The New York herald., 1874-12-28
THE ERIE RAIL WAY.
THE ASSAULTS ON THE MANAGEMENT OF TIL

COMPANY
To THE EDITOR OF THE HERALD
1t is impossible to look back upon the manage
ment OF the Erie Railway under Jay Gould and his
associates without feeling OF humiliation. 1t
seems almost incredible now that one OF the most
important corporations in the country could have
been selzed by gang or adventures and held Tor
three years In defiance OF the law through the aid
OF corrupt courts and vena legislatures. When
we recall the disgraceiu transactions Of those
days at this distance Of time we can better under.
stand than we then could how seriously they must
have stained our character ana shaken our credit
abroad. The overthrow Of the Gould direction
was an event the Importance OF which extended
beyond the immediate interests involved. 1t was
not alone that the stockholders OF Erie
obtained possession OF their property, unjustly
withheld from them; that q great highway
OF commerce was rescued from hands that wero
plundering and would have destroyed It. the
election OF Gould ana his associates was q triumph
OF lava proof that the American people are pre-
pared to iu1 their obligations in good faith. It's
effect was not only to save a road whose inde.
pendent existence Is OF the most vital consequence
to New York and to the West. but to restore con-
ddence in all American securities In foreign mar
kets and to re-estabsh the national credit. f tho
panic OF last year had iound US with Goud's grasp
still on the throat OF Erie Its consequences would
have been far more disastrous than they were.
The conspiracy baf1ied 1872 has not been
abandoned. The plot for the pluDder ana destrnc.
ton OF Erie is as steadily pursued to-day as II was
when Gould and FISK held their saturnaias In the
Grand Opera House. 1t shows itself In the per.
sonal assaults made on all who have been con.
cerned In the management OF the Erie Railway
since the downfall OF Could and in the mis-.
representations OF the business AFFAIRS OF tho
company constantly appearing In various jour-
nails throughout the country. railroad. al.
though the property OF lis stockholders, holds
important relations TO the pubic. and It's manage
ment Is properly open TO Criticism. No iair board
OF directors would object TO such criticism II made
IN the interests OF the stockholders OF the pub
lie. But the assaults upon the reformed direction
OF Erie not induced by regard for the interests
OF either, nor have they Tor their OBJECT the im-
provement OF the management OF the road. On
the contrary, they aie the work OF Jay Gould and
his satellites. VINO seek TO undermine the public
confidence In the present Erie direction Tor the
sole purpose OF deprecatlng the stock, and in tho
hope That through the promotion OF dissensl0n
and disaster they may again obtain control OF tue
road. This IS SO evident that the attacks should
carry with them their own refutatlOn. Not one
OF them cmanates rom dlsinterested or friendly
party and the clear Intent OF all OF them,
without exception, Is to damage the pecunIary
interests ana TO embarrass the practical manage
Governor DIX were directed against Mr watson
Immediately he became president OF the road, and
are now turned upon Mr.. Jewett MIR. Jewett's
successor, IL he should nave one tomorrow, would
IN ike manner be the object OF attack. whoever he
might be. director has only to display energy
and ability in the interest OF the road TO draw upon
himself the abuse OF these honest criciscrs OF Erie
management.
When the Erie road was rescued from the hands
OF Jay Gould all necessity Tor concealment and de-
cepton ceased. The object OF those into whose
nands the management passed was TO replenish
the treasury, improve the condition and business
OF the road, and secure restitution OF the COM
pany's property as tar as possible. Lawlessness.
II some errors OF policy were made they
were almost unavoidable in the extremity to
n ph fh. Anan tn1 ffutr nf haA
been reduced by the Gould direction The valua-
bic result OF the reform has been to re-estabisn
the character and credit OF the road and 1T ls Just
this result that the consplrators who desire
store lawlessness, lrresponsblity and plllage are
over the country has been injured by the CONNER
cial depression following the panic Of last year:
but that cannot be Justly mace cause o. attack
upon the management OF any road. The Erie re-
ports show thai the working expenses have been
economized without imparing the efficiency OF
the service, ana this Is enough to prove that the
road IS now managed capably and honestly ana
that the revival o. business alone Is needed to
sou # Is also satisfactory 'D to learn that
clean financial baance sheet has been
made out, so that the directors and stockholders
know just where they stand ana Tor what they are
called upon to provide. Wltn THESE important re-
suits before them the bona Bde shareholders OF
Erie would not be likely to cavll AT details or TO
put forth InsInuati0ns calculated 10 impair the
usefulness OF those TO whom they owe the restora-
found sneerng at the amount o compensation
paid TO a president, TO whose services they already
owe their rescue from serious business emoarrass-
ments, the legacy or The iruits OF the Gould
usurpatlon, and on whose experience and ability
they rely l0r substantial benefits III the iuture.
The iaporious ana di1icult duties imposed on the
president oi the Erie ioad-dutles which few
would care and fewer are fitted to discharge
deserve a liberal compensation. Besides, 1t Is
well known That the professions OF economy adj
vanced IN regard To the Erie presidency 0rigi-
nate with those who nave plundered the treasury
oil the company In month Of more than would
cover the presidents salary Tor twenty years.
The stockholders OF the Erie road and the people
q m hn Al tt.srln tt-
can follow a sale rule In estimating the value or
CRITICISMS OF It's management. suggestions cacu-
lated to assist the direction and TO advance the IN
terests OF the road may be accepted as honestly
intended. Assaults, personalities, cavIls ana In
situations should be discarded AS bearing 100
plainly the ear-marks OF Gould. They are the
means he employs TO lnjure, and II necessary, to
destroy Erie for his own sciish purposes. Incy
should be recognized as the work of the enemies
OF the road, and as such should nave no influence
GU tue minds VI those VINO are its friends
ANXIOUS.