Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1873-10-31
The Central and the Vermont and Canada

roner on the attitude of the Vermont and
Canada Railroad.
The Spaniards have a motto that ne "no
will defend one in trouble is true frlend'
Int he who will defend one in the wrong Is
truly an enemy. The Burlington nh
PRFss has lust won the credit and lncurreu
the opprobrium Of this adage by ITS recent
defence of the Central Vermont, Tor ina.
mythical corporation Is both IN troubie anu
in the wrong. To state its position, as We
understand it. in q single sentence; the
FRrE Pass vindicates the Syndicate "here-
bv the security-holders of these ROADS are 70
he robbed. European capitalists s"lhulcu,
and the roads then run for the benent OF
those who run them. This position Is
clearly enough defined by its general tenor,
and cannot be mistaken from the tone o. G lls
article in relation to the Vermont anu Oan
ada election. Therein its peryerslons anu
concealment of facts and the utter opa4uo
ness of its moral vision are so out oil AeeP
ing with its high character for discernhlent
and right-mindedness on other SUBJECTS d. ~
merit a moment 5 consideration.
The FREE Pass has undertaken no ue-
fence Of the Central Vermont, and does not
understand that it needs any. II the
8. Svndi,ate'' is the Central Vermont then
We have not INDICATED the Syndicate, nor do
We understand that it needs yindication' 50
far We have no gift of foresight which
tell us what Is to be, and weadyise the Mes
ssnocr not to invite the application oil the
motto. evil to him who evil thinks by
assuming that the Central Vermont IS going
70 rob and swindle all hands, on both sides
Of the water. So far, it has simply paid
the more pressing debts Of the Vermont
Central. and taken possession Of the roads,
nv virtue Of its charter. We thank our St.
Adams neighbor for crediting US with right
mindedne,s on other subjects. On TINS
railroad subject, either the Messenger or the
FREE Pass is certainly peryerse ana
opaque of vision.
To begin at the beginning, then, says the
| Messenger. the FREE Pass saYs
! There was no victory IN the election OF aIeeloIs'
ti..re vss no contest. The Central mana gers q"
] nj appear 10 have puta straw in the way % tne
49, ~ ana Canada stockholders electlnS Mhom
thew chose as directors, The MANAGES su ~
! even ask representation m me DoAIv ~. ~ CS
! cons. ierai.e ownership % Vermont and canada
This was true. of the meeting itself, but
.c,Lc canvass which preceded the meeting,
which involved the true test OF their
STRENGTH it Is quite the reverse. vigorous
eff;,rts were made in Boston and vicinity,
M 10 q late hour of the afternoon preceding
the meeting. 10 control the stock IN the IN
terest of its destroyers, but they 50 utterly
| failed that the managers did not dare show
what little strength they had, lest II slo"'u
| appear ridiculous IN COMPARISON
We know nothing about the canvass pre-
ceding the meeting. Bat the facts plainly
sticking out Indicate pretty distinctly that
the vigorous efforts" must have been con-
fined to one side. The record shows that
Mr.. Brooks mustered -, 900 votes out Of
30 Coca thousand less than a ma
iority of the whole 1t docs not
look to Us reasonable TO suppose that
ont of the 10000 votes which it seems
Mr.. Brooks could not control, the trustees
and managers could not have secured at
least a respectable proportion, if they had
cared to make the necessary effort.
The Stockholders are not only entitled to
their rent. but if they do not get 1t they are
entitled to possession Of their road-and
not only of their own road but OF the err
mont Central, until the rent Is paid. II TINS
is not 50, "then iie upon your law there i
no yirtue in the DEGREES of Venice. Ii Is
rather cool 90 'ay that they have had 'nelr
rent ND to June. l~72-as If tins implied
any credit. and as if the fact that they
haven't had il since was oi little OF no CON
sequence.
The Messenger must be in straits, when II
deem, it necessary to see in the simple state
ment that the rent was paid up to A speci
fed time. an implication that the subsequent
non-payment j. Of 10 consequence. Viii
similar "a, if,' We might put any absurd
statement into the Messengers mouth.
But. A. if there were no bushes behind
the veil of all this hardihood. the FREE
PREss calls the new directors raiders
We have never called the new direc
. tors raiders"
We do not like TO handy terms %
E reproach. but cannot forbear to state
parallel case. II the editor OF the Rel
Pass owned a fine ship (and We wish h'
8 owned a heet) and should discover s0m'
day that the master had engaged It IN com
rnerce of his own. to the Withholding IT.
I recover possession but should not be ever
allowed L. sue nor honored with reason
for the refusal nav more. if he should ther
2 become convinced beyond a doubt that th'
master intended To hold the vessel until he
could buy it for almost nothing, while al
, the same time he was cruising IN foTelgr
/ waters for cargoes which he intended {,
= absorb. what would the editor call him
This Is not parallel case. There is NJ
need to speak in parallels. The case Of th'
/ Vermont and Canada stockholders in brie
e is this They leased their road to the Cen
trial on terms well known. Failing TO re
ceiye their rent, they consented that thu
arrears Of rent should be capitalized tina
: the road be placed in the hands OF trustees
and to enable the trustees to be in position t
= pay the increased rent-that Is, the interes
r on the enlarged s;ock-they consented TO th'
issue of bonds. which were made lien OF
+ both the Central and Canada, and giyer
] priority over the Vermont and Canada
stock. For cash in hand, in other words
, they permitted their eventual security to b.
p weakened. This was all done with thei
. full knowledge, application and consent
To raise an cutlery that they cannot hay'
f possession Of their property, under suci
circumstances, Is as reasonable as the howl
b ing ola man who has deliberately and for
consideration permitted his first mortgage
: on a piece Of property to become the second
r mortgage, and sees it pass from his contro
to that Of the actual first MORTGAGE. If tn
/ | Captain, in the Messengers case, simpl,
held the ship by due legal process, as secu
D rity for advances of his own for supplies, HI
: would not be a r1bbcr or Swindler.
p So far As the Central Vermont is con
cernod, all it has done is to substitute res
. ponsible receivers, under one million dolia
= bonds, for an embarrassed trust. 1t in
tends. We believe, to do equal and exac
, justice to all parties and that As soon a
their respective rights and the values o
their property can be determined. 1t can
J not legally permit the Vermont and Canadi
stock to resume its position ola first lien oil
, the earnings, but unless the Vermont an,
. Canada directors desire fight and nothin:
f else, we understand that the Central Yer
: mont desires to deal generously as well n
E Justly by that interest
To our suggestion that the Central Yer
- mont would probably be able to take car
. Of itself, and secure connections indepen
: dent Of the Vermont and Canada, in tn
remote contingency Of the Vermont an,
Canada reputation Of the lease and set
, ting up for itself, the Messenger says;
. There That IS exactly what we expectei
I rule or ruin. 1t threatens a parable
road, the very thing which, in the past
Gov. Smith spent the money of his trust L
prevent. and this was the very none,
: covered by the Hatch voucher for resist
b ing adverse legislation. But 'oOuld tn
: Vermont and Canada be thus isolated
~, .