The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-02-24

. large sum Of money. OF course the COM
pany 3 costs are to be paid out Of the earnings
of the road; but the defendants pay their own.
Among the number we notice several females;
there are doubtless many poor persons also,
who invested their petty savings in q few
shares OF railroad managed by the leading
men of the State. These persons are pun
ished for buying New Haven Railroad stock in
good faith by law suit which they win be
forced to defend at great cost.
These are, however, the minor anomalies Of
the proceeding. The main point is the inten-
ton evinced on the part Of the company to
avail itself Of every legal bubble that can be
devised to defraud the honest and innocent
holders of its stock. 1t is matter of notoriety
that nine out of ten transactions in Wall street
are in violation Of the usury laws; and every
sale or purchase at the Brokers' Board is SO d.
rectly contrary to law that in case payment be
denied by the debtor, the creditor has no re-
medy. This is not peculiar to New York; the
same is the case In London, Paris and every
commercial city. No inconvenience arises
from the practice, because the sentiment of
honor answers the purpose Of legal restraint,
and no man can hold up his head who would
avail himself of the opportunity afforded by
the law for defrauding his creditors. Even
those who in other matters would not stick at
sharp operation, have too much policy-if no
higher motive-to plead usury.
Yet this is the plea set up on behalf of the
New Haven Railroad Company, and by the aid
of which it is sought to deprive the holders of
twenty thousand shares Of stock Of the proper
ty which they bought Of Schuyler and his
agents. Have the annals of railroads ever
contained any thing more scaadalous? Was
the infamy perpetrated by Robert Schuyler
himself Of so much deeper dye? Note the
men, too who come forward in the face of New
York and the world, and say that, in their col
lective capacity as shareholders of the New
Haven Railroad, they decide that such and such
Of their fellow shareholders who bought their
stock in the same way as they did Themselves,
have no claim to it, and must be deprived of it
by the aid Of legal bubble because, forsooth,
these same men elected rogue for President,
and let him issue false stock The list itself
will be found elsewhere; but note few Of the
names There is William B. Astor, Stephen
Whitney, Henry Grinnell, George Griswold,
four names not usually found on the side Of dis
honor or trickery. Then we have Brown
Brothers, Dennistoun, Wood IL Co, Aisop Il
Chauncey, Phelps, Dodge Il Co., Grinnell,
Minturn II Co., firms well known over both
continents, and hitherto ireproachable. OF
Boston, we find such men as David Sears,
Francis Peabody Peter Parker; whose friends
will be not little surprised OF their lending
their influence and their character to such apro-
ceeding as this. All these gentlemen, and more
of equal standing, are parties to the action
brought by the New Haven Railroad. Not one
of them but would Indignantly repudia!e the
idea Of pleading usury in his private business;
and yet, as partners in this railroad, they plead
it, and by it's aid demand that the widow, and
the poor farmer be despoiled of his savings.
In very short time, it is to be presumed
that the case will have passed out OF the do
main Of newspaper discussion, and will be left
to the adjudication Of the courts OF law. How
twill end there, though very material to the
two hundred persons sued, is net Of much i'm
pVAt W INC puuhC ~ iaiSc. oo lux do lucy
and the railroad interest are concerned, the
mischief win be done long before Judgment
is rendered. 1t will 60 forth as an undisputed
fact that the first men of New York, associated
tog ther in commercial enterprise, agreed to
refuse payment Of claim beyond all breath
Of suspicion sound in equity, because pc.
culiarity in the law enabled them to do 80
with success.
The LAST PARODY UPON ARIsTocRATIc INsTrru-
TIoSs-Two ISLAND SovEREI1NrrEs CoMPARED--
We copy from the JMoniteur Haytien detail
ed and very amusing account of the pomp and
circumstance with which the anniversary of the
Declaration Of the Independence Of that extern
sive and influential empire was lately cele-
brated. At time when events In Europe are
daily demonstrating the impotence Of aristo-
cratic institutions, the refreshing and pleasing
picture which we present to our readers cannot
but, in some degree, neutraise the feeling Of con-