.
These provided for the accptanco of the law as passed by
the Legislature.
A stock vote was demanded.
A recess of ono hour was then agreed to, in which the
tellers were directed to take the vote in the specified
manner.

Resolutions of thanks to the officers of the company and
to the chairman of the meeting were then passed.
Upon the meeting reassembling the vote was announced
as follows :—For the resolutions, 127,630 ; against, 2,319.
—Majority, 125,311. The meeting then adjourned.

The Erie Railroad will use coal burning loco-
motives exclusively hereafter, and has commenced
selling off the wood on hand.
The western railroads have suffered heavily by
the recent floods, and it is estimated that the repair
of its lowa division will cost the Chicago and North
Western $700,000.
Nitro-glycerine is cutting the Pacific Railroad
Tunnel through the summit of the Sierra Nevadas
at the rate of 50 feet per week, and by mid-summer
50 miles of road will be added to the 9-1 already in
operation at the California end.
The car masters from a large number of leading
railroads have held a convention in Springfield, to
talk over matters of mutual interest and to examine
new inventions. They will form a national associa-
tion at Altoona, Pennsylvania, in September.
The Greenfield Gazette says that wo.rk on the old
Troy and Greenfield Railroad is rapidly progress-
ing. The grading has been nearly done out to
Bardwell's Ferry, and the track through Wisdom
(Deerfield) laid for two or three miles. It is cal-
culated the road will be in a condition to be run
over as far as Bardwell's Ferry by the last of July,
and to Shelburne Falls the forepart of November.
The road between the falls and the tunnel has been
let, and work commenced. The grading is to be
done this season, and the road in a running condi-
tion to the tunnel in July, 1868. Good progress is
being made upon the tunnel. In one week twenty-
six feet were completed.
One hundred and fifty workmen are engaged on
the grade for the second track of the Western Rail-
road between Middlefield and Washington.
The Housatonic Railroad has declared a dividend
of $t per share on the preferred capital stock, ply-
able on the 25,h.

FARMS IN LOUISIANA.—TiIe Commissioner of
the General Land Office has official information showing
that during the months of January, February, and March
last, one hundred and fifty-nine farms, comprising in the
aggregate over twenty thousand acres, were added to the
product force of the State of Louisiana, under the Act
approved Juno 21st, 18GG.
A strange disease has broken out in Long Is-
land, in the vicinity of Great Neck. It attacks animals in
their throats, incapacitates them from swallowing, and
death is sure to ensue, if not in twenty-four, in forty-
eight hours. One gentleman has lost seven fine horses,
valued at $B,OOO, within ten days. The most experienced
farriers have been at the stables, and state that they have
never, (luring their experience, seen animals affected with
a aimilir disease, The horses fallen victims to the disease
". a of Oka finest bread.

Spirit of the American Press.

THE PACIFIC RAILWAY.

By reference to the recent statements of the Se-
cretary of the Treasury relative to the condition of
the connecting lines of the Pacific Railway, it will
be seen that six hundred and thirty-four miles of
this important work have been completed. The
Government subsidy paid for this extent of mileage
amounts to $12,920,000. The Californian end of
the line has made an eastward advance of a hun-
dred miles over an ascent of six thousand feet ele-
vation. The tunnel through the summit of the Si-
erras is nearly half completed, and the grading has
so far been finished upon this side 'as to lead t) the
confident expectation that in less than three months
the rails will be laid to the mining region of Ne-
vada. It is noteworthy that this end of the road
has already proved largely remunerative, the net
earnings for one quarter amounting to the hand -
some sum of $284,363.85. The estimate of the
entire cost of the several lines composing this great
road, from the Missouri to the Pacific, is set down
at one hundred millions of dollars. Ten millions
additional will be required for equipment. At the
present rate of progress of construction, and
with correspondingly rapid returns for capital
invested, it is evident that the country will
not have to wait long for the final completion of
the great connecting line between the two oceans.
Conjoined with the line of Pacific steamers projected,
and already in partial communication with China
and Japan, it will become the great highway to Asia
for European nations, as well as ourselves. The
time between Hong Kong and New York will be
reduced to thirty days, and between llong Kong
and Liverpool to forty days. A column of trade
will be poured over this avenue, whose far-reaching
consequences upon the future growth of the great

West can scarcely be grasped by the most com-
prehensive flight of imagination. The spread eagle
orators, who are so fond of expatiating upon " mani-
fest destiny," will find here an ample field for the
exercise of their rhetoric, while the practical busi-
ness man will see in such developments of material
greatness opportunities for the investment of capital
altogether beyond his previous experience.

