The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-01-14

who were authorized 70 speak Tor the govern
ment Of the island of st. Domingo. We sup
pose this means Mr.. Fabens, whose career as
Finance Minister for Walker in Nicaragua and
sundry other little things some years ago will
be remembered. This gentleman has SANTANA
bay plot and some little steamship plans to
help President Baez, the failure Of whose loan
negotiations with Jesurum, the Curacao banker,
has reduced him to the necessity Of asking for
help sin the strongest terms" from some one
| to save him from overthrow.
A Little Congressional Job-An Electric
| Niger In tho Fence.
Senator Nye has introduced bill in the
United States Senate to facilitate the construc-
ton Of telegraphic communication between the
Pacific coast and China by granting timber and
stone, and land and ships to the company
organized to lay the cable and build the lines.
Well, this is all very desirable in this age Of
telegraphic progress and he must be narrow
minded individual who objects to seeing the gov
eminent extending its aid towards the develop
ment of telegraphic enterprise. But the COM
amount Of eight million dollars, or fifteen
hundred dollars for every mile Of cable that
may be laid; and Of this amount half million
is to be paid upon a certificate that . cable for
five hundred miles has been purchased. Now
just here the little electric niger pops out his
head. The Western Union Telegraph Company,
it will be remembered, brought forward the
Russian extension enterprise in May, 1864,
with capital of ten million dollars, one mil
lion Of which was given as gratuity to the
projectors in paid up stock. Upon the explo-
sion Of the scheme this million dollars was con-
verted into seven per cent bonds of the Western
Union Company at ninety per cent, together
with seventy eight thousand six hundred shares
on which thirty per cent was paid, making in
all three million three hundred thousand dol
lars which was saddled on to the Western
Union Company On account Of this Russian
extension bubble for the benefit Of the ring
who held the worthless stock. There were
besides some nine thousand shares of Russian
extension in the hands Of innocent holders,
scattered over six States Of the Union, which
|
scribed for them not being in the favored
circle. But the company had in their
possession q cable 1--WE hundred miles
long and some wire and posts, which might
have been regarded as assets out Of which the
holders Of unconverted stock should have real
lied something towards the payment Of their
losses. The wire and posts have been long
since worked up, although none Of the holders
Of the stock have received dollar for them,
and now the Russian extension cable pops up
in Senator Nye's bill.
We can give Congress some information in
regard to this aforesaid cable, which is said to
be the identical Eve hundred miles proposed in
Senator Nye's bill, to be purchased and paid
for at one thousand dollars mile by the gov
eminent. It was placed on board q vessel at
the time of the Russian extension project, and
the vessel was wrecked on the coast Of New
Zealand. There lay the cable for many
months, roasting in the sun, until another yes
sci was sent out to gather 1t up and bring It TO
New York. It now lies at the Atlantic Dock,
in the ship Egmont, and has been lying there
since August, 1868, vainly looking for GUS
toner, and apparently hopeless Of finding one.
It is reported that certain parties connected
with the Western Union Company are manipu-
lating this little job to raise half million dol
lars for this old cable, and that this plum is
the real object of Senator Nye's measure. No
matter whether the Asiatic line should be built
or not, the half million dollars would be paid
at once and the old Western Union Russian
extension cable sold. or course Senator Nye
is ignorant Of the cat under his patriotic
meal. OF course he has no hand or interest
in the jobbing part Of the bill, and has, in his
unsophisticated innocence, been imposed upon
by sharp telegraphic lobbyists. We there
fore beg to inform him that this cable, which
now lies in this city, could not be sold for two
hundred dollars mile, and is not worth more
than three or four hundred dollars mile first
hand, and that hence his little bill seeks to
swindle the dear people out Of from six to
eight hundred dollars per mile, or from three
to four hundred thousand dollars on the job,
for the benefit of the Western Union specu-
lators. He may depend upon 1t that not dol
lar of the money would go to the victimixed
holders Of unconverted Russian extension
stock. Who, then, would receive the amount
and to what purpose 10 1t to be applied? These
are pertinent questions for the consideration Of
Nevada Nye; and while he Il about IL he may
as well inquire why the AsIatic cable should
cost twice % much as the new French cable.
When he has cleared up these points he may
ask the Senate TO pass his little bill and enable
the telegraph lobbyists to sell their old cable
and divide the profits.
SrocK IN TRADE OF THE ERIE RAILROAD
COMPANY. following schedule comprises
the property and effects Of the New York and
Erie Railroad Company -