The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-06-17

Ohso and masslssspPs HszlrssA.
frou tbe 81. Louis Evening News, June Ia
The tone Of the papers. this morning. Ii ressrsncs
20 tie deed OF truss eivea bB tie Directors II ~
Ohio and Mississippi Rairosd TO Page q Bsoon 81
secure the cebt due TO the latter Ii conc What mode
rased. The term Sohuy lerismn " dropped, H.
ssnlab as the pubhc mind ives abe 70 and nssi1ag
In the transstion TO justify the hbollous shsqgS.
Tee road e.cd Page 4 Bacon . large amount e
moDsy and IN sAsy simply took note for the a.ssse
Il was The duty Of Page & Bacon to collect their
eoes IRON the railroad company # possible. Thek
duty to their own creditors required them 70 DO e.
ana 70 Prtss the payment with all the pertinadV
possible. And It was equally the duty Of GO
honest, 10 pay the debt due to Page q Bsosa, pro-
vided the debt was just one. And II the debt wss
not just orc, was their duty to refuse che aa1ik
ing OF IL, and to expoe ts iscess character. Ths
debt eue to Page d Bacon has not been "huntoA
up" ~ charged by the Republican. Its existease
has been known long enough 10 enable tho dreoteea
each ana eli Of whom have access TO tho rooocd0
and vouchers Of the Office to know II II was usjus
and to expose wherein it was unjust. Have shs1
done 80. or attempted to do 80? No one aaeE6
that they have. And the presumption Ii that -
debt ID honest and just, unless every director =
faso to tie public interest as 70 have rendere hiar
sell morally, not legally, responsible to the stss
holdsrs for the loss they will sustain BY the allsw
snGe an collection Of the deb.
~
as board, no cne entertains doubt; and as thsT
rave not shown or attempted to show the oonsrary.
!, must pc concluded that the debt due 20 Page &
Bacon is just one. And Page & Bacon Wers
bound, In justce to themselves and to their oreM.
tors, to urge the collection Of 1t by every mesas
known IN business, custom or Law: They have ussd
such means such as are used dsily-and such q
would be used by any man In the community whsss
debt was in peril They hays taken . note saA
security for It's payment. This Is all Tbs euIy
thing about the matter that makes It unusual, Il
the heavy interests involved.
The principle is every cay acted on, and win be.
as long as the obligation OF contracts is mantaias6
BY custom and law.
But not only were Page Bacon bound BY evsy
creditors to press the collection Of their debt buS
we will 20 further, and say that IL was the duty a.
the directors to pay the debt due Page h Bacon. a
to secure by the best possible security ta1s ooua
be offered by the road ITSELF The debt due to Pare
Bacon was on construction account" In greok
part, az everybody knows, or ought to know, thak
debts contracted 10 the construction of . road Eo
NEST falthing, whether the stockholders ever sss
one cent in return or not Indeed, in States vhoro
the Individual liability principle in corporate bodies
prevails, the subscribers Of stock are mulcted be-
yond their subscriptions, to pay the conssrucdsa
accounts OF the road, If the funds OF tbs oonpaay
fail.
TIE directory Of the Ohio and Misslsaippi RAG
rad, If these views are correct, and we defy tho
success ful iefutsti0n OF them, could not, honestly
and justly, have refused to make Page Bacon ssfa
in the La &c amount of money advanced by them ca
build the road. II would be dastardly "SohuyIsr-
iem' on tie part OF the directors Of any road to
refuse to audit, settle and secure debt contraose1
in its construction. We repeat the assertion, an
We challenge contradiction, that 1t was and u the
duty Of the diIsctola Of the Ohio and Mississippi
road to prefer the debts for construction over A
other liabilities, and II will be 30 ruled by law, e
is BY common sense and the law of labor; aud Y
the County Court Of Saint Louis county by OH ,isl
action, the city Of Saint Louis, any
n m 10.
execution OF this principle they can b made
In law to smart for the full extent OF the In
jury done to individuals by their intesfsreaos.
who wrought upon and built the o. & N. Rsilrosas
clsmoriDg around the doors of Page & Bacon for tho
large sum Of money owed on the CONSTRUCTION" of
the road TO know whether or not the c,urts win ~
cogpize their debt as preferred debt that must b
paid, though every other interest perish. Gsnts-
men who are disposed to indulge In the pasime e
sen ding telegraphc dispatches to New York, -
as well bear these facts in mind. And our high
officials Who are about TO lose the stock subscrboA
by this community, In corporate capssty, to the o.
M. road, by refusing to provide for tho July IN
careful that they do not draw down their conaaf
tuency far heavier loss, by opposing and perhaps
destroy ing the value Of claim on the road Of over
q. 100000, due on Its "oonstrTction;" which any
GRITTY over all stOckhOldDg interests.
In this article we have confined oursef To tho dr.
cuesion Of the facts and law involved In the present
questions affec ing the Ohio and Mississippi Rail-
road. The interests at stake are too heavy to -
jeoparded by personal malice, business jealouass,
or party recriminations. But, in conclusion, ~
must and will say one word IN regard TO the 70
and its echo in this matter, the Democrat. rhs
conduct OF Page 4 Bacon, In this deed Of trust
.tion, does not evincs that fast practice
their practice e, that 1t has been too sow. AM
set OF "shRrp" or fast men, who had designed
to secure the o. NJ. road by frsud or BY any sps-
ne wo Gns ,,v
and every cinching step in the process Of soils
ing and appropriating the road, so nominated"
as to have left no room for Geographic dos
Page & Bacon was in being too slow to require
their security. They should have taken thsir deed
OF trust long ago.. They were boo liberal to ~
70 Tread sO%p.ny IN trusting i % largely On ops.
to retrieve their error and collect the large dsbes
due them, unless they are willing to initiate ne
"sbarp practice Of many Of their present mslignees
who pay OF their own debts BY bankrupt notices.
We have never taken il upon ourselves to vindi-
cate the business transactions Of Page Bacon, but
We detest the spirit that never praise them too
much when they are prosperous, nor abuse theM TEE
ever much Page & Bacon may have erred, IN TIE
past we must say that in the present instance theig
course seems to us wholly iustifable and they have
been scandalously ibsllsd BY most Of the publioar
tions made.
AssEssxD VALUE OF Property IN CONNECTICUT.
From the grand list of the State of Connections.
for the LIST Of October, 1884, prepared by the Comp
troer, from the returns Of the several Town Cleks,
We are enabled to make the following extracts and
comparative exhibit Of the assessed value Of vare0e
items of the several counties, % follows:-
D,a, Hs,... is; si sss m.. s ss;;s;:s.
s$:;:: 81 q :;I:s '$Eg :!ss 's::;:
Fairfield ..l1,203 1005401 20644 07 ll8U0 0o6
Windham.. b,09s 269l,549 G7963 -ls6M0 316M
Litchfeid. 1858 ll59, SS ly5el,L2o 5g!92 l,99ll5
ROLAND. =. S'isS i,77S96S 3s6,As li70N WSl8
Total s ss ss1 90 sl7 sss 81 e ss s $500