OCEAN TELEGRAPHY.
The practicability of telegraphic communication
through mid-ocean having long since been so com-
pletely settled as to dispel the last lingerings of
scepticism the field of competition is now fairly
open for other lines. The present cables between
Ireland and Newfoundland present to the citizens of
this country two objections of so strongly marked
a character that the establishment of competing
lines is felt to be a necessity, and their accom-
plishment only the work of time. One lies in the
fact that the existing line is mainly owned and con-
trolled by British capital, and that in the event of
hostilities with England, its detrimental use could
only be prevented by its destruction. The other is,
that its management has been characterised from
the start by extreme illiberality. The charge for
the transmission of messages is so excessive as to be
almost prohibitive, and as a natural consequence of
its burdensome tariff, the line has only been worked
to a fractional extent of its capacity. The only
remedy against such unwarrantable disregard of
public convenience, to say nothing of public rights,
is that which is applicable to all other forms of busi-
ness enterprise. This remedy, we are glad to ob-
serve, a company of New York capitalists is about
to have recourse to. The Legislature of that State
has granted the requisite authority for the construc-
tion of a line between New York city and Brest, in
France. The length of the cable will necessarily be
greater than by some of the more tropical routes
hitherto proposed, but the connection with France
will have the advantage of directness. The
bill confers upon the grantees the exclusive right
of laying and working telegraphic cables from
New York to France for twenty years, provided
that the communication shall be established
and in successful operation within two years. The
only reservation is that the State, under certain
circumstances, shall from time to time have prece-
dence in the use of the cable, or power to transfer
a similar right to the United States Government. It
is said that the Emperor of France is not only favour-
able to the undertaking, but ready to promote it
with substantial aid. In view of the rapi lly in-
creasing business relations between this country and
Europe, the large amount of travel and social in-
terchange, and the constant tide of immigration, an
enterprise like this will be warmly welcomed. It
will lift from the press the enormous burden now
imposed, and bring within the reach of ordinary
purses the use of a power which should be an instru-
ment of good instead of an engine of speculation.
—Baltimore Weekly Commercial.

THE ATLANTIC CABLE : ITS PERVERSION.

To simple-minded people it would seem a very
eau thing to send the current news of the day across
the Atlantic ; to collect, that is, the straws of in-
in well-informed
and transmit
her
e are, however,
duty which appears so simple
gofonaly a moderate degree of ability.
circlest e l
theirli g es nu
icb
sne t thataN ner
wA bfl
_rye
oat
rthke constantly
accable.
bd l e
London,
disturbing influences at work which interfere with
andthe ddisemchaanrdgien
Without imputing direct corruption, it is obvious
that the temptation to distort facts so as to
a spice of the
suit a particular purpose must be very great.
ImVaervealllloulis neverkeexciting
mpublic. To please your audience, to satisfy your
employers, is no. doubt very proper, and it may be
that no worse motive prompts the sensation reports
we are daily treated to. But, after all, our sober
co: w:4l, n
iss and
to the American
judgment prefers the strict truth, and we are more
than satiated with a daily rechaup of falling dy-
nasties and shattered thrones. Take, for instance,
the report of the press of May 7th, and look at the
gorgeous dress relative to the Hyde Park Reform
meeting, given in the first report, a report which,
by-the-by, started the gold market, and caused the
tongues of the malicious to wag. We are told first
of a " vast army, say a hundred thousand people,
of every class, age and sex, being assembled—that
the troops were under arms—that the police were
hidden away in a secluded corner of the park, with
cabs in readiness to carry them quickly to any
scene of action." A decided improvement on the
mounted police,sand combining the advantages of
the ancient war chariot with the rapid evolutions of
modern light infantry. But the excitement is only
beginning. " Fifteen separate meetings are orga-
nised"—we have seen four in Union-square for not
over five thousand persons—" revolutionary cries
are uttered as the police pass by—not in their war
chariots it is to be presumed—" the Tory and Re-
form press are violent in their denunciations of one
another and of the Government, and all London is
intensely excited." And, as if to prolong our agony
into the next day, the account winds up with—
" The meetings are still in progress, and will con-
tinue until a late hour." There certainly is excitement
enough. Weseedimly a vision of anarchy reigning in
London, of the Government overthrown by violence,
of the Times and Punch office being torn down by
the mob, and the New York Herald offering Queen
Victoria an asylum on the banks of the Hudson.
The postscript, however, of the evening calms the
fears of the timid and crushes the dawning hopes of
the Fenians ; its sententiousness forms a charming
contrast to the wordy gabble of the morning :
" Loudon, May 6 (Evening).—The great Reform
meeting which has been in contemplation for some
time occurred in Hyde Park to-day. As was ex-
pected there N% as a vast crowd of people in attend-
ance, though but few speakers. There were no
riotous demonstrations whatever, and the services of
the police were not required. Not one of the extra
policemen who had been sworn in for this occasion
was present. The meeting was of very short dura-
tion, and the multitude dispersed without disorder."
We may well leave the special reporters to reconcile
these conflicting statements, but the public very pro-
perly asks if this is all they are to get from the esta-
blishment of instantaneous communication with Eng-
land. If such false reports are transmitted for stock-
jobbing purposes alone, no reprobation of such abuse
of our confidence can be too loud. But we rather
incline to the belief that they originate in a love of
the marvellous, and a desire to pander to a morbid
craving after excitement which exists here ; and
though in either case a culpable misrepresentation

