St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1871-04-28

chase lIlfy thousand dollars IN stock, car
rying with it twenty eight thousand dol.
lars back interest and an annual Income
Of four thousand dollars. The art OF
"frcczing OUT outside stockholders was
never more completely cXcmplific'l even
i'll Il Nevada mining company.
Meanwhile the bondholdcrs, for whom
the trustees were supposed TO be acting,
dissatisfied with their management, en-
deavorcd to have the mortgage fnrcclos-
ed, and the property thus taken ont Of
the trustees hands Permission to fore
close the mortgage was, however, refused
by the Court of Chanccry. The ioiled
bondhollers then applied 10 the Lcgisla-
turc for relief, and a bill was passed an
thorizing the majority, in amount, of the
bondholders of any railroad Cn their
written deman! to remove any trustee or
trustees, and appoint others in their
place. This was done by the bomdhold
ers of the Vermont Central first mort
gage bonds, and they called upon the old
trustees TO resign their trusts TO the new
ones. The old trustees were, however,
equal to the occasion they refused to
rcllnquisII their trust, and carrying the
question into Court obtained decision
in their favor on the ground of their
vested rights in the trustccship. Their
position now seemed secure, but TO
strengthen it they commenced cuItivating
political influence. To this end promi-
ncnt lawyers in different parts of the
State were retained by them in the inter-
est OF the road, their care for those in
tere9ts being largely shown in the mani
puation Of the nominating conventions
The efforts OF those legal gentlemen, aid
ed by the local force Of the different
roads under the control or influence OF |
the trustees, have proved 50 successful
that 1T present no candidate for State
Office, unacceptable u the trumvirlte. |
would have much chance Of nomination,
and still less OF election. The control of |
the Legislature is thus secured 10 them.
By the Constitution OF Vermont the
Judges are elected annually by the Leg
stature. 1t would be difficult almost to
hopelcssncss for Il lawyer who had taken
Il prominent part against the trustees OF
the Vermont Central Railroad To ret
elected Judge, and a judge who Should |
take strong ground against them would |
have small chance of 4 reelection. The |
United States Senators elected 10y tie |
Legislature feel the same overShadUwim9 |
influence, which alike affects the choice !
of Congr, r,sSnen, AMI the nomination of |
Governor of the State. Other great |
railway chiefs must ut least 90 through |
the form Ut consulting their stock or
bondholdtrs; must account TO them an
nually for their trust AMI be reelected |
by them. The trustees of the Vermont !
Central Railroad are under no such ne
ceSsity. IIoldin2 their office hy virtue
OF mutual appointments and hereditary
descent, Qor two Of the present are sons
of one of the original trustees and con
tirmsd in their power by the decision rs
10 vested rights, they fear II" criticism,
and defy all opposition.
True it Is that they must periodically
present their accounts To and have their
acts confirmed by one of the Judge
elected under the influences above dr.crib- |
cd. This check oiiAI, no serious imprd- |.
imeGt to their free action.
In all, however, that they have done
or are dping, it Is improbable that the
trustees of the Vermont Central Railroad |
have ever exceeded their strict LEGAL |
rights or violated Il single State or na,
tiomal law. They are men OF Il far diff |
icrcnt stamp from the FI>ks and GotIuS
who have di>"raced New York Yet it |
may well be doubted if the existence of
this respectable trium>irate does not do
more 10 sap the foundations of political
liberty than all the rN1cssrs of Prince
Erie or the corruptions of Tammany.
Year by year they enlarge the sphere
OF their operations aud strengthen their
hold on the country. Their leases cx-
tend beyond the State of Vermont into
New York and Canada. They contro!
more miles of railway than any corpora
ton in New England, and plans for larg-
cr development are understood to Ic
nearly ripe.
They are already practically above the
law and can mould legislation to suit
their purposes. How then can their
dangerous power be checked
DENON.