New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-05-21


of the processes for facilitating fraud which
have been 20 fully exposed in The TRIBUNE.
The action of the Board argues an equal con-
tempt for public opinion and for statute law.
Our Albany correspondence points out weak
place in the arrangements OF the JOINT Legls-
lative Committee to Investigate Canal Man.
agement-that is if investigation is really
meant. The counsel of the Committee are now
and have frequently been the counsel for
noted members of the Canal Ring. Surely that
is not the proper quarter in which to look for
advice.
After such attacks as MIR. Henry c. Bowen
has received within the last two or three days,
it is natural that the response in which he
finally INDUCES himself should be pungent and
personal. There has been some discussion in
the newspapers as to the precise amount OF
friendship existing between Mr.. Bowen and
DR.. Bacon. Mr.. Bowen undertakes to explain
it, and seems to make the matter reasonably
clear.
A year of prosperity in fire and marine in
surance on the part of companies doing busi-
ness in Connecticut, is described in State Com
missioner Stedmans annual report. His views
respecting the propricty of lending the assets
of insurance companies on personal securities,
and concerning the excellence of the New York
State Surplus law, will encounter wide dill
ference of opinion but as to the industry and
care displayed in his compilation of statements
and tables, there will be little question
The bill to bring Savings Banks under
uniform law seems to have been drawn with
care and with reference to the safety of the
funds deposited. Many of those banks are
working under antiquated charters, and there
is at present considerable variety in their pro-
visions; but as rule they have been admira-
bly, managed, compared with other financial
institutions. While we hope that the new bill
may be an Improvement, we are reminded OF
the adage about letting well enough alone.
The passage in the Senate Of the bill au-
thorizing q Court of Arbitration in this city
will be welcome news to our mercantile COM
munitv. The class of suits that will come be-
fore it, being purely commercial questions, can
be better decided there than in a court over
wbelmed with miscellaneous business, and the
ouickness with which decisions can be reached
will be great saving where heavy interests
would suffer by delay. Con. Hustled was not
far out of the way in characterizing it as
"the best bill that had been brought before
"the Legislature in twenty years"
A painful story of breach of trust comes to
us from Boston. The person whose name is
thus dishonored has long been known and de-
H. ifu
counselor, well fitted to advise concerning the
safe investment of trust funds. The result Oh
his dcfalcation will be the ruin OF many fami-
lies whose property was placed in his care.
A mystery surrounds the case at present, since
the defaulter led an apparently upright life,
and was not known to be engaged in dlsas-
trous speculations 90 that his losses, whatever
they were, cannot be traced to their source.
Great success attended the celebration of the
Mecklenburg Centennial. The weather, the
arrangements, the speeches, were all fellctOus,
and nothing married the day. In the very full
account which we present to our readers this
morning the most notable feature is an en-
thusiastic patriotism for which those who did
not know the real condition of Southern senti-
ment will hardly be prepared. The only de-
ficiency at this celebration was the marked
absence of any representative of our National
Government In all else it more than met eX-
pectatOn.
By means of compromise of opposing inter
ests, the Senate Finance Committee have
agreed on a report concerning the manage
ment of the work on the New Capitol. The
system up to June, 1874, is admitted to have
been bad; since then it is thought to have
been better, though still defective. The tender
way in which the Committee find fault with
the gentlemen of various pursuits in life"
who were intrusted with the management and
shamefully neglected it, is really touching.
The logic that managers should not be blamed
when the system under which they act is
faulty, will probably prove convincing-to
people who wish to be convinced.
After day of spirited debate and much
mapeuvering, the Senate has passed the
Husted Rapid Transit bill. The first lot of
Objectionable amendments was swept Oft by
reconsideration, but before the bill was passed
it was again loaded by its opponents, and may
have to go before conference committee for
reconsideration. A prominent feature OF the
new amendments is that roads devised under
this bill are not to interfere with existing
franchises When our readers recOllect how
many railroad schemes that have never been
carried out may yet block the way by their
old franchises, it will be evident that this re-
striction is Of serious nature.
On our fourth page a letter from we'll
known correspondent in Colorado reviews the
probabilities of the coming crops. dispatch
in another column gives the details OF fright