has been made, we cannot blame it so severely if
springing from the second class of motives as if
from the first. It does, however, seem strange that
trustworthy, intelligent, and unexcitable men can-
not be found to semi us the real news of the day,
and not the distorted fictions of their own brains.
As used now, the news by the cable is simply a
fraud upon the public, and it is not the less repre-
hensible because the statements in large type are
contradicted immediately afterwards in small.
What everybody wants is a single truthful account,
and not two contradictory accounts, which cannot
both be true, and may possibly both be false.—
Frank Leslie's Illustrated Newspaper.

TILE FALSE NOTION OF PARTY FEALTY.

One of the best political indications of late is the
general condemnation by men and presses of all
parties of the gross venality that has prevailed in the
New York Legislature. The Republican Tribune
and Times have rather excelled the Democratic
World in bold rebuke of corruptions, the responsi-
bility of which must rest mainly upon the party of
the former, because of its controlling majority in
the Legislature. One or two Republican papers
in the rural districts have condemned the metro-
politan press for their free exposure of the Legisla-
tive offences at Albany, as if it were infidelity to
the party. Let the enemy discover and expose our
faults, they cry out ; if we belong to a party we must
stand by it and defend it. The mistake is a radical
one. It is the Legislators who accept bribes that are
false to their party, as well as themselves. It is
they who bring dishonour upon the party, and if
the party would escape ruin by them it must dis-
avow and condemn their acts and do what it can
to punish them. To do otherwise ; to attempt to
cover them up, to excuse or defend them, is to
bring upon the party the condemnation which be-
longs to individual members ; and the Republican
press of New York city, in its course towards the
Legislature at Albany, has not only shown itself
faithful to the interest of the State but of the party
also. It seems to be very hard for the political
press of this country to break away from the old
and absurd notion of fidelity to party. True alle-
giance simply requires that they advocate the prin-
ciples and promote the aims of the party to which
they are attached. Yet most of them act on the
apparent supposition that they must indorse the
course of the individuals belonging to the party, at
least of all who arc prominent enough to be in the
Legislature or in Congress. They are always to
assume that what these party leaders say and do
is wholly right and to be implicitly received, and
they are never to admit for a moment that there
can be such a thing as dishonesty in their ranks.
When important measures are proposed they are
discussed, if at all, with careful avoidance of posi-
tive opinions, until they pass, or it is certain that
they will ; then they are espoused absolutely and
without qualification, and defended through thick
and thin. If a man gets nominated for office, by
whatever means, no matter if he is the most unfit
person that could well be found for the place, he
must beheld up as a model statesman and an example
of all the social and Christian virtues, while the
opposing candidate is of course to be held so debased
in morals and principles as to be almost beneath
contempt. The party press is gradually breaking
away from this wholesale and indiscriminate mode
of treating measures and men, but the old habit
still clings with wonderful tenacity, and there are
many who have yet to learn that independence and
honesty can exist with fidelity to party. There
have been some amusing illustrations of this in the
comments made upon the acts of the military com-
manders in the South. Because these commanders
are acting under laws of Congress, some of our Re-
publican papers seem to think they are bound to
indorse whatever they do—their petty follies and
mistakes with the rest—and, so far as they can,
they thus make the Republican party and Congress
responsible for the errors of the President's ap-
pointees. This whole matter ought to be too plain
to need discussion: Ile is faithful to a party who
supports its principles, and in that support, and to
make it real and effective, uses entire freedom in
dealing with men and measures ; who rebukes cor-
ruption all the more severely that it is found in his
own party ; combats errors and sophistry wherever
it appears, and has no toleration for duplicity and
demagogism because they are found on his own
side. The opposite course is flunkeyism, not fealty.
—.Springfield Weekly Republican.

