The New York herald., 1868-03-16
NEW YORK HERALD, MONDAY, MARCH ls 1868

lNDA1, MANU- 10, 1000.
Of SIX per cent gold-bearing bonds, Or there
abouts-the bonds which the national banks
have deposited for their circulation, and on
which they draw interest. These bonds could
be cancelled, and the interest-bearing debt re-
duced that amount This, in currency, as we
said, would be saving of twenty-f five millions
year. Ought it not to be dones There
would be no imitation; we should have no more
currency in circulation; we should be as near
or nearer specie payments, and we should have
the advantage of uniform currency, based
directly on the credit of the government. We
call upon Mr. Randall not to let his bill sleep in
the committee room. He viii meet with the most
determined opposition from the national banks,
and they are mighty power; but he has right
on his side, and the people will sustain him.
Now is the time to break down this monstrous
monopoly, SO inimical both to the interests of
the people and to our republican institutions.
If the national banks choose to continue in ex-
istence, and to do legitimate banking bust
ness in discounts and loans, they can do so,
and use legal tenders or gold, as they please;
and if they should not, plenty Of other banks
will take their place. Let the evil be removed
before it becomes deep-rooted and fastened
upon the people beyond the power Of removal.
The Great Eric Contest and Judge Barnard.
There is bitter quarrel going on in the
courts and In Wall street between the present
directors Of the Erie Railway Company, known
as the Drew party, and the directors Of the
New York Central, the Hudson River and the
Harlem companies, known as the Vanderbilt
party, the object of the latter being to oust the
former from the control of the company and
throw It into the hands of q receiver, while
the opposing party are determined to resist
this attempt to throw them out of Office by
all the means at their command. They were
legally elected last October for the term of one
year, and consequently unless the company ia
proved to be in bankrupt condition there is
nothing that would seem to justify their expul-
sion in the manner proposed, the charges of
mismanagement made against them being,
unfortunately, equally applicable to nearly all
the railway companies in the country. The
case is, however, already so much involved in
litigation that the public mind is becoming
befogged as to its merits. Several injunctions
have been issued on both sides, and an affidavit
has been made by Mr.. William Belden, stock
holder, on whose complaint Judge Gilbert, of
Brooklyn, recently granted an injunction virtu
ally setting aside an order made by Judge
Barnard, accusing the latter of being inter-
rested in Erie stock, and consequently in the
litigation now in progress. It has, therefore,
been rumored for several days past that the
charge will be laid before the Grand Jury
and that presentment win be made by them
to the court on the subject. It is not generally
known, perhaps, that the Grand Jury has no
power in such case as this. If Judge Bar
nard or any other justice of State court is
charged with an abuse of his judicial functions
the remedy is for the State Assembly to i'm
peach him; but in this instance there is no
proof whatever that the charge is true. In
like manner it is equally erroneous to suppose
that the threats of an indictment for conspiracy
by the Grand Jury, which both parties to this
contest are hurling at each other, will be
carried into effect; or, If they are, that
such an indictment will be followed by
conviction. The experiment was tried in q
memorable fight of q similar character
in Wall street many years ago, in which
Jacob Barker and others were concerned.
That attempt signally failed and it win equally
fail now if it is attempted. The public and
juries have no sympathy with men who, be-
cause they have got or are likely to get the
worst Of q struggle for place, power and the
almighty dollar in Wall street, strive to bolster
up their course and obtain an advantage over
their adversaries by criminal prosecution.
This great Wall street fight originated in an
arrangement not long since made by the Erie
Company to extend its broad gauge connec-
tions westward, by guaranteeing the bonds of
company which agreed to build road ninety
six miles long from Akron to Toledo, from
which point the Michigan Southern Company
was to lay third rail to Chicago, thus giving
the Erie through broad gauge route from
Jersey City to that commercial centre of the
West. This was throwing down the gauntlet of
opposition to the narrow gauge New York Cen
trail, and when soon afterwards the Erie Com
pany gave the latter notice that the understand
ing previously existing between them with re-
gard to uniform tariff of fares and freights
was at an end, the Vanderbilt party were up
in arms and vowed that they would wrest the
Erie from the control Of the present directors;
and with this object as well as profitable
Wall street stockjobbing operation in view
they obtained an injunction suspending Mr..
Drew as director and restraining the COM
pany from making any further issue of new
stock, while they began buying the stock heavi-
ly themselves. Within few days its price ad
vanced from &C to s3, and so far the bulls were
successful; but on the day 1t touched this high
figure Il fell back to III in consequence of