The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1873-04-03
Correspondence of the Journal.
New York, March 20, 1873

attention OF tue .natiOn mas pcch uraWu Y,
New York rather than to Washington,-tc
the commercial, rather than to the politica
capital Your correspondent being here foi
the past week, has found quite different
kind of excitement prevailing from that
which the Grant administration keeps up IN
Washington. Yet there is nothing in either
place to convince the careful observer that
mankind have become perfectly disinterested
and that the old habit of sclf.seeking has
vanished. from the world. The strenuous
efforts made to save the murderer Foster,
from the gallows, is the universal topic OF
5 town talk The general sentiment will hearth
ly approve the course of Governor Dix IN
refusing to commute his sentence, but al
ways with an expression of sympathy for
the man himself The fact is that N. York
feels itself in imminent peril of being over
come by the violent and reckless classes
Two attempts at murder in the street cars
within the last three days. have awakened
the fears of the people, and haye qaeted al
most the last vestiss of opposition to the
hanging.of the convicted murderer now on
hand. What is to become of our republic, if
its principal city cannot make its own streets
dccently safe for travellers? Next to the
inexhaustible topic Of murder, the questions
of finance and great corporations are exer.
cising the New York mind There is real
and rapid growth of intelligence upon these
subjects in the people tf the metropolis
They complain bitterly Of the national ad-
ministration for notpressing into its service
tho best talents of the nation; for promoting
weak and unknown men, perhaps mere coun-
try grocers, or lawyers, like Boutwell, or
Richardson, to the highest places Of trust in
the nation. True, mcn like Gladstone; are
scarce in any nation; but why did Grant and
his party deliberately go to work to make an
enemy Of. ,or at least drive from the public
service, one who showed such strewd-
ness and superior capacity for statesman-like
finance as David A. Wells? The policy of
the Treasury is the more blamed for this, in
that it throws the people more and more
hslplessly under the power of the great rail
way. corporations, which are steadily grasp
ing control of the nation; nothing can resist
this movement but Il union of true boldness,
genius and power in the government, where
now, all is timidity and weakness. The
Credit Mobilier scandal is but the beginning
of what would be disclosed if q fair inquiry
were held is 10 the means by which these
corporations are struggling to gain illegiti-
mate power Something Of it has come out
in the New York newspapers this week, and
before legislative committee at Albany,
but only enough to show that the pretended
reform in the Erie railway last year was
really but victory of one ''riug" of selfish
spectators over another. How then, ought
such trusts be administered
There is bat one remedy for the evil now
prevailing, and that is absolute publicity. A
striking illustration Of this principle is found
in the conduct of the best Life Insurance
Companies, ss compared with other financial
corporations In New York, and in other
States; these companies are required by law
to do everything in the most open, public,
undisguised manner. The result is, every
body can examine their affairs from year to
year, and Judge for himself of their manage
ment. For instance, the Mutual Life In
snrance Company, of New York, when re-
Gently assailed by some black-mai!ing wri.
tiers, one them having reached the inside OF
Jail for his abuse, as answer simply pub
fishes, in minute detail, all of the facts of its
condition and business, under the official au-
thority Of the State officers, who have
access to all its books aud records; showing
it to be the most economically managed, as
we'll as the strongest and largest Insurance
Company in the world. The assailants are
sicnced, and the company stands higher
than ever. But if railway company is as
sailed in similar way, it has no defence,
most Of them, indeed, seemed not to- desire
any. The reason is, that they are managed
in secret / Make them as open and transPa-
rent in all their transactions as the great In
surance Company mentioned, and fraud and
breach of trust become impossible. The
true plan is to forbid all secrecy in manage
ment; to open the meetings Of the boards OF
directors to allth stockholders, aud to for
bid reference OF business to secret commit
tees "with power" The triAing inconve-
nience which might result, would be moth
ing compared with the good. But for this
purpose, tie United States government must
take the lead, with the companies which
Congress has been led to incorporate Let
it be tried with them, and the result will
be SO satisfactory that public opinion would
soon force all the States to follow the exam-
pie, which would simply be the protection
of the people in their business transactions
with corporations which at present, with
notable exceptions, they have not The peo-
pie are slow to act, but the result of their
reflections on the growing and grasping pow
er of corporations generally, IS, that stop
must be put to it, and better the struggle
be commenced now while there is u chance
of success than later, when all power is in
the hands Of the monsters who seem des-
tined to be our ruin. This subject will bear
~ r.