Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1857-10-30

The Governor in his annual message
draws the attention Of the Legislature to
the condition Of the bankrupt railroad cor
I 3rdu0n, Of the St4ts, and sGyg'-t3 the
llrmns in some way new corporations Of
the bond holders, the said new corporations
to enjoy the privileges and franchises Of the
Old ones. TAe Governor evidently thinks
th, power Of the stockholders is about at
al cad lor all useful purposes, and there
will be found fyw to disagree with him on
that point. The same mi 5ht be said of the
power Of bond holders, except for favor
cd few. If any more irresponsible class
Of men can be named than railroad trus
tees, we should like to hear Of them. Per-
haps in theory they are responsible to some
body, but in practice to nobody, anl IN
less public sentiment does them great in
Justice, they are fully aware of their iinmu
tiny from a thorough reck)nins, AMI arc
not at all slow to profit by it.
We say practically they are accoutable
to nobody. 1t a stockholIcr or bondholder
could be found with, say, two millions OF
dolllrs, and willing and determined to eX
pend halt Of it in bringing the mlntgers Of
any one Of these roads, (whcther they be
STYLED directors or trustees, or both toScth-
cr it matters noD to thorough account ;
and if he possessed moreover ability AID
tact, and yet further, an unllnchinS VII.
to carry him through the work, we do not
doubt that lie could succeed in his purpose.
But no such one can be found. The
stockholder or bondhold1r iinls it much
easier to sell his property at loss than t o
get into quarrel With those who can use
tho power which comes from the great in
come Of property owned by himself and
thousands Of Others scattered all over the
land, to keep him from what both in law
and equity he might claim for his own.
\ remedy for such an evil AMI dangerous
state of things is not easily found. We
do not intend to propose one, nor to do any
thing farther than to make two or three IN
quiries, on the subject of the proposed bond
holder corporations. We see that the Eail-
road Commissioner also recommends some-
thing Of the sort and a bill for an act on
the subject has been introduced by Mr'
Pierpont Of Rutland, What its provisions
are we do not know.
|. If the stockholders and directors Of any
corp ration arc snuled cut o. life by legis
latiye act, and all the privileges and fran
caiscs Of the old corporation are transferred
70 the new one are all the PecmIa'y o5hSa
hous Of the old corporation, those OF a car
tam class 4 boadi c,cPtsd, to be destroyed
IN the process II 50, will not this be "a
way to pay old debts not exAc tly
authorized by the funIamental laws OF th'
| land
Granting such process to be allowable
aud uot, what is to hinder the new corfo-
ration from doius just as tho Old one has
dJnc-rrom getting into debt, borrowing
money ON any pretenccs, issuing bonds to
any extent, aud selling them at any prices
to whoever will buy, using the means OF
] lhc cor uIdllon " loo'N "'''' '"''N 49,
legislature, and las'ins the property into
the hands of a new SIT Of trustees, to 50 on
u,t as irrssp1n.iby as their predecessor
/ have dJne'
3 II the law is a general one what is t
hinder sort orperp2tuAl succession to be
/ / ..t up, e,cA orslnisltijn in its turn to
opJIj the power oi G--,l'lnI and plllaging
the lesser stock holder, and The c1mmun ity
/ generally, till Its energies are exhausted
when, Ike a seventeen year locust
1t will burst open On the back Of it
dry she'll, and Il new creature VIII CONT
forth as lively Tor plumber as its rrogonitol
was