The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-02-17

has repui lated just claim against the New Hiven
Railroad Company, upon grounds which may be
perfectly legal, but which all honorable men scora
and condemn. Mr.. Stephen Whitney, William B.
Astor ]. Philips Phoenix, james l. Roosevelt, Seth
Grove nor and Morris Ketcoum q holders Of orgi-
nal stock In this company, and are parties ID the
plea put in to avoid the payment Of just debts So
lorg ss the usury laws are in force 40 long usury
will be legal plea 70 avoid usurious claim bu.
public opinion in This mstseri Is so much stronger
than law that very few resort TO such disgra eful
ard cont mptibie wsy Of avoiding payment.
In connection with this we give an ext.s,t from
the London Times Of the ID met. IL Is sp.opos to
the subject. add shows IN Whist ght similar acts
viewed on the otter side. Americas securities
have hsd the odium attacked to the plea Of usury,
in two or three instances to contend with abroad,
and now we have new and MIRA aggravated cases,
which win revive all old prejudices, aud create au
intense disgust in tho minds Of ali honest m.n for
such Q convenient coda of morals as governs some
Of cur largest csptalsts:--
THIS late advices from New York have shown that ali
recent ,temps obtain fresh in London by rail
way mortgage bonds have proved unsuccessful Propo
tas however, nov in circulation to raise f450 GOD
per cent bonds the security of the Panama
railway wh;h sexpected TO be completed from to
= n.
taktn is doubtful. Although the aggregate amount Of
tie existing bonds and floating debt Of tine company |,
already larger than their paid up capital thsr position
very favorable But 1t is not merely to the actual and
immediate financial position of such that per-
sons disposed to become lenders Obliged to
look. The sense Of legal security has bsen
shaken by recent Opponents, coupled with the
previous experience OF 1887, that apart from
the natural risk Of any undertaking. i'm
mense margin is required TO- cover tins danger
of the most solemn obie atoms being disputed or set
not.la rahap
This feeling has become general and the evdsn.e Of
every week shows that II must increase. Indeed only
short time back the Judges of the Supreme Court OF
New York pronounced an opinion indie ,tug that the
perils attending American bonds lar greater than
had been imagined. Fifteen years ago concern,
borrowed In London f30c 000 upon mortgage bonds the
payment Of which has beer contested from tina. time to
the present. yet In giving the decree last obtained the
Judges from whose verdict in favor OF the claim ints
appeal has been te TO the Supreme Court of
the United Sates) took occasion to remark that the
" tens Of m lions OF railroad bonds are secured
precisely In the same manner" Every possessor,
therefore, Of one OF these securities would appear,
judgments In the country to be at the mercy Of the par
ties interested 10 dsputng them TO the extent at all
sufficient to wear all ordinary claimants the state
Of the law may be considered far such conduc is
concerned, to afford practical immunity OF course in
a majority OF the leading companies, the honor Of ths
directors might be expected 70 avert the jeopardy bat
the public should understand that they have little be
yond this to depend upon and that nparavey recent
have occurred, like that in which the Dry Dock
Bank of New York obtained large amount from Mr.
Morrison, where scrnpe whatever was entertain
cd Moreover. within tie past few weeks another
circumstance has transpred to operate warn
ing TO all capitalists The Mansfield and sandusty
City Railroad, which took the Columbus and Lake
Erie line and assumed it's liabilities, dshonored the
last dividend on the bonds Of that company, while
reason that the directors preferred apply the funds
in hand to discharge certain secondary ob atoms which
they had contra at their ri * and for which, by
endorsing bills they had rendered themselves personally
liable The president, and his colleagues in the dire;
ton int mated tina. they had idea Of sustaining any
Inconvenience while they had funds within ,er rea Il.
to prevent IL. In this way, distant mortgages ~ at
any time be reminded that whatever may be their pr
ory Of claim their are In the hands of gentle
men who bavt the power to set aside else
meet the consequences of the misnanag cement
and next that any legal steps should be resortei
fifteen years. and STILL at the end OF that period be
found 70 admit of further dispute if the administrators
OF the ccntssiing company find xpedsnt 70 appropr
ate its funds for the purpose.
At q meeting Of the Association Of Banks for toe
Suppression of CONTRIBUTING, held at Boston, on
the l6,h insf, IN interesting dis ussioa took place
relative 10 the danger to be spprehended from The
crystalotype pIocess Of copying bills, in which a
number Of prominent bank officers sook part. Soeci
mems OF bills copied by this process we're exhibited,
and it was stated that, when taken ca ,efuly aud
by skiliul workmen, they would be 30 accurate as
to deceive nine persons on. Of ten. Interesting
Of counterfeits in circulation. r. ". Wood worth
Cashier of the Bank of Brighton, stated that there
bad been on market days from twenty five 70 thirty
counterfeit bills presented at bis counter aud In one
instance fortyfour were presented. The number is
now, however, reduced at least half. letter was
read from VIM. Grub, Chief clerk OF the foreign
money DEPARTING mt Of the Suffolk Bank, stating thu.
since the association vent into oper alton the num-
Der Of counterfeits received q. that bank had
diminished cnehaf. This result Is attributable,
partially, however. to the marking process estab-
li.bed by the Suffolk Bank.
The trustees Of the United States Bank announce
that no claims against that institution will be re.
ceved after the 10th Of April next, and that they
wi proceed to make fnal dividend to the credi-
tore.
1t appears by statement showing the travel ~
the two great routes between California aud tae
Eastern States that during the past year os77 psr.
sons coming from California took the Nicaragua
Transit Iou,c, and 0 .65l the Panama route.