New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-03-04
lieye that the Democrats, by making war on
the Tariff, have thrown away their chance OIL
spccess which before seemed good one.
THE BATTLE OF ERIE.

Tbose who supposed that on the overthrow
of Tammany the destruction of the Erie hihg
would follow at once as a matter Oh COURSE
are beginning to see the error in their cacu-
lations. The old roguery dies hard. A Dill 10
enable the real owners of the railroad TO take
possession of their property was introduceu
into the Legislature as soon as the two houses
came together. Two months have passed; the
ouestion is not yet settled; and there is rea-
son TO fear that tho defrauded stockholders
NAV not get Justice from this Reform Leglsia-
ture after all. 1t seems to be taken for granted
that the Classification act will certainly oe re-
pealed but Messrs. Gould, Sherman a. 70
have strong hopes of defeating any lllrIh q
action, and if the remedy is to stop there 1t Will
do very little good. Experience has shown that
an election of Directors, as heretofore man
aged, has not been test OF the wishes OF
the stockholders. Jay Gould and James FISK,
IT., never were the choice of the real owners OF
the road. They put themselves into Office by
the fraudulent manipulation OF stock which
belonged to other people; and II the Classlh-
cation bill is repealed, Gould will not be
shorn of his power to repeat this trick, but
will only be compelled to do it once in
twelve months instead of once in five years.
Consequently the energies of the Erie Ring
Just now are bent to the defeat of what is
commonly known as the Attorney Generals
bill, the purpose of which is to legislate the
present Directors out of Office and then Sc
cure fair annual election.
This bill provides that the act of 1869 shall
be repealed so far as it relates to the classf-
cation and term of Office of the Directors OF
the Erie Railroad. The existing Board shall
retire on the second Tuesday of July next,
when On election Of seventeen directors, to
hold Office one year, shall take place under the
supervision of inspectors appointed by the
Chief Judge of the Court of Appeals and the
Attorney General. The transfer books shall
be closed on the second Monday of June, and
no one shall vote, in person or by proxy, upon
any stock not recorded in his or her name at
the time of closure. No one shall vote who
has parted with his stock after the closing OF
the books, and no proxies granted prior to
the passing of this act shall he held
valid There are also elaborate pro-
visions to secure for the stockholders free
access to the transfer books, compel the
officers of the company to record transfers,
and prevent the interference of injunction
Judges. NOW IL Is CNlueHJ tudJ uO HidH Cdli w
wronged by such law as this 1t is an act
to enable the owners of Erie shares to vote
freely for the officers of their choice, and we
do not see how it can have any other effect.
Yet the friends of the Jay Gould clique are
denouncing it an outrage, and moving
heaven and earth to defeat it in the Legisla-
ture. There can be but one explanation of
their hostility. They do not want a fair cleo
ton they do not want the voice of the bona fide
stockholders to be heard; they prefer that the
road shall continue to be the football of the
exchange, that directors shall be chosen by
those who are not share-owners, that the
shameless trickeries of injunctiOns and recev
ershps and seizures shall go on forever. Cen
tiemen of the Legislature, do not be deceived
by false issues and insolent clamOr. The
question is very simple one: will you enable
the owners of this property, whoever they
may be, to exercise the rights granted them
by the chartcr7 They ask nothing more than
this, and they will be satisfied with nothing
less