New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-12-07
INC Erle Rallroad RInE.


The release of the ten or fifteen millions
In currency from the clock up' by the
"bear clique in New York, has had the
effect to temporarily make a slight i'm
provement in the feeling here, but the light
that has been thrown on the transactions
OF the Erie Railroad stock-gambling clique
discloses the unpleasant fact that a clique
of four or five rich gamblers of New York
hold control of possibly somewhere near
thirty millions of dollars floating capital,
which they can turn into currency and lock
1t up, as they did before, at any time when
they choose to make tight money mar
ket. By the legal trickery of getting him
self appointed Receiver of the Erie Road
Company, while he was yet its President,
Jay Gould, and four or FIVE of lis associates
keep control of the funds which were the
proceeds of the sale of the neW-and as it is
said traudulently issued-stock of the Erie
Company. The proceeds of this amount
to about twenty millions; this, with the
private capital of the clique, gives them
control of thirty millions or more, and
keeps 10 their hands a gigantic power,
which, if we judge from the past few
weeks, they are INSCRIPTIONS enough TO
use to the damage of the whole country, if
they can make money by it themselves.
While this clique is in existence and con-
tinues to hold such an immense power,
we do not expect complete restoration of
confidence in financial matters. II the Erie
funds we're removed from their possession
the amounti Is so great that it is to be
feared itwould only form the nucleus of
another similar clique. 1t Is understood
that this vast sum was raised with the
ostensible object of making new through
route of uniform gauge as an extension of
the Erie road from New York to Chicago
and ST. Louis, and unless that or some SINH
lar project shall make a prospect of alb
sorbihg this vast sam of ready money and
of ultimately dispensing it into many hands,
it may be expected to be an element of
disturbance In general money affairs until
the present inaexible character of the vol
ume Of the currency Is remedied by some
action Of Congress- Chicago Tribune. '.'
The Lost steamshiD Star of the Union,
We copy the following from the Havana
correspondents of the New York World:
From Captain Thomas W. Jones and one
of the passengers of the Inflated Star of
the Union, have gathered few particu-
lars about the loss of this steamer, addi-
tional to those reported to you in my letter
of the eighteenth instant. The Star of the
Union ran ashore on the coast of Bahia
Honda about half-past six Of the evening of
the thirteenth instant. For more than q
day before this the steamer had encounter
ed very boisterous and tempessuous
weather. The Captain mistook light on
shore for that of the beacon located on the
coastand this led him ont of his reckon
ing. Superadded to this, the wind was
then blowing very violently, and the cur
rent was so strongly agains; the steamer
that she was carried to the rocks, on
which she struck and stuck, and was so In
jured that she will prove total loss. Par
Of her cargo may be saved, but in dam
aged condition. All of her passengers bui
two and all Of her officers and crew were
saved, The two lost passengers were q
Mr.. Clarke, OF California, and an English
gentleman Of the name OF johnson They
were in the second boat that left the steam
er for the shore, which was capsized and
they drowned. The Spanish war steamer
Francisco de Asls aud the United States
gHnboat Penohseot, which left here on
Tuesday for the wrecked steamer, returned
here on Thursday, the lofmer bringing a
part Of the vessels furniture and Jew
small articles Of her cargo, aud the latter
the saved passengers, officers and crew
The Star Of the Union was Of 1915 tons
burden, 6ge years old and belonged. IS j
have told you. 10 the Philadelphia, Havana
and New Orleans trade.