New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-03-16
THE CLOSE or A GREAT SCANDAL.


The Southmayd bill has passed both branches
Of the Legislature. Jay Gould yesterday re-
signed his position as Director OF the Erie
Railroad, and his resignation was accepted by
the Executive Committee. The COMMITTEE
who have been charged with the duty of ex-
amining the books and accounts of the Road
report that the earnings since last November
exceed those of the preceding year for the
same time in the proportion OF S22,OOO,OOO to
81, 900; and so. with successive shocks and
surprises, the Erie Ring falls to pieces, the road
reverts to its owners. and we have, almost In
day, the close of a great scandal.
The later steps by which this notable end
has been reached may now fifty call for briei
retrospect When the present Legislature was
elected, one of tho instant suggestions made
was that, now we have Reform Legislature
we may expect to see firm hand laid upon
the men who have conveyed the property OF
the Erie stockholders. But, when the Legisla-
turo met. it soon appeared that the
title of Reform was loosely worn,
not to say poorly deserved Not few lcgis-
lators were openly and VIGOROUSLY on the side
of the Ring and many were timidly looking
about to see where they should fall if Erie
should prove strong enough to buy majority.
The southern tier of counties, fed by the ex-
penditures of the railroad and dependent en-
terprises, were loud in remOnstrances against
any legislation which should unseat its lavish
managers. They protested that the road
should be conducted in the interest of its GUS
toners and neighbors, and that the stock
holders had no rights superior to these. The
&c h. (i.S foo fift, ~
of 1869 were gloomy.
But the corrupt conspiracy against the rights
of property, which controlled the railroad, was
already staggering from mortal blows. The
destruction of the Tammany Ring was the
first, the election of 80 determined
foe to that mOckery of justice
called Erie litigation in the person of Francis
c.. Barlow, to the Attorney Generalship of
the State was the second; and the unex-
pected death of James Fisk, jr., was the
third. Deprived of his dashing executive
officer, without the resources of money, and
other means of corruption which the Ring
had afforded and confronted in the
Legislature as heretofore in the courts
and the journals by the new Attor-
ney- General, Jay Gould now suddenly
found himself menaced by new attack, the
most dangerous of any. On the very day
that the Assembly Railroad Committee with
difficulty. secured majority to report favor
ably on the Southmayd bill, the blow was
ready to be struck. There is no need to re-
hearse the stirring events of the past week.
The result is that, by series of mastery
maneuvers, the Erie President who, but yes
terday, was lavishing his millions to defeat
legislation at Albany, was literally driven
into corner, from which he has now
emerged stripped of the last shred
of the power which he has welded
so corruptly and so long. The revolution is
complete, with the retirement of Jay Gould
from the Directory. AL honor to the honest
public sentiment that compelled and the skill
full strategists that led i'll it