The New York herald., 1870-06-01
ENGLAND.
"Johu BuIE' Denunciation Of American
Speculation and Omcial Dishoncsty-"Mob
Pub, ts, Nax rlx

n 'Jobu Buu'' DenunciauOn OF American
Speculation and OGcial Dishonesty y-ssMob
Kule'' I'm New York.
from the London Times, May 1911
The contest in which the English shareholders Of
the Erie Railway are now engaged with the Amerl-
can directors Is OF paramount importance for capt.
talists in both nations. The simple question to be
decided Is whether the owners Of railway property
In the United States to have any voice In its
management or are TO be left absolutely at the
mercy OF few swndlers purporting TO represent
needless here TO recaptuate The earlier history Of
the company, which boasts an infamous eminence,
il II does not stand n al alone sa anSng recens com
present purpose we need only remind our readers
of proceedings reported from time to time In our
beginning OF this year things had come to such q
Diss that o committee was formed to protect the
mt e naa Of ous % e S1
Railway stock. The first step OF the Erie Share
Burt, partner In We'll known firm OF solicitors,
with Instructions ito enforce the legal rights OF the
shareholders In the federal courts Of the United
Sates.u In the meantime the precaution had been
taken OF inviting English shareholders to have their
certificates stamped by the committee and no deal
the London STOCK Exchange. The object OF this
measure was to prevent the issue and sale OF new
shares pending the contemplated litigation. Mr.
Burt accordingly proceeded to New York. where how
ever he found the enemy fully prepared to meet him.
Indeed no sooner did MessIs. Gould and Fisk, the
Erie Railway kings hear OF the course taken on the
London Stock Exchange than they made reprlsaIs
by refusing to register any transfer OF stamped Erie
shares at al. The knowing ones at New York mad
always predicted that no redress could be obtained
against Erlen from the State courts or Legislature
aud the recent letter OF Philadelphia correspon-
dent shows that he fully shares their faith IN the
power OF corruption. 1t does not clearly appear
what legislative relief was claimed BY Mr., Burt on
behalf OF the English shareholders we presume,
however it was in the nature OF a decaratory act,
conerTing them right OF voting at the meetings
from WHICH, on technical ground, tley have actu:
S 1eg possible sr nem by tie
direction and 10 control the administration Of their
lions already squandered or pocketed in their name.
But the New YORK Legis ature not content with re-
fusing their application, has according TO our cor
respondent, ''passed two acts for the express pur
pose OF aiding the Erie ring" The one makes 1t
criminal Tor any lawyer to against former client
any knowledge which he may have acquired In his
professional character the other mutipes the condi-
tons necessary for obtaining Injunction against
corporation. The alleged ann OF the former is to
DEPRIVE Mr. Burt OF assistance from q particular
drm which had once been retained by the notorious
Gould and Fisk; while that OF the latter Is to bring
the Erie within the cOgnizance OF judges "be-
forehand pleged to support the swindlers. y
Neither is palpaby unjust on the face OF IT, and had
in the Union they might have excited no suspicion.
The construction put upon them by our correspond
ent, uncharitable as II seems derives its pro6a-
bltY from the known character OF New YORK legls-
iatiOn.
We venture TO go considerably further
and TO anticipate that honest men In the United
States viii before long rise up against the colossal
jobbery and corruption OF which New York Is the
hotbed, but which Is ranpanny prevalent at Wash.
aftgton, and is the shame OF American democracy.
" Is vain to pretend that Elrope IS In any way re-
sponsibe for such iniQuites as are perpetrated In
open day by American milllonnares and such In
trigues as are carried on daily In the lob
bies OF the Capitol. The City OF New York, 1t may
be, is "tte stt' Of the OLd World, ana the abuses
Of its municipal government as well as Its subjec
zion to mob rule, may be partially explained by the
mixed nature OF its population But the Legislature
and Supreme Court OF New York are not institutions
OF the city; they are institutions OF the State which,
as we are often told, possesses and exercises the
power OF outvoing the city. Moreover the city Of
New YORK Is SO immensely powerful an element IN
american society and politics that Its degrade
ton cannot but affect and compromise the
whole nation. II the standard or commercial mo-
rality IN New York is lower than anywhere else
IN the civilized world, and If operations which in
this country are regarded as crimes are there re-
earded a. masterpieces OF financing II concerns the
sovereign people OF the United States to purge itself
OF the reproach. In saying this we say no more
Than educated Americans fully admit, ana the
most respectable organs OF the American press have
loudly and constantly proclaimed Nor 90 we say
X IN any pharisacal spirit England too, has gone
through her railway mania, and disclosures have oc-
CURED within the last lew years which show tnat
nnscrppuloqs money making Is an aristocratic no
tnent has never In It's Torat days been ruled by
spectators at all IN the same degree or sense In
which even The federal Legislature OF the United
states Is now ruled by them nor has judicial prostl
tpuoh ever been otherwise than o scandaous ex'
fepYon In England. We believe that IT. WIN YET be.
come 80 10 America, btu II tctll re1uSre an spoTt
1IIQost az vigorous as that ,chtoh crushed slaue,y
~ soleny - preparing the wAy for e6oA On onorS