The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-28

the spectacle. neither the craft the one nor
the cynical effrontery OF the other was able perma
nenty defeat the claims OF justice. great deal
Will be borne In New York, but Tor some time past
suffering respectable classes were slowly rousing
themselves for q revolution. On every side 1t was
frauds OF Erie were only one development OF gen.
eral corruption and barefaced tyranny OF swind-
ling, when threatened every institution In the
State, IL was well known That the malversatl0nS or
the Erie Railroad were IN close connection with the
plumber OF the city. Fisk had mis- friends IN the
and even on the state legislature was invaluable to
him, aud these he rewarded by positions which
enabled them to share IN the SPOTS OF the railroad
This alliance, which was long his strength, has at
length brought overthrow to those he left behind
him. The frauds OF the municipality became so
enormous and threatened so Indefinite an increase
that the citizens were forced to action. As the
planters OF Arkansas or Texas, goaded 0y the
depredatlons OF a gang OF horse stealers, might
form themselves lnr0 vigilance committee or a
band OF regulators 40 the citizens OF New York
at last leagued themselves against Tammany. Tam.
not end there. The tide OF publication Is sun Ia
iS now For long me the n.ve Br hasn
making efforts to obtain that justice which we
are accusl omed TO think would not De refused by
the most turbulent Spanish republic or the most
effete Oriental desp0tism In the Empire State and
It's splendid capital they labored In vain. They
were told by friendly advisers that their agents
might as well go home again. for II they could not
come to an understanding with the potentate who
ruled Erie, and accept wnat he chose to give, tney
original assaanis Of the Ring are indeed asserted
to have despaired and seem to nave been not
with 70 enter some t Uss s 81 Or
resistance to most dishonest tyranny, once
awakened, was not likely to become Dormant,
luton has come and the Erie Ring has been broken
up IL Is announced that General DIX Is now Pre3l-
Seay nna Tef ns Anu 81 hnr
man Co., IS Treasurer. The Gould party Is de-
feated. and is supposed to be powerless; Our
adhesion OF nearly all the subordinates the posses.
slon, OF books, papers and moneys, the control
OF the railroad. and material pledge OF victory
the Erie oIhce This last announcement VIII
appear strange to English readers, but they
VIII probably recollect similar occurrences IN the
history OF the Erie line. Once before the battle
was fought at the same time IN the Courts OF the
hold. That energetic parsonage, deeming that pos
session was nine points OF the law, aud tnat any
troduced into the business would do MIN good in a
place where notorety Is popularity and popularity
power, once stood siege; and It now appears that
posed to try the same tactics. 1t is not probable,
however, that any real resistance Will be offered.
The meeting was noisy and disorderly, but the de.
clslon was not the less irresistible. 1t would,
indeed be bold thing TO predict that the resources
of Gould AMI his friends are at an end. They may,
and no doubt Will. make an effort to regain
power, and for this purpose they win use
every device which the law gives them. But
overthrow. The feeling OF the whole community Is
against them. New York is weary and disguised
WIFI tHe ScduuhlS VI TeCcub years, uleTCduJllc
world thinks OF its endangered credit and the most
unscrupulous are disposed to admit that honesty Is
t ves % as ae poa @ wu
pressed ana plundered it we shall have nothing 10
say to any differences OF opnon with respect TO the
measures which have been adopted Tor OvertnrOwing
the Ring with respect to the future management OF
the enterprise. The present arrangements may DC
more or less PROVISIONAL, and the measures now
before the New York Legislature will, no doubt,
give the shareholders an opportunity OF expressing
their deliberate opinion and entrustiDg the manage
maut
confidence. The chief point is that BY resOlute
and welltimed movement the majority OF the Old
directors have been forced to resign and that their
successors together with the better disposed OF the
OLD LIST entirely In favor OF doing JUS Ice to the
English shareholders and carrying on the enterprise
honestly.
This Incident has almost national Importance,
for there can be no doubt that the audacous prac.
American securities. 1t Is dlf1icut for foreigners
clearly 10 distinguish between what Is sound and
unsOund IN a country so new and changing as the
United States, and cautious people might well argue
that II other companies were not SO pr0nigate as the
American lnstitutions-and especially of New
coming %; indeed, !hs ne, pictures drawn Sy
JUDICIARY, and the mercantile doctrines
ana practices OF their citizens, enough to sober
turn for MS capital ever attracted Considering the
revelations OF the last twelve months, IL would be
too much to say that the descriptions OF pubic cor
ruptlon have been overdrawn; yet 1t must be owned
that the critics have been sufficiently OuspOken
and unsparlng. We are apt 70 consider that Eng.
make confession aloud In the presence OF all the
world aud 1t Is perfectly true that II defect great
small is to found IN English society," IL Is
be rumDeted forth by one OF ourselves This TRAIT OF
British character the Americans OF late years nave
been disposed to borrow. Their press has teemed
with self accu .ations; orators and preachers nave
assumed that growing corruption Is threatening
the country Ike gangrene: Whatever the truth
OF these assertions they could hardly be CONTRA
diced long one Of the chief enterprises OF
country. involving millions OF money, was nOto-
lers, beirlended by q suspected Legislature and
more than suspected Judiciary. The revolution
Just Elected viii tend 70 restore confidence In
addition to the resources OF the country. 1t
gives reason to hope that more conscientious
awe both legislators and Of1clals into decency.
Thus already 1t is announced tnat after an unex-
amped contest, the Standing Committees OF both
Houses OF the Legislature at Albany have reported
In favor OF the repeal OF the Classification act which
prolonged the authority OF Gould. and the bill for
granting plenary powers the Attorney General of
the State for regulating the affairs OF the Erie Rail-
way. The influence which has produced this change
the abuse OF legal proceedings, and we may hope
that II ever James Fisk Jr., fnds o bfOgrapher 1t
will Be related Me OF % mat he ss wao
practices.
The London Standard OF the day following opens
Is columns In the following way
The last news from America Is significant. The
overthrow OF the ''Erle Rlng' has, as was gene
rally anticipated, followed the downfall OF Tam
many; the financial swlndlers have shared the dis-
aser OF their political allies. 1t Is possible thar II
Mr.. Fisk had lived the struggle might have lasted
much longer though 1t Is hardly conceivable that
Its ultimate result should have been dinerent
James Fisk was the only man who could have
fought the battle to the end by the same tactics
whlcn had enabled him to maintain 1t so long;
by O total disregard OF law, opinion and morality,
an utter contempt OF consequences, profound In.
dinerence to the MEANS and determination to use
Whatever methods-vioence or treacherous, techt-
caiiy, legal or outrageously criminal would help
him TO his end. Gould is SAID to have more than
Fisk's brains, and not less than Ftsk's unscrupu.
lousness: but to be wanting in the magnificent
perturbable impotence. which enabled his
coadutor to prevail over any antagonist
fettered by tnat respect for the forms OF order and
OF decency which Is rarely absent from the minds
OF civilized scamps, however daring and how
ever immoral. He may have shrunk rom
course TO physical force under circumstances which