The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-15

'their terms oil office and" The amendment was
Mr.. ID. p. HILL moved TO strike out the whole OF
the first section. lie said ne would make few re.
marks, although ne understood that 1t was pro-
claimed that the bin was TO become a law, and it
Was useless to oder any further opposition 10 It,
were SO much interested. lie claimed that tue
principle OF classification Was right, because III gave
rsroad corporaions Il n 20 ,ac t ahageens o.
experience IN the conduct or the road sSa always
be IN the s. Board: Il elections gre annual the d.
reclors ere naturally looking Tor temporary success
Tue FUTURE SUCCESS OF THE ROAD.
lie Claimed that II was not new principle. It
had been adopted Ior years in England, ir being q
part OF the general railroad law oil Great Britain
sti.ution Of Illinois, It had been adop.ea in the
states OF Ohio. Indiana, PENNSYLVANIA and Wiscon.
ran IN sea o al ag a o.
teman IN the Library the other day. That gentle
man was surprised At the simplicity Of the provisions
why" SAID he ''these directors are CLASSIC
sa IL the way tine q our
Their said that the same principle was applied
in rural cemetery associations; II was the same
clpe concoced Tor the benent Of the Erie managers
directors ana trustees required to be classed
II thls bill was to pass he would night all such bills
had admitted that IN the ABSTRACT the principle Of
classification was rights but tine SPECTATORS and
THE BROKERS OF LONDON
objected 10 this principle, because 1t was for their
interest to have these fluctuations IN the manage
ment OF railway corporations. When these changes
occur STOCK goes up and down, and they pront by
It. That Is an argument that should commend "
self to the House. He had received, through the
Assembly post Office, In common with other gen.
tlemen, circular from y firm Of Jew brokers In
important that the bill should be passed, as It
would enable them to realize 80 much upon their
tone Wall street and Wall street securities 30,
That Is an argument why It should De repealed.
had been changed In order to give staniity to our
laws The terms OF United States Senators are made
Tniversity Of The STATE are classiaed The Canal
Commissioners are CLASSIFIED, because 1t Ii Tor the
fence should not be ail put In at the same Tune.
| The resolution OF lew days ago had made the
THE INTERESTS OF THE PEOPLE.
| These rev0lutonlss were one faction OF the Eng
lsh stockholders. Other rings of stockholders may
the road be changed from one end to the other. He
made the prediction that II the bill was repealed
principle right should moi be abolished because
| OF the Misconduct OF q few men. There rs no gen.
the English stockholders the Dill presented mere
~ FOR the purpose 0i Oustlng Could that has peen
already done. He argued tnat there was no fraud
Ia the matter The directors were not classified
under this act until the fall OF 1862 lie canned
that the people had rights which should De re-
| spected: Tney subscribed to lne STOCK Of the road
originally, and on foreclosure the stock was cut
| OIL. He confessed tnat ms sympathies were with
| the people. he argued that 1t was obnoxious,
special legislation lie had often admired the clio.
qnence or the chairman OF the Judiciary Committee
lMr. Prnce) on the subject OF special legislation;
position IN the iIture # ne voted for thai bill He
SAID that men who mfgnt be In favor OF simple re-
peal OF tho act could not vote for It in Its present
thus act was tine work OF republican
legislature. But It was not party question:.
He observed that one OF the great leaders Of the
democratic party was present to-day although not
in his seat lie was director OF The Pttsburg, Fort
thus principle OF classification had been adopted,
and he was made director OF the fourth class. He
did not see how these men who accept these rail.
way drectorsnips could deny this right to the poor
Erie management. He objected 10
THB PROVISION PRoHIBIrIse AN INJUNCTION
part In this matter against the present manage.
own signature, should not be chosen 10 appoint In
spectois OF election. He said that he recoected
have their overissne Of stock leealized they were
pposed BY the New York Central road
S IL IN s
the President OF the Midland road the President Of
81 New YCn
TINS MANAGEMENT was for the purpose Of getting
agement; It was the interest OF SPECTATORS and
| DILApIDATED POLITICIANS
This was local NATTER and 1t ought to be left to
the people along the line: Yesterday ne had pre-
Sy y che Mayor AND
| the county OF Chemnng. other petitions OF SINH.
lar character were In the hands Of the gentlemen
| 1t was said that the managers OF the road ex-
travagant ard that the road must be run In a moro
economical manner. He referred to the connections
] That the present managers had made with other
roads and the manner In which they mad fitted up
the road. He ALLUDED to the services James Fisk.
| mad introduced In the Erie manag cement, the i'm.
provements ne had made IN the boats Of the Nara.
| gansett Steamship Company and the New YORK
ferries ana his gallant conduct on The 18th or july
He could not forget the noble conduct OF the Erie
lei Of The Chicago sufferers When That train reached
Its destination thousand prayers went up for the
managers Of the Ene Railroad. That was an Illus
| ayers. He SAID there nad Deen foul treacnery by
the men IN whom the President OF the Erie road
| trusted. At the instance OF Wall street brokers
these nine apostles whom he had trusted had be-
trayed him into the hands OF these Jews. 1t was a
fouler get than the murder OF James Fisk, Jr, by
the assassin stokes. He has nothing TO say against
| the conspiyators who were at the bottom OF this
resolution; fer like the consprators OF Rome, they
| were
| .l-e~ ALL "HoNoRABLa MEN,"
! Mr.. Hustled sand he had not intended to make any
SuI sRs mis- 20
Suss the merits Of me whole bill, AhA IL Woud say
lew words IN answer TO him. He regreued That
legislation Of Inc republican and dcmocratic par.
| ties In years gone b7: Thc gentleman knew that
for to say the least, nan tine republican party. me
argument that the people along the line were satisfied
s o cy New aa 9o me
six months any map could 20 10 savings banks on
fictitious names aud get all the funds deposited
there upon worthless securities. They were satis-
ned with the management OF the savings banks.
But how was 1t with the poor deposit0rsS lie
| hoped the gentleman did not purpose TO stand by
any such argument Ii The officers had used up the
money Of the stockholders oy making contracts
with people along the line which injured the credit
OF the road that was no reason why the stOcIhoder
should not have the right TO turn those officers out
The gentleman mas said, iurtncr that this was spe
cial legislation. lie would him II the Clas silica
ton act OF 1869 not SPECIAL legislation, apply
Ing not to all railroads In the state, but to
the Erie, New York Central and Hudson River
roads. He asked tho gentleman II he knew how the
bill became law. TINS was the way: Jaw Gould
having purchased o majority OF the stock Of the
Pennsylvania Railroad, about to take possession
| OF 1t, but Tom Scott, finding 1t out In less IMAM
| twenty-fOur hours, got classification act through
| the Pennsylvania Legislature which operated Il
turn Gould out, Then Gould, finding that it worked