, 1874-06-04

to rocoive two-thirds voto In tho Senate with
out which 1t must fail), thoro could bo no aoupj
Of its receiving majority vote Of tho House II
it wofo submitted to that body.
| -
THE ERIE RAILWAY AND IT'S PRECEDENT,
The contemplated reuEgnasion Of President
"atbon' Of tho Eric Railway, will probably con-
Sign TINT 1nuch-atusod property to tho caro- Of a
batch OF London spcculators who will pick it's
bones as coan rs did Gould and Fish In tl,o DAYS of
thetr joint proprietorship. It il not unlikely
that the surviving members Of tho Inter firm
will DO In ut tho death this time, and TINT tho
lust ond of TINT road will DO worso than tho
| flrHt.
1lr. Walton accepted tho ot1lce Of President of
| this roaa ut time when It's reputation was
! ruined, its principal departments fil1od with
thieves, and its working torco completely do
moralizcd by Tho example Of thoir suporiore,
| Ho rms probably moved by 1audable ambition
to lit 40 vaat property out Of tho slough iuto
which 1t had beon plunged. md to win whatovor
credit mightattnch to 50 notable On achievement.
Accepting tho position at q largo pocunary sao-
riilce, and performing Its duties at atil greator
sacrifice Of hcath ind porsonal comfort he could
haTo had no othor motive than tho ono NO have
indicated. His first considerable achioye.
mont consisted IN wedding out tho SUBJ
ordinate zascals whom Gould and Fisk
had foiatcd upon tho road to acryo
thor own onds. Els noxt was to compel Gould
to pay back into tho Troasury OF tho road somo
e9,0o0,000 which ho had stolon thorefrom, His
third project was to change tho gauge Of tho road
from feet to 4.811, III order to roduco ita opor-
ating cxponses,-tho difference between the cost
Of operating broaa gauge and narrow OF Or
dinary ono being equal to dividend On tho
stock. But in order to OBJECT ttis chaure It was
necessary to rostook tho road we'll as to change
the gauge, and this involved tue sacrifice Of all
it's locomotives and cars, or such cltnges in thoir
construction aB WAS equivalent thereto To COM
ploto tho changes and improvements which ho
deemed necessary involved an Immediate OK
ponditure of somo $50, 100000. Ho proposed to
obtain this sum by IN Issue Of bonds, aud
80 great was tho confidence 1epoaed 10 him BIZ
tho Eng1iah public that the whole amount waa
subscribed for after tho panic, whcn almost
oyory now American security was ruled out OF
tho nar]tes. Tho success Of tho enterprise md
Of his management seemed to bo assured, when.
on "Bcttling day"-tho dny when the bonds
which had boon subscribed wero to be paid for
tho lying statouont Of Mr. s. II. Dunan, tho
Auditor Of tho Eric Railway, WAS made public in
London. Wo any tho lying statement, because
Mr.. Dunan has since published largo pam~
pilot "a copy OF which ho, or somo OF his follow
spectators, havo sont to tho prcss) on
page 10 OF which he saya that ho liod
In preparing and signing tho last aunua1 state
n1ont Of tue operations Of tho Company, upon
which nfr. WatHon'S London negotiations wore
based. Wo prefer to bolioyo that ho lied in pro.
pairing tho accond statement whereby tho Lon |
don negotiations were brokon off. Under Tho |
rules Of tho London Stock Exchange and uudor |
British law, Al1. Watson had the power to COM
pol tho subscribers to take tho bonds tloy Ind
for, but he would not do 80 while d /
Charge Of fraudulent representations and bad
faith VIVA pending from the Auditor Of bis own
Company. Mr. Dunan, Of oourso, resigned. It
g to DO hoped that he got his wages.
What particular form Of rascallty lies ut tho
bottom Of this apparently successful gcIlomo
o keep tho Erie Railway in crippled aud lclp-
eas state wo do not know. Nor do we care.
The public havo m interest, however, in seeing
ho Eric Railway placod and kept in condition
% compete With the other gront 1inoa from tho |
Vest to tho seaboard, and alao Ia its honest
That 1lr. Watson has ever &C.
luired dollar, directly or indirectly, out of tho
srie Company, othor than his salary, not
'Ven his enonlies belieyo. That he ia in
apablo Of misrepreaenting tho afrairs Of tho
oad, by 40 much az q hnir's breadth, for any
'urpose whatovor, those who know lin will
efuee to bolioyo. That he will best consult his
'rivato interests by rosigning position which
lelds to himaolf nothing but voxation, slandcr,
nd impaired health, his friends are fully agreed.
lint ho will, howeyor, vindicato his ovn
ourse as President Of tho Eric Railway aud
stabliBh Ills trushfnlnoas to tho satisfaction of
Il parties concerned, may be safely assumed BY
liends md foes.
@-~-=~.=-..-.s.-e
sTR1KEB AND THEIR C0NsEQuENCEe, II
Tho strikes continue. In oyery iBsue Of orr
apor those Is IN account Of one or moro. In
cHtorday's wo announced tho strike Of tho