Two things of some significance, as regards the
Protection and Free Trade Controversy, have oc-
curred within the last ten days. The one is the
meeting of the iron masters at the Astor House, in
this city, for the purpose, we believe, of creating an
organisation to work on public opinion in opposition
to the Free Trade League. The Sessions were pri-
vate, so that, except the resolutions and the
speeches of Messrs. Greeley and Cooper, nothing
is known of what happened. But it is as
well to state frankly that we think the pro-
minence given to these two gentlemen looks
badly for the future of the movement, inasmuch as
neither of them is likely to be of the slightest use in
controversy, both being entirely ignorant of the
existing condition of economical science as taught
by free-traders, and one, at least, possessing little
or no reasoning power, which in politico-economical
discussions is of prime importance. We say this
with the utmost respect, as they are both worthy
citizens ; but Mr. Greeley's contributions to the
science have for some years excited simple man-
! ment amongst the leading free-traders of England
and the Continent, who, whenever the great tug
comes here, will undoubtedly supply most of
the weapons to the free-trade arsenal. The
other event to which we have referred is the
appearance of a pamphlet on the " Collec-
tion of Revenue,". by Edward Atkinson, who is
treasurer for several of the largest mills in New
England, and perhaps represents as well as, or
better than, anybody else the manufacturing mind
of New England on the tariff. The pamphlet is a
I broad, straightforward advocacy of the application
of the free-trade theory to our tariff, as far as cir-
cumstances will admit, and of the total abandon-
ment of the protective system, due regard being
had to the vested interests which have:grown up
under it. We propose next week to notice Mr.
Atkinson's views at c,reater length. His utterance
of them is an indication of a formidable defection
from the Protectionist ranks. —The Nati on.

In Rhode Island the amount of capital invested in
manufactures is reported to be $33,000,000, and the grosg
annual product of the mills of the State is estimated at
about $103,000,000.
SENSIBLE.—Jay Cooke, the well-known Phila-
delphia banker, in invitations to a party recently given by
him, is said to have forewarned his guests followingly :
" Guests received at 5.20 ; dancing commences at 7.30 ;
supper at 10.10." It is presumed that the guests were
expected to leave soon afterward, although it would not
have exactly done to have fixed also the hour for depar-
ture. This is a good example, and if generally followed,
would do away with one serious objection to evening
entertainments of this nature.
- •

___........
The Springfield Weekly Republican gives in a
correspondent's letter from San Francisco, the following
description of the Japanese Commissioners. "They are very
intelligent, and much superior to the doubtful embassy
that visited Buchanan some years ago, and turned the
heads of fair Now York. They aro of higher rank, a
Prince and Governor being among them. They seem to
be well educated, understanding the theory and principles
of many things which they saw practically demonstrated
for the first time. The Secretary of the Commission is a
Japanese author of some popularity, and has translated a
history of the United States, the Constitution, and Declara-
tion
of Independence, into his own tongue, with comments
and annotations. Ile has also written a treatise on European
civilisation, besides occasionally translating from English
and American papers accounts of discoveries, inventions,
and scientific data. The Commissioners are obliged by
virtue of their office to transmit an account or daily
journal of their experience, and I presume that a very
detailed and accurate description of our pacific civilisation
will, by the time this reaches you, be in the possession of
the Japanese State Department. Their literature is
marked by a refreshing simplicity and good faith. Tho
Secretary translated ono of Dr. Ayer's advertising
almanacs, even to the marginal facetim, and transmitted a
copy to Japan, as a work of a national and benevolent
character. All this of course has no relation to the specific
object of the commission, which, when it transpires, will
create some little excitement in Washington. As it was
told to me as a secret, I am of course burning to get rid of
it. Nothing but a perhaps too sensitive regard for the bowels
of my friend the Secretary restrains my pen at this mo-
ment."