The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-16


Iron the Hartford Times, July 1871
There Is a card in the New York papers signed
by w. Bement, in which he says our statement in
regard to the bonds Of the New York and New Ha-
ven railroad il entirely incorrect. This contradic-
tion Of our statement is itself untrue. In stating
that these bonds have been put forth without trus
tees, and without mortgage, and whenever the
managers find II convenient to raise the wind, We
made an entirely correct statement OF an important
fact which was not generally known before. Mr.
Dement'S denial is very obscure and equivocal.
What does he mean by saying that "the bonds is
sued 10 take the place Of cancelled bonds only
passed through my hands on the receipt of matured
bonds" We said nothing about Cancelled bonds"
How was it with the new issues, Mr.. Dement'S The
impression conveyed by your remark ia that no
bonds have been issued except to replace cancelled
bonds; whereas nothing can be more untrue.
MT IL signature , wa; to
many Of the bonds are not valid for many of them.
beyond all question, are atoat without his signature.
MIR. Bement says he signed none without "a vote OF
the board of directoIs.r This is the richest joke
It is well known that Robert Schuyler was virtually
"the board" being VIGOROUSLY captain, cook, aud
"all bands" Of the concern, while the rest of the
nominal directors were bags OF straw and humble
tools put in to register his edicts. They have per-
formed their appointed function as Ieeches on the
road. and having sucked the orange dry. stand
ready TO throw the peel away, provided they can
shirk of their responsibility II the plum iered stock
oil their trust, which is by no means certain that
they will be able to do.
Instead of dealing in obscure AID equiyocal lie.
mails, why does not Nr Bement state the whole
amount of bonds afoat with his genuine signature,
inst TO let the public know how neaYlyii agrees with
Schpyiers false statement Will Mr.. Bement be
good enough to inform the public whether he has
not generally first signed tlese bonds in patches of
ten or twenty thousand dollars, and then passed
them to be signed by Schuyler ana then issued
by "tbe board that is, by Schuyler
1t is well known that these bonds without mort
gage are mere notes of hand which eau be as easily
counteIieited and passed from hand TO habd al a
bank note. 1t is pretended that Schuyler With his
proclivity to crime would not have ayailed himself
OF this easiest and most Of s expedeuts at his
mand for raising money! This method OF issuing
bonds without mortgage or security and only one
signature except that OF The great rascal who con-
troed their issue, is in perfect keeping with the
rest OF the management Ct this unfortunate com
pany.
Now, the industrious directors have begun to en-
Tighten the public--let them give US the whole
truth; and not by piecemeal, nor in the blind and
blundering cards of their outside agents We
never entertained the slightest doubt that this
company or /" the board" have /" received the
avails" whether spurious or genuine.
1t is due to the honor OF the State where this
company was chartered, as well rs to the numerous
stockholders who have been plundered of valuable
property by the unprecedented villany and gross
neglect Of the Wall street management, that every
nook and corner of that extraordinary management
should be feneted ont and brought to the light Of
day. Such has been the gross neglect displayed by
the directors and confidential associates of Schuyler
not merely in not preventing but in absolutely
trusting unusual and enormous facilities for fraud
upon great rascal such, the glazing and undenia-
BILE absence Of even that ordinary degree Of care
which the law demands of all men in that position,
that scarcely doubt Is entertained by the soundest
lawyers in this State of their personal responsible
lily in this case, and Of their liability to refund to
the plundered stockholders the losses incurred in
consequence Of their gross and cnlpabe careless.
ness.