The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-15

cucve-rairoad company the managers of which hard
H know that there is such publication in existence
That they and the public may how contemporary
wrhes under the reputation of it's SANDERS we give its
last amisble efuson:-
In regard to MI Smiths responsibility-whil the
HIRAID attempts to prove too much and thereby renders
ltse supremely ridiculous 10 claiming bank
balances the third Of which, in these times would be
deemed high estimate and in asserting bank response
biy in Scotland, which if it really had ext tence
would prove Mr.. Smith worth few hundred thousand
dollars ouetwenti.h Of the scottish banks capital
and fourth the Georgia wild cat money he processes
to be responsible forwe have had little to hereto
fore and shall not discuss it, Our business Is
particularly with the Galena and Chicago road whose
shares are selling at premium sufficiently credita
bic in the market 20 render its close alliance with
the Atlanta money matter OF moment to the
have bought into re stock. We feel that the
press has license discuss the subject because the
HERALD has been industriously and constantly
yed in putting this security as worth 500 per cent by
abusing anoher property nearer home, one involving
90 100 Our readers viii bear witness that
have been partizan Of the New York Central and
that every proper OCCASION have spoken freely of
its executive management while esteernng the it.
sci one Of the best In this country, and there
lore feel the eer to say that the comparison instituted
nnwse, under the facts in the history, financial other
wiAe of the two roads.
When it is remembered that the Albany clique which
planned and executed the New York Central consoda-
don scheme Is the that conceived brought into
Who bought up the Troy Railroad for 1926, 900, and
turned into the Central at s45oOoO precisely the
same individuals who shortly before bought editor
of the Tme-rom conservative radical abolitionist
for the consideration of 0Ol bonus stock in said
paper down. and Lieutenant Governorship and other po
ltcal adva in prospective it is not at all surprs
ing that exposure of their swnding schemes should
touch the editor little home" than agreeable
The Times is emphatcally and exclusively Albany
concern--got up by Albany capital and Albany poit
clans. II found necessary to plant spoke in the
political wheel in New York to correct the erratc ten
denotes Of the Tribune and the present editor Of the Times
though staunch conservative, discovered to be
instrument well adapted to that purpose Troy
and other trash to the consolidation scheme and pur
chaseable at equally accommodating rates. The New York
Central Company has nominal direction scattered
through the State composed in part Of very honest and
worthy Its real direction, however, is in that
hot-bed of iniquity, Albany. So with the New
York Times. II is controlled apparently in New
York. but Its actual management and all its sympathies
at its birthplace and with its authors. clique of
scheming politicians and stock gamblers at Albany
both to control the powers Of the State for their
selfish and sordid ends. No wonder that when the
abominable knavery of their schemes Is brought to
light the culprits naturally rush to the Times for help
and that that journal to the well it
fact made by u.s. the Times plainly and distinctly tells
them they are unanswerabs. Abuse has already been
tried by the Journal and 4ryms-organs still 'nearer
home"-wi.hout much apparent effect. What, then,
brothers in affection, contemporaries naturally ask,
can be done Is the HERALD invulnerable? Has 1t
dog that kick? favorite, some pet-no mat
ter how innocent inoensive-any thing, to give US
little sweet revenge upon its MASTERY The Galena and
Chicago Railroad in their opinion considered about
good thing to abuse be found. They no doubt
think that by pitching into that they touch tender point
For months have held that road the model road
Of the world and calous contemporaries know very
well that they abuse that they not only
but all honest in this community, who anxious
see honest railroad company amidst the general
wreck Of such works. sustained and encouraged in
which the widows and orphans mite is safe from gra sp
ing SPECTATORS and swindling political fnanciers.
Unlike the Central organs shall proceed to answer
its statements the merits We shall take its points
whether insnuations otherwiseone by one, examine
them with fairness and cando and dispose Of them the
facts may warrant. We shall how plain tale will
unravel and put down the tissue of ingenousy worn ed
up ctor displayed in the above article. Let the Central
scheme follow example lay aside their nonsensca
abuse and meet by facts and fair argumen. II they
dare. As for the Gaena and Chicago Railroad we
not straw for it except hold it up as model road
Central and other roads. Nor do Hg for Mr.
George Smith. We laid eyes the to
knowledge and have in the slightest degree counte
nanced his system Of banking We simply wished to state
that whatever opinion exist in regard TO the system
Mr. Smiths personal responsibility beyond question
and that the Gaena and Chicago Company safe in
keeping their at his bank in Chicago. But to
the facts.
The suprcmrly rdi,ulous'' claim Of bank ba
lance of 5000 600 $780, 000 out to be fol
lows On the 10th inst (the day that article
wren) Mr.. George Smith had balance to his credit
with his bankers irs.s city as follows =
American Fxchanre Bank .S156 900
Messrs strachan Scott bankers ......... 5o2, OOo
Total $o47 900
This about as 5000 900 500 ooO" should
say, as could be conveniently stated
As to the wealth Of Messrs strachan Scott and the
strength Of their bank in Scotland, the Times makes
fine spun and rather clubbing deduction feom the
phraseology of remark the benefit of which he is
entirely welcome to- The safety of the traing deposits
of the Gaena Company, kept with George Smith Co., of
Chicago (he bulk of their account being kept in this
cy may be Inferred from the fact that the Chicago and
Rock Island The Illinois Central and many other compa
MES of like respectabity keep their accounts in the
same bank. We said that Gaena stock was worth
cent We said that the road earned in proportion
to its capital five times money net than the New
York Central and that II the latter stock worth one
hundred Galena must be worth five hundred. We we're
very from stating admitting that Central was worth
that figure, anything like 1t. Mr.. Smith is not a
leading director Of the Galena and Chicago" We are
informed that he resides in this city seldom attends the
meetings Of the board and has the least say any
Of the directors The Galena has but I" branch y
sixteen miles long which built aud paid for without
the slightest personal agency participation the part
Of Mr. Smith. There rival lines to the Galena
consequently Mr.. Smith have such stock, that's
pretty certain. SO far know he is not interested
In any q The lines about Chicago, except Galena.
His stock in this company he subscribed for originally
and holds vet and from the fact that he has received
than the entire purchase money back in dividends
We should say he could afford 10, particularly the
balance his bankers found TO have been considerably
larger than We stated