The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-05-10

before they were brought face to face-and
now he is not named even in comparison
with the brood Of northern palaces. Mon
tauban, jerome David, and others, who
they sound like the names of spocttes
now. Even Trochu, who by his Breton
faculty of holding his tongue held longer
lease of public confidence than others, broke
up the moment the siege was over into an
absurd and hysteric rage, which, if it had
infected Paris, would have DESTROYED her.
We must allow to MN. Thieys and Favre the
credit of not having as yet lest their heads in
difficult circumstances. But, with these ex-
ceptions, what leading Frenchr0en have shown.
reasonable portion of that constancy that
retTieves defeat and digniies irremediable
disaster? And among those who have failed,
none have more sigrslly disappointed ra-
tional expectations than the eloquent adyo-
cate Of Msrseilles.
THE LAST WARNING To- NEW JERSEY.
From the NJ y World.
One other word of warning we are COM
PEELED to utter against the mischievous alli-
ance which, unless the counsels- of ordinary
discretion at the last moment avail, is to be
consummated in the State of New Jersey, by
which that once proud Commonwealth lays
herself and her cherished corporations at the
feet of an alien intruder that hes nothing in
tempted to do this by the Gnaecouptable
silence of the local press. The benumbing
influence which at this moment and for years
past has kept the press of Pennsylvania silent
seems to be creeping over that of New Jersey
and no word will be uttered until the ligatures
and fetters of leases and transfers and qua
rantees which are now fabrieating ia the law
offices of the master corporation in Philadel-
phia are tightly fitted on the Limbs, and the
uoC o0t o1Iyf for tha Of tbr-
Our last earnest admonition on this
score was extensively though timidly
copied, but scarcely word of
comment made. On the 10th Instant the
final vote is to be taken at Trenton, and till
then, whatever may be the tendencies, it may
be considered an open question. 1t is to the
parties interested question of great import
To the mammoth corporation which IS to
absorb the whole improvement system of a
relatively small State like New Jersey, the
operation is a very trihing one. It has swal-
lowed so much, so many little and big NOR
sells, and is so gorged, that adding dainty
delicacy such as the Jersey corporations are
will be rather pleasurable, and it is now lick
ing its lips at the very thought. But it is
momentous matter, this absolute SELF f.annihi-
lation, to the community that is to do the
deed of suicide. The capital stock of the
united companies is, as near as may be,
twenty millions, their funded debt fifteen
millions, in all thirty -fve-ths same
sum which, not many years ago, made
the active capital of the Bank Of
the United States, and the loss of which, as
it sank to ruin-and that, too, by unnatural
affiliations-convulsed the nation. 1t is O
large amount for New Jersey to pnt in ieo-
pardy. 1t is noble royalty to surrender.
The gross revenue of last year was more than
seven millions, and, being under direct local
supervision, its expenditure was we'll guarded
| and moderate. This is to be all blindly
changed, and with no conceivable induce
ment but high rate of guaranteed interest
| by guarantor already head over heels in debt
and liable at any moment to one of those
| financial LESSONS which strike suddenly the
| most lusty to the earth. If the city of Phila-
| delphia-we mean the nicjpality-were to
awake suddenly from the stupor into which
railroad neoromancy has plunged her, and sell
out at the present inflated prices her millions
of stock, the collapse and the panic would
| have the honor of figuring soon among the
assets of the gigantic bankrupt. Does that
State wish to enter into such partnership
| and expose herself to such caprice? New
| Jersey was once represented in the Senate OF
the United States by the President of Phila-
delphia bank. is she disposed to make her.
self party in stock transaction with a city
whose debt is larger than the aggregate of the
capital and debt of the companies she sur.
|
would, we should think, have something tc
say in this matter of their debtors transforms
tion. A mortgagor may,we are aware, put any
tenant he pleases in or make what use he de
sires of the house that he has pledged; but We
imagine his policy of insurance would not be
much of security if he were to rent to some
one engaged in extra hazardous occupation
or go into partnership with one himself. The
bonded debtors of the New Jersey companies
would do well to go to Harrisburg and se'
how this great lessee has manipulated th'
Pennsylvania sinking fund before they ae
quiesce in what is proposed. The answer t.
all these warnings is that, in anticipation
of the proposed arrangement, the marke
price of both the New Jersey and the Penn
sylvania companies shares has advanced
AS to the latter, every one knows by wha
means and for what ulterior and purely tenn
porary purposes this apparent appreciation
has come to pass; and as to the spurt'in tn
New Jersey securities, assuming 1t to be real
is it not exactly that which, nine times out @
ten, is the precursor of any financial real
| rangement the issue and fruit of which ar
problematical? United States Bank share
appreciated before the State charter wa
secured and while its enactment was merel
probable What they did afterwards it is nc
, necessary for us to say. The stock OF ever
: company that has been seduced into such Oh
tanglement has deprecated, and, as we hay
had occasion to say before, it is the interel
s of the lessee or purchaser that it shoult
Q These are the considerations of danger-tt
: dread of something after death, for death
: individuality it is-which should give pause
: We have no faith that any appeal to loo
8 pride or anything like sentiment Will stf
s this folly. But if we had we would point
!. the coincidence of this proposed abdlcatlo