The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-09-10

weighted down by debt without dollar
of stock to fall back upon with no CAPT
tai but its earnings from day to day and
assailed at a time of unusual stringency in
the money market by powerful corpora
tions which found 1t plucky aud trouble
some obstacle in the way they must take to
gain complete monopoly of the great cast
and west line. was driven to the wall for
moment, and its managers carrying on
their own shoulders million and Il half of
its Indebtedness, were forced for the first
time in their administration to ask that
temporary indulgence which some Of their
creditors were ready ami willing to grant
and which others, for reasons by no means
clear, fatty refused because of this, and
whom you have no more proof that dol
lar has ever passed into these Receivers
hands which they have failed or will fail to
honestly account for, than that / am guilty
of murder, is it fair or is il lawycrlikc to
say that Gov. Smith, sometime President
of the Northern Pacific Railroad, some
time and to-day a king among railway
managers. and whose very moments are
gold must have Sioien the wealth which has
steadily risen to crown hi. arduous abors?
BY such an assertion you commit legal IN
! justice and ahsurdity. The federation of
which will, gricyc to say, long hc a stain
upon the fair fame Of certain Lcgisla-
tive Commiitcc-that of assuming that a
man, has stolen property before showing
that the property has been stolen.
1t ,rdS Il notorious fact that the people of
Massachusetts had become turned against
Vermont Railroads and their managers and
Vermont Courts, but that such is now the
ruling sentiment the writcr.is not so certain
lie has recently been told by prominent
business men of Boston that in that city at
least the tide is rapidly turning; that
curses still wing their homcward flight rs
in the old adage and that the garing and
too evidently malicious falschoods of the
7iureiler and Republican are beginning to
fall back heavily upon their authors. But
be this as il may. your correspondent linn
a mistaken one. and it should be our pleas
ure as it certainly is our duty to correct
this mistake, instead of tanning its smould-
ing cmhers into a flame of bitterness and
hate and wiful ialsehoods.
Founded upon the mcrest presumption
again is your correspondents assertion that
the people of Massachusetts who have in
vested in the securities of these roads have
seen them passing from first to eighth lcins.
1t has not been decided by the Court, moi
can ii be until an accounting is made and
proceedings had thereon, that the rent OF
the Vermont 4 Canada Railroad is not Q
first lem upon the trust estate after the bare
operating expenses are paid, and that fol
lowed in regular succession by the first ant
second mortgages. Should ii eventually bt
held that the rents due on the Rutland
Ogdensburgh and other leases take prccc
dencc by reason of the assent of the secu.
rity holders to the taking of those leases
certainly complaint would come with il
grace from them. But, you say. as prime
facie evidence that they did not honestly
and authoritativcly consult. They cal
have no interest IN increasing the facilities
business and receipts of the line. for they
can at best only receive interest on their Sc
curitics not dividends
Very true, hut would they have no in
tcrest in recommending and assisting t.
ont e., ;,n 10
the money making value of the property
as would not only render the payment o
that interest more prompt and certain, bu
vastly enhance the market value of tn,
securities themselves :? And had tlcs,
leases proved as Immediately profitable il
the outset as they promise to become in tn,
future, would any voice of complaint hay,
been heard Oh fable Of the fox an(
grapes, thou art strangely SUGGESTIVE
Your correspondents remarks upon tina
Free Press editorial should more propcrl,
be answered by the accused journal itself
and in Il recent issue it did. at least partial
ly, define its meaning and its position.
look upon the paragraph quoted as simpl,
a carclessly ambiguous expression, jus
such as you and |, my friend use ever,
day. \ court is not an independently eX
ecutive power. 1t is a tribunal and as sucl
is entirely dependent, for the material an,
justification of its decisions, upon the evi
dencc presented before it by the parties +
) a cause.
Literally it would be absurd to say tina
the Court Of Chancery runs these railroads
The court was sought by adverse parties i
, the cause. Upon the issue as made up AM
, presented by them it rendered its judgmcn
and appointed officers to see that judgmcn
carried into effect So, in somewhat slang
phraseology, it may be said, that, to tn
extent of its connection with this cause
these officers, anil riM them al tie paftit
, to the cause run" the court, because tn
, court is as poweress as you or to act l.
this matter save upon such complaints an
, evidence as these parties see fit to bring be
fore it.
| The court cannot stand in the relation o
Ii ia'hei W al thesc ihtcIcstS anu pciSOiis
4 watching all their movements and ready t
catch them when they fall, but is as
, guardian, kind and just, to whom they ma
bring all their grievances, assured that,
3 rightly presented, they will be patient
{ heard and faithfully adjudicated.
| Your correspondent asserts, apparent
5 on authority, that GOV. Smith and hi
! friends now own both sides of this suit
! Then whence comes such determined oppC
: would tend to confirm certain whispers, {
which we have ever refused credence eve
S for moment, that the pens that have wri
= ten and the mouths that have spoken WEI