The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-05-21

vessels we're built for that line, VIXEN the las.
one constructed is the best of them; aud ii
shows also what an admirable transatlantic
steamship line Congress destroyed.
The Age Of Fra Ption I'm the Old
asd New Worlds.
The historians of the present day will have
no difficulty in finding materials for the con
secration of our own times as emphatically
the age of fraud. The ancient poets sang of
their age of gold and their age of iron, while
more modern historians have immortalized
the age of heroes and of chivslry. 1t ia now
left for the graphic pen Of some historian to
gather up the floating atoms of the gigantic
frauds of the present age, and combine them
into unit for the instruction and warning of
posterity.
The materials are found broadcast through
out the world. The great governments of Eu-
rope have frequently been shaken to their very
centres by the sudden unrsvelling Of some
complicated system of corruption. The Cri-
mean war exposed some Of the leading officials
Of the Russian government who had been prey
ing upon the imperial finances to such an ex-
tent that the Emperor was glad of the oppor-
tunity offered him by Napoleon to make peace
with the Allied Powers. During the late Italian
war most systematic fraud was being
continually practised upon the bankrupt
Austrian government by some of the most
officers of the army and the EN-.
pire. This was about one Of the most daring
and extensive frauds ever perpetrated on any
government, whether we look ct its various
ramifcations or at the high character of the
delinquents, several of whom, in the bitterness
of their disgrace, have laid violent hands upoa
Strahan in England are not yet forgotten; and
the recent defalcations in the Union Bank Of
London must be fresh in the memory Of our
readers. The latest European intelligence has
just informed us Of the disappearance Of q
Scotch advocate with vast amount Of money.
The accounts from Aberdeen state that the de-
falcatiops of John Blaikie, who lately abscond-
ed, will be about 81, 100000. At first it was
feared they might be double that amount He
is stated to have obtained advances from the
Union Bank Of Scotland to the extent of about
$400, 1000; but they have numerous securities,
and are not likely to lose more than $50, 600 to
$4,000. 1t would be needless, indeed, to null
tply instances like these.
Here, in our very midst, the most astound-
ing corruption in almost every branch Of the
public service is constantly being developed.
II Is seen in Congress as well as In our State
Legislatures; in public corporations and in
private enterprises; and in fact, It would be
hard to cay where the corruption does not
exist, so general has the moral plague become.
The gentlemen Of Wall street are now in a
state Of feverish excitement concerning the
latest alleged defalcstion. The stocks Of the
Pacific Mail Steamship Company and the
Psnama Railroad have suffered immense fuc-
tuations In consequence Of the sudden diap-
pearance of the late secretary of the Steam.
ship Company, who has left bis books In q
rather mysterious state. The Wall street
sracniatn-s ara nf course greatly exercised and
troubled about this business; and they may
well be 60, for in very few days the shares of
the companies have very seriously declined.
Since the days Of the Schuyler frauds We have
witnessed nothing to be compared to the ex-
element which nowpervades financial and CON-
mercial circles here and in Europe, in conse-
quence Of these recent governmental and pri-
vate populations
We have from time TO time pointed out the
causes of these iamentable periodical dsfalca-
tons, but the parties who are most Interested
in the extinction Of the evil appear to
be the most supins and negligent in
applying the remedy. Gentlemen who are
largely concerned In railroad and other stock
take very little more trouble In the matter than
the purchase Of their stock and In collecting
their dividends. 1.-THE latter are paid they are
satisfied, and think no more of their invest
ments till some ruinous defalcation bursts upon
them like a clap of thunder. They devote nc
personal attention TO their vital interests ex
cept TO look at the daily quotations, and they
give their proxies to the president and directors
TO vote for the reelection Of the very men To
whom they give this important power.
This Is . very repreheusible practice. To
correct these evils members of stock companies
must take more active management Of the
affairs Of these large concerns, and always
bear in mind the apothegm, Respice .fnem
Instead Of giving up the important
act Of voting to irresponsible proxies
they must vote themselves. They shonld moi
allow their business 10 be carried on In the
reckless spirit which has characterized II In the
past; for II they do they must always expect
that defalcations will recur. They ought tc
know that they are living In an age Of fraud
and corruption, and adopt every precautior
for securing their personal property. We trus
that these startling dcfalcations will have bene
fetal effect in awaking voters and capitalists
10 the necessity Of combining 10 check 90 ram
pant an evil.