The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-06-30

on, which viii crush him as effectually as "the
ofiin Har dbills" settled the business for General
Jackson.
Considering all tAese things, and the popular
evolutionary movements of the last three years,
which exhibit tb democratic party in the start
ling minority of nearly half million votes,
we cannot SD at our eyes to the fact that . COM
prehensiye revolution has been, continues, and
will cont nue at work, until its work is complet-
cd. We, want this revolution; we must have this
revolu' sion we shall have this revolution carried
out not only TO the establishment OF new set
Of n len in power at Washington, but extended to
the reformation of all those villanous party cor
II ptions- stoalings, thimble-rigging, bullying,
e abiding and numbering which have driven the
people of San Francisco to the last resort of arms
asd open war. Kansas and the slavery issue,
NE repeat form but a part of this Presidential
agitation. The elementary principles Of an
honest administration of public affairs; ageneral
spirit of revolt against the unblushng rascalities
of parties and party hucksters and managers, as
they now exist; general loathing Of the worn
out old party hacks Of the day, and general de-
sire for something new, clean, fresh, and uncon-
taminated by the tricks Of party cabab and
thieving spoilsmen, are all visible in this spon-
taneous popular movement for Fremon At
such q time there is no room for any of those
Whispering old grannies, with their humbugging
cry of '.Save the Union" Let them clear the
track, and save themselves.
Our Railroad Interest-Tho Decision In the
New Haven Case.
We publish elsewhere the recent Judgment of
the Court of Appeals at Albany, on the great
New Haven Railroad case. Into the question of
law involved in the case it is not our province to
enter; there are arguments or both sides, and as
many and as sound legal minds are ranged on the
side Of the public as on that Of the company. It
is to the broad moral bearings of the judgment
on our railroad interests at large and on the COM
mercial faith Of the country that we desire briefly
to draw attention.
The facts Of the case lie in nut shell. Schuyler
the regularly appointed President and Transfer
Agent Of the New York and New Haven Railroad
Company, fraudulently and for his own purposes
creates quantity OF stock for which the COM
pany has received no value sells it to the public
and approprates the proceeds. The question is
who shall bear the loss-the public, who have
innocently bought the stock, seeing Schuyler's
name upon it. or The company, alike innocent,
yet involved in the responsibility of the creation
of the stock by the act of their regular and
well known attorney: And that question: on
bread moral and equity grounds, appears to
be susceptible Of very easy and honest solution
II is clear that, fraud having been committed
somebody must suffer; common justice would in
dictate that, as between two parties on one Of
whom the suffering must fall, favor should be
shown to the one who had least to do with the
fraud. The public should hardly be punished
for the negligence Of the railway company in APP
pointing al improper agent. Whatever may
have been the private understanding between
Schuyler and his employers, before the public he
appeared armed with full powers; il is not pretend
ed we believe, thatany of the purchasers the sPu
lious stock could by any exercise Of diligence or
iorethought or care, have ascertained that
Schuyler was making that stock unlawfuliy, and
that the company would repudate it. Blinded,
hoodwinked, helpless-and that by the act Of the
company-they (he pubhe) committed no single
act from which any such wnt of preeautien or
prudence could be inferred as would Justify
throwing the burthen of tie loss on them. While.
on The Other hand, the company, by the appoint
ment OF Schuyler, by cunHaating powers in his
hands, by relieving Lin OF that superintendent
to which the executive officer Of every large
corporation should be spbjected. did conmk reite-
ratedacts Of imprudence and negligence AMI did
in an equitable point Of view, earn mary and
signal claims to the enjoyment Of the loss.
We are not discussing this matter az L3yers
We are looking at it as men, as men Of husncss,
to whom the very name Of lawyers and lawsuits
is hateful. And We win not therefore overlook
the plausible plea of the original stockholders Of
tho Nesg Haven CompanJ-that it is hard that
they-I,any OF them widows and orphans should
be male to pay The osseg incurred by capitalists
and sboch jobbers in speculating. on usu,ious
terms, with Robert Schuyler. In the first place.
the distraction drawn between The two classes of
stockhclaers--. Classification into honest Or
phans onstho one side. am, dishonest speeulaa rs
III 'iAs oillsi-i- Hot .lnIASsl Ny tue idCls Intfe
may haves,een--indeed. 81 the contrary has not
been shows, il is fair to pr .sume there were-. 5
many orphans among tie new stockholders as
among the cd, as many gfsculators among the
oh AZ among tie new. Bur it would never do
IL admit arguments OF this }l.ind. Orphans and
wilows are provided by law. ~ tn compstent per-
sons 20 guard t'leir interest. Ix,c law IL indeed
peculiarly strief Oh this poi3t. GUARDIANS ere
held 10 very i let responsibility, not only for
their acts but Er their emissions; and Il the
minarss and widows who would be injured, aaere
The spln ious stocks to be forced on TIC acceptance
of the company, can show that the depreciation
Of the yaise of their property il clearly due 70
he want ~ vigilance or care in those gAho were
.et over theig interest,". we apprehend ~ latter
may be mae to answer for it. IN the eye of
equity al these stockholders must rank alike.
Eut fhn mott iyppoy33ut aud a oup v-i.m Tho