Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1869-08-11


Mr.. Frear'S Endorsement. MI Glcnn'S
charges ended, therefore. in q ridicu'
lous fiascO, and in tremendous out.
burst of offended Legislative virtue
The committee reported on the 10TH
every one was eXonerated; Mr.. Glenn
was brought to the bar and censured,
and the next day he resigned. As fol-
the astonished peddier, he was ban
ished from the lobby, imprisoned and
prosecuted. The display of indigna-
ton on the part of Mn Glenn's broth
er legislators was, in view of the mani
fest absurdity Of the whole affair,
somewhat superfluSssS and somewhat
suspicious; but oRe such false accusa-
tion protects a multitude of real sins.
The trade of censor of morals fell into
disrepute Mt Albany, and, under the
shadow of this paFJdy upon expos
ures of corruption. Mr.. Gould was at
libeEtS to devote himself TO serious
business without fear of interruption.
On the 18th of April bill, which
met the approval of the Erie party,
and which Judge BarnardsubSequ
ly compared not inaptly to q bill
legaliZing counterfeit money, was ta-
ken up in the Senate; for some days il
was warmly debated, and on the 18th
: was passed by the decisive vote OF
seventeen to twelve. Senator Mat
toOn had not listened TO the debate in
vain. Perhaps his reason was con-
vinced, perhaps the first anger Ofoffen-
ded virtue had subsidized at any rate
that tjncOrruptiH Senator was found
vQtiae with the majority. The bill
practically legaiized the recent issues
of bonds, but Ipade'it a felony to use
the proceeds o. The sale of these bonds
except for orrOmplsting, furthering, and
operating the road. The guaranty of
the bonds of connecting roads was
authorized, allContracts for consolida-
tion or division of receipts between
the Erie and the Vanderbilt roads
were forbidden, and clumsy provis-
ion was enacted that no stakeholder,
director or officer in one of the Van
derbilt roads should be all officer or
director in the Erie, and vice versa
The billwas, in fact, an amended copy
of the one voted down so decisively
in the Assembly few days before,
and it was in this body that the tug
of war was expected to come.
The lobby was now full of anima-
amounts which the coBtending par
ties were willing to expend never
before had the market quotations of
votes and influences stood so high
The wealth of Vanderbilt seemed
/ pitted against the Erie treasury, and
/ the vultures flocked to Albany from
every part of the State. Sudden
/ ly, at the very last moment, and even
while special trains were bringing up
fresh contestants to take part in the
fray, q rumOr ran through Albany as
1 of some great public disaster, spread
| ing panicand terror through hotel and
corridor. The observer was reminded
of the dark days of the war, when I'll
! dings came QfssoQle great defeat, as
that on the Clio iominy or at Frrd-
ericksburg. HIeEmOment the lobby
was smitten With despair, and the
cheeks of the Legislators were blanch-
ed, for it was reported that Vanderbilt
had withdrawn his opposition to the
bill. The report was true. Either the
! Commodore had counted the cost and
judged it excessive, or he despaired of
the result. At any rate, he had yield
ed in advance. In few moments the
| long struggle was over, and the bill
which, in an unamended form, had
but few days before been thrown out
of the Assembly by vote of S3 to 81,
now passed it by q vote of 1O1 to 6, and
was sent tOthe Governor for his sigma
ture. Then the wrath of the disap-
pointed members turned on Wander
bilt. Decency was forgotten in fTen-
zied sense of disappointed avarice.-
That same night the pro rata freight
bill and a bill compelling the sale of
through tickets by competing lines,
were hurriedly passed, simply because
they were thought hurtful to Wander
bilt; and the docket was TanSacked in
search of other measures calculated to
injure or annoy him. An adjourn
ment, however, brought reflection,
and subsequently,, on this subject, the
Legislature stultified itself no more.
HOW FISK AND GOULD CORNERED
DANIEL DREW.
It was now the month of October.
and the harvest had been gathered
The ring and its allies determined to
reap their harvest also, and that har-
vest was to be nothing less than aeon
tribution levied, not only upon Wall
street and New York, but upon all
the immense interests, commercial
and financial, which radiate from
New York all over the country. Like
the Caesar of old, they issued their
ctthat all theworld should be taxed.
The process was not novel, but it was
effective. \ monetary stringency
may be looked for in New York at
certain seasons of the year. 1t is gen
orally most severe in the autumn
months, when the crops have TO be
moved, and thecurrency drains steadi-
ly away from the financial center to
ward the extremities of the system
The method by which an artificial
stringency is produced is thus explain.
ed in a recent report of the Controller
of the Currency: at is scarcely pos
sible to avoid the inference that near
ly One-half of the available resources
of the national banks in the city of
New York are used in the operations
of the stock and gold exchange; that
they are loaned upon tire security of
stocks which are bought and sold
largly on speculation, and which are
manipulated by cliques and cOmbina-
tiOns, according as the bulls or bears
are for the moment in the aScendency.
Taking advantage of an active de-
mand for money to move the crops
West and South, shrewd operators
from their denominations to depress the
market by locking up money-with-
drawing all they can control or borrow
from the common fund; money be-
comes scarce, the rate of interest ad-
vances, and stocks decline. The legiti-
mate demand for money continues;
and, fearful of trenching on their re-
serve, the banks are strained for
means. They dare not call in their
demand loans, for that would compel
their customers to sell Securities on
falling market, which would make
matters worse. Habitually lending
| their means to the utmost limit of pru-
dence, and their credit much beyond
that limit, to brokers and spectators,
they are pOwerless tOafford relief; their
customers, by the force of circumstan-
ces, become their masters. The banks
can not hold back or withdraw from
the dilemma in which their mode of
doing business has placed them. They
must carry the load to save their mar
gins. A panic which should greatly
reduce the price of securities would
occasion serious, if not fatal, results
/ to the banks most extensively engag-
ed in such operations, and would pro-
duce a feeling of insecurity which
would be very dangerous to the entire
banking interest of the country"
All this machinery was now mt in