The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-10

and schuyler-A Financial Parallel
Railroads, which have done 80 much good to
every country into which they have been intro
duced have been the means of developing the
knavish propensities Of some Of the greatest
rosues the world ever saw. Robert Schuyler,
whose recent frauds have nearly besgared
scores of poor people, and George Hudson, the
famous English railroad Speculation, are examples
of the fact The latter had kept small store In
the little town Of York, in England, until the
railway mania broke out. A few successful
operations in railroad stocks gave him wealth,
and he abandoned his counter for the direction
of a popular line. Here, his shrewdness AM
business habits placed him in position of su-
periority to the wealthy idlers and theorists
with whom be came into contact: and he soon
acquired paramount influence among them.
He was appointed director on nearly all the
roads in the north Of England, and became Pre-
sident of several. Removing to London, as the
fit centre for his colossal operations, and accept
ing from Sunderland seat in Parliament, he ex-
tended his influence to such an extent, and null
tiplied the enterprises in which he was con-
cerned 20 rapidly that the sobriquet Of Railroad
King was applied to him. The stories which
are told of the famous fnancer Law, in Paris,
were revived about him. Peeresses and dukes
thronged his anti-chambers, and Mrs. Hudsons
soiy<es were the most fashionable receptions in
England. In the House Of Commons, every voice
was hushed when he rose to speak; 80 high was
his reputation for practical sagacity ana rail
road experience. All this however was Of
short duration. Popularity gained SO oheaply
and 60 suddenly is seldom lasting. One day,
inquiry began to be instituted into the manage
ment Of railway Of which HudsQu mad been
President. 1t had been One Of his peculiari-
ties always to insist on exercising despotic sway
over the boards Of directors where he presided:
whom indeed he seldom convened, and always
treated with marked discourtesy and contempt.
On this occasion he resisted the inquiry, but
unsuccessfully; and undoubted evidence Of his
peculati0n was discovered The alarm thus
given, similar Investigations were made into
the affairs Of all the railroads with which he
had been connected; and in almost every case,
with the like result. Hudson had exploded. 1t
was found that he had issued stock, unauthor
lied by the directors, TO himself and his frienAs
that he had bought iron himself, and sold it to
the cou9anies whose president and executive
he was; that he had bought lands, and used his
influence to make his railways pass through
them; in fact, that he had on every occasion
made use of his position to make money +,
gardless Of and at the expense of the corpora
tons who had entrusted their interests 20 his
care. All was now known.
Thus far, the course Of Robert Schuyler bears
marked resemblance to that Of George Hudson.
The connection Of the former with railways
was more legitimate than the latter's; as
the Schuylers were educated as o.
engineers. But until the revival Of the ra. y
mania in this country, some ten years ago,
Schuyle were better known rs steamboat man
ayers than as railroad men. At the period
referred to, their services were called into
requisition to construct new roads, and mar &c
old ones. All at once, 1t was discovered that
Robert Schuyler was man Of distinguished
ability. His family connections, and life of
irreproachable conduct, ensured him . high re-
putation for probity. His means were believed to
be vast These recommendations procured him Of
fers Of the Presidency Of several companies; FIVE
or six Of which he at one time held. This was the
zenith Of his glory. Exercising an amount Of
railroad influence second to none in the Union,
he could safely consider himself the Railway
King Of America. Like Hudson, his enterprise
and his energy were untiring. He was In every
company, and at the head Of at least half the
great works Of internal Improvement In this and
the neighboring States No man in the railway
world enjoyed larger share Of public esteem
and respect than Robert Schuyler. At length,
the evil day came. A stringency in the money
market took place just at the time he most re-
quired money to fulfil his contracts. He was
President and Transfer Agent of the New Haven
Railroad; the opportunity this position offered
him to supply bis wants could not be resisted,
and he issued spurious stock. The ice once
broken, he continued TO plunge his hand
freely into the public pocket always
hoping, doubtless, that better times would
enable him to make good what he had
taken. This never happens; and Robert Schuy-
Ter, like every other rogue, found himself in
such position at last that suspension Of pay
ments became inevitable Then all was dis
covered.