New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-11-09

review of the management Of that Road makes
prominent, that its stockholders seem not to be
aware of very obvious truth that the true and
abiding interests of that Company are identical
with those of the Canal. Yet, il appears to be the
settled policy of the corporation to peril its own
welfare for no purpose but to dsparage the Canals
in public estimation. In this enterprise the stock
holders of the New-York Central can have no bene-
fetal interest-some OF their officers may have-and,
besides the enterprise will fail.
From the day of the consolidation, that Company
| has had homogeneous management. The same
power which controls its direction now, has always
controlled it as with rod of it's own iron. From
the beginning its attitude has been hostile to the
Canals As its rivalry took effect, the eplthet oil
"pauper Canals" began again to be banded about.
Assurances that they "haye had their day, ana
benceforh were to be useless agencies OF trans
portation. while their maintenance would be per
petual burden upon the public Treasury, were Ut
tered with such diligence and solemnity that some
profound political economists were ready TO receive
proposals to save the taxpayers Of the State from
On annual levy for their support
Those who had, as they supposed, induced
crisis, were of course, the men to meet IT. and pop
ular credulity was expected to be ripe for On ex-
ner;ment. The excited were soothed by the an
nouncement that company of patriots were in
whiting to save the State by taking the "Pauper
Canals" off its hands, and paying something be-
side. This was too good to be true; 1t needed
confirmation, and then names began to be men,
toned Those names represented such wealth and
command of wealth that really there was no room
for doubt. that. if the capitalists were willing they
were certainly able to pay something for the prop
erty.
But another thing was made quite as manifest,
which furnished a key to what, unexplained, ap-
peared a mystery of the first class. Non-paylng
concerns of every description are the especial de-
testation of capitalists and, if the Canals were
vaueless in point of profit and costly In their mani
tenance, there was every reason why they should
avoid then-not one why they should coyet them.
II appeared however that the chief OF the capital
ists who were ready to relieve the State from the
burden of its Canals, and to pay something for the
privilege, were the very men who had always con-
troled the management of the Central Railroad,
and do control it TO this day-men who were wen
off when their connection with the Road began, but
who have become millionaires since, and not from
dividends either
They are deluded who imagine the people OF this
State will redeem their Canals from their present
and threatened condition by any such means as are
suggested and hoped for by that association OF
wealthy patriots the least probable recourse is the
sale of them. The friends of the Canals fear no
competition at hand or afar off, after the Enlarge
ment shall have been completed; and, until that day
comes, they may think it proper to make Golfer
dam of the Central Railroad.
That such legislation would be retaIatory is, per-
haps true and on that account depored by the dis
passionate vet the coolest must admit the proyoca-
ton to be very great. But upon what ground VIII
the stockholders of this Company be able to invoke
nf innansad men. in the TOGO ut th"
fact that, during the entire existence of the Com
pany, they have allowed its mOney-lts influence
and patronage its structures and apparatus-to be
used for the reasonable purpose of depreciatg the
public property for the private advantage OF cab
full of its own managers For years, the stockhod-
ers have had knowledge of the maladministratlon
which prevailed; now and then, at annual meet
ings. some honest man has denounced it, and APP
peaed to his associates interest to purge the Di-
rection but in every case the Director and the OBJ
iectons have been swept away by the cataract OF
proxies furnished by obsequious stockholders. The
subiugation of the stockholders to their own serv-
ants has been demonstrated so often and so abb
iectly that the well-wishers of the Company, and
of the Canals and of all enterprises calculated to
agqrandize the State, are at loss to conceive what
degree of arrogance and corruption will be adequate
to drive them to some vndicaton of themselves from
the charge that they are too corrupt or too cow
ardy to rebuke dishonesty, or to reform abuses.
Let no stakeholder deceive himself upon another
point. If he imagnes he has paid nothing but his
share as member of the body polite for the pauper
zation of the Canals, he is deceived. He has paid
the share which no citizen can escape; but he has
paid, beside that, the difference between the pres
ent value of his stock and the value of it when it
went into consolidation. viii fifty dollars per share
pay that depreciation 1t is clear as a sunbeam
that, while the long-continued Encouragement Of
this corporation has suffered no citizen to escape
loss or damage on account of it, the very largest
and most papable levy it has made is upon its own
stockholders.
II will become them, in view of their past obse-
quiousness, when the annual requistion for their
proxies shall be made upon them to remember that
the friends of the Canals are of flesh and blood like
themselves, and liable TO the impulses of human
passions; and that, unless some earnest be gwen
that wiser counsels and better men will hereafter
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