The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-01

scorn ana say that In Tree government tnoto
is no guarantee for commercial honesty. As
consequence capital has no tendency hith-
erward. When it does come we are COM
PEELED to pay exorbtant interest. When we
ask financial men to buy our bonds they want
large interest and an abatement of the princi-
pal. Every form of investment, from the ma
tional bonds which represent the honor Of the
nation down to the mortgage bonds of some
small and thriving railroad, pays tax upon
crime. It is really a tax upon crime. We per-
NIT the Erie outrage; we give it life in our
Legislature and in our Courts and honor the
leaders as men who deserve honor because of
their vulgar ''success"-the success" of
Jack Sheppard and Jonathan Wild
and the inevitable consequence is that
our credit is stained and widowed
and is disgrace to every American.
AS we have said, we cannot too largely esti-
mate the extent of this disaster even in
money point of view. Because of Erie, and
the tolerated crimes of the management, and
the wicked alliance it made with Tammany
Hall, we have lost in absolute money, which
might now form part of the national wealth
and be enjoyed by our citizens, thousand
millions of dollars.
The American people do not mean to con-
done these felonies by submitting to them any
longer. Our first duty is to insist upon the
Classification bill being repealed, and to say to
every legislator who hesitates to vote for that
repeal that he has made himself Infamous.
Whofo re- ho cd o1 in
favor graver arguments may be adduced
against it, and, above all, its repeal is the
first step towards the overthrow of the Ring.
We must then protect the rights of
the stakeholder, and make it possible
for every man, alien or citizen, when he
buys share to vote upon it and control it as
his property. There must be no mistake about
this. When foreigners invest their money
here they have as much right to the protection
of the law as they would have in their persons if
they came to dwell with us. We have as much
right to lock every alien in the Tombs or de-
prive him Of his liberty as we have to lock
up his money. At the same time we
do not think it policy to permit for
eigners to become the directors of
corporation like Erie. We insist that,
before an Engshman can become Mayor or
Governor, or hold any office, he must become
a citizen. A railway like that Of Erie is an
essential part of the Commonwealth and is
necessary to its development and its defence
in military point of view. Were war to
ensue between America and Canada, for
instance, the operation and occupation of the
Erie Railway would be most essential point.
In modern war railways have an impor-
tant function. As we would not permit aliens
to command our forts, or police our lakes and
rivers, or supervise our arsenals, so we can
not permit them to have such control Of
our railways as would make it possible
for them at any time to impair the
national defence. But this point can be met.
We advance it as what seems to be an I'M
answerable argument to the suggestion re-
ported by our correspondent that the Erie
Railway can only be reformed when it comes
into the hands of an English direction. Let
the English shareholders elect whoever they
please; give them the awplest security; see
to it that every dollar of their money is pro-
perly invested, with interest duly paid but
let American citizens have the direction of all
lines on American soil Let it be made a law
that a majority of the Board, or, in fact, the
whole of the members, be citizens of the
United States.
There can be no objection to this limitation.
1t is not inspired by any feeling of unkinduess
to English gentlemen, but by proper senti-
ment of prudence. As we understand English
law no alien can hold real estate in England.
There is reason for that distinction which we
do not care to fathom. Nor do we complain
of it. We simply say that, as Eng
land protects her soil by making it
the possession of English subjects, so
we must protect our great lines Of
defence and offence, of transportation
and supply, by putting them under the COM
mand of American citizens. With that pro-
vision plainly enacted, we again say, let us
overthrow this whole Erie fabric. Until that
is done we have no reform. Tammany was
an ulcer: Erie is cancer. It must be
rooted out, and at once, and we must make
it impossible that it can ever grow again upon
our body polite.
The Queen Victoria Attempted Assnssinn-
ton Story.
A universal expression of pleasure at the
10000 Of Tho uidowod Eny1ish Oupon from,