The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-09-19


neighbours morality on the subject is condensed
into the single proposition, that if Mr.. JOHN W.
GARRETT as President of the Road, publishes fairly
to the world his views in regard 10 the Extra Div
idend and gives no private information to the
firm of ROBERT GARRETT & Sous, of which he Is a
member, there is no reason why that firm (includ
ing Mr. JOHN W. GARRETT himself) ''should be
'debarred from purchasing dividend scrip, because
''one of the firm happens to be President of the
"Road." We admire the exquisite delicacy of
perception which this scrap Of editorial ethics
involves. Does it not occur only the least in the
world to our neighbor, that President may
fairly publish his official intentions and plans to
the world, and yet that these very intentions and
plans may themselves be the execution of a stock
iobbing purpose and the result of a stock specula-
ton? Suppose that President was more deeply
interested in dividend orders than in the stock of
the Company, would he not be likely TO press and
advocate the Extra Dividend with all his influ-
ence, let the consequences to the stock be what
they might? Suppose that he was more interested
in the price of the stock, at the Switchboard, on
particular day, than in the permanent prosperity
of the road, would he not be sorely tempted to run
up the stock on that day, and let the prosperity OF
the Road take care of itself? Noy-but says our
neighbour eve always regard it as a good evil
''dence of honesty, when man is willing TO show
"nith in his views and opinions by the investment
''of his money So it is, we grant, when a man
really makes an investment but when he buys,
not as an Investment" but as a speculation;
when he buys to-day, to sell tomorrow; when it is
into tn n bn hriDO
it down tomorrow, according as he has bought or
sold; when in fine he is a sock-gamber or
stock jobber-he may be as ''honest' as any one,
while he enjoys no advantages over other people,
but the instant he occupies official position,
which gives him the control of the game on which
he is betting, his honesty may resist the tempta-
ton, but not even neigh5or will say that it is
safe to trust him. We intimate the existence ofno
such facts as these in the present case, because
know of none such, and we mean TO state, as we
have already stated, nothing but what we know
or believe we know. We only mean to Illustrate
by supposable cases, the laxty Of the principles by
which our neghbor is willing to stand. For our
selves, however, we mean distinctly and cmphati-
cally TO say, that while JNo. W. GARRETT is Presi-
dent Of the Baltimore and Ohio Railroad, the firm
of ROBERT GARRETT & Sons Sought TO be debarred''
from specializing in any way in its stock or It's Sc
curties. We apply the doctrine TO the parties
named, because they are before us, but we do not
mean to conine it to them. 1t is a leading fact in
the history of corporations, that where one has
collapsed because of the failure of IFS legitimate
objects, thousand have sunk into ruin through
the stock ohbing Of their officers and we should
therefore hail, rs the wisest and most beneficial
legislation, aprovision furnishing the stock-obbing
of corporate officers with the severest, and if need
be, the most degrading penalties.
Having thus disposed of the merits of the transac-
ton in controversy, we shall endeavor to atone to
our readers for the length of the discussion, by
curing no further to the subject, unless other de-
velopments shall furnish US with sufficient rea-
son We may be allowed, however, before
close, to make few remarks upon that part of
The american article which relates TO ourselves
Its mis-statement of fact, upon the main question,
which we have already exposed, might perhaps
render this unnecessary; but prefer to rest upon
the strength Of our own position, rather than the
weakness of our adversary's. The charge that the
course which we have pursued in this controversy,
'savors more of personal feeling than devotion TO
'any public interest," is one which was stereo-
typed against us in the columns of The american
long ago, when that journal, as yet unconvered
by the pressure of public opinion and the loss of
public favor was the apologist of all the abuses of
Mr.. SWAMI s administration. 1t is as untrue now,
as it was then. The american lived to see, in its
own columns, denuncaons of what it had previ-
ously applauded in our municipal affairs, quite rs
wholesale any for which it had previously
quarreed with us; and Mr.. GARRETT may rest salts
fed that when the tide of his influence and patron
age shall turn towards its cbhing-under the
ruling of public opinion which is sure 10 over
take him-our neighbor will not only be
furnu 1rdr--our: II; rcg2rFua TO imf exit
RETT we have 'feeling" whatever, further
than that which belongs to the merits of the con-
troyersy itself. We differed from him in regard
to the policy Of the road, and we did not rely on
his reports of its practiceS-but we had, and we
could have, no personal reason whatever for
crticiZing him. He is an officer entrusted with
the government of great public work. We had
a right TO discuss his administration as such, and
we did so, freely and fairly. He chose to pursue,
in return, the enlightened course of withdrawing
this a small business, and laughed at it. Mr.
GARRETT does not forgive n laugh any more than
a criticism, and what he takes in malice, he sup
poses must originate in the same. This is his
fault, not ours. That The American should con-
cur witt i'm, is its nature also-for it always
thinks with what it considers the strong side
This, simply stated is the history of the whole
matter. If, like The American, we had followed
our merely pecuniary interests, weshoud probably
be on the right hand of Mr.. GARRETT and next
to our neighbors. Until we criticized Mr.. GAR
RETr we shared the business of the Railroad Com
pany with our contemporaries. 1t is not strange,
therefore, when we found that Mr.. GARRETT
withdrew the business of the road from the only
paper which criticized his individual policy, and
bestowed it upon those journals only which echo
ed his personal praise that should have thought
there some connection between the praise
and the advertisements, in the mind, at all events,
of Mr. GARRETT, if not in those of our contem-
poraries. The american, in particular, must
excuse us, if its wholesale and open recantation,
in its article of Sept. 14th, of all the views which
it had entertained and expressed for three years,
in regard to the extra-dividend, should have
seemed to US, under the peculiar circumstances
neither miracle nor mere coincidence. Nor is
our neighbor nearer the truth in charging MS with
being used for "the promotion of personal pique
''or private interest,"" than in accusing us of
malice. The opinions asserted in this paper and
its editorial course the opinions and course of
its editors, and of no one else They are asserted
and taken on our responsibility alone and they
echo the passions and interests of No man.
We persuaded ourselves when THE EXCHANGE
began its career, that the real and per.
manent interests of public journal are
best promoted by an honest, persistent effort |
10 get at the truth, in regard TO public affairs, and
it fearlessly when found Such
'ourse we are gratifed to say, has given us no
eason to complain, down to this time and we
ire willing to rely on it in the future. It may
provoke temporary hostilites and subject us to
powerful eantagonism, and unworthy inputatons
Is in the present instance; but, in the long run
We think it may be trusted to sustain US, even
against the powerful odds of Mr.. GARRETT and |
The American combined. 1t is doubtless imposs-
Die for our neghbor TO understand how we can
lecline being influenced by Mr.. GARRETT without
having been bought upon the other side, but we
assure The American from our personal experience
hat there is such thing as being purchased by
neither, and we commend it to a better school of |
Il. Al. IL