The Portland daily press., 1875-04-27

~ 10 oOANo'S iesS ulscreuuaOle that the prlncl-
pal perpetrator of that crime is now the con-
spicuous luminary in the financial centre of the
| metropolis of the model republic.
We hear vast amount of newspaper
prattle about the vices and errors of public
men. The officers of the government ara
constantly and wilfully DETAINED, and the
world is being falsely told that the standard
of morality is low at the Capital, and
among the servants of the people. And much
of this libellous and reasonable detraction
emanates from prints which have no word
of censure for the actual depredations which
have sulliedlthe American name and made It
exceedingly,dificult to negotiate any securities
abroad. The 'mpunity which the Erie gang
have enjoyed is an encouragement to other
custodians of corporate property to invest 1t to
their own use Time was, when acts of embez-
element involved the penalties of blighted rep
utation, social ostracism and the frowns or
avoidance of all self.rsspecting men. Now, if
the legal obstacles can be surmounted, if the
criminal dock can be eluded, society--or at
least that portion of it which is nearest the sur
face-seems inclined to be very tolerant of
this sort of rogues, provided they made a
large haul, and kept and are increasing their
booty. If they should happen to lose their
money, which is one of the most probable re-
suits with persons Of that stamp, they would
get neither sympathy nor pity.
For the nonce Gould is at the flood tide of
prosperous venture. He is the railway king of
the continent. He is credited with the ambi-
ton TO control continuous line from New
York to San Francisco. His movements are
watched with the keenest interest. His habita-
tion is the Mecca to which stock jobbing pill
grims resort to pray to and praise their great
Prophet The answers they geek to their sup
plieation, are "points," as the technical term
is-that is instructions as to whether there will
be rise or a fall. Many poor fellow has
been utterly cleared out by getting "points."
1t was one of Drew's favorite games to advise
people to buy when he was selling and to sell
when he was buying. Still. Gould is supposed
to hold the key which unlocks the treasures of
which his disciples in search, and nod or
wink from him is received with superstitious
awe. His oracular sayings are circulated wide
ly and rapidly. 1t Is declared that he will
bring the stock up to par and some are SAN
guine that it will not stop there. If his purse
is long enough, or his dupes numerous enough
there is no reason why he should not run 1t up
to $50 or 250 or any other figure he pleases. 1t
is not many years since the stock of western
road that was really not worth copper was
sold in lots at 225. Some ingenious and not
over scrupulous operators got up corner in
Il, |. g., monopolzed the stock and compelled
brokers who had contracted to deliver it on
certain day to buy it of them at any price they
had the effrontery to ask for it. When the OBJ
ject had been accomplished the rate fell back
again to nothing share or thereabouts. Woe be
to the unlucky wight who gets caught with these
things when the collapse occurs. Then there
are crowds rushing to sell, and nobody to buy.
The noise and confusion exceed anything that
ever happened in Bedlam. Inside of the Ex-
change and outside of a block on either hand
there is frantic mob gesticulating and shout
ing wildly and inarticulately. 1t is a scene to
witness but not to take part in.
There is another railway, a branch of the
Union Pacific, called the Kansas Pacific, which
is apparently working up under the same in
fuence. 1t has jumped from to 26 within
few days. 1t is a road SO saddled with debt-so
literally buried under all denominations of
mortgages that there is hardly shadow of pos
sibity of its stock ever being worth anything.
don't imagine that anybody that buys it cal
culates upon its possessing any value whatever.
But the idea is gaining ground that it is '.going
up,' and those who purchase it expect to sell
at substantial advance, consequently they
rush in with avidity and as the circle of buyers
.widens-a thing that is sure 60 happen when
stock is particularly active-the price advances,
the advance gives fresh courage to the dealers,
and these stimulating influences promote the
speculation prodigiously. Outsiders are en-
tced in and become-often quite unconscious
ly-effectiye allies of the gamesters who are
using the stock they happen to have in hand,
very much as they would use dice if they were
playing a more open game.
For the better quality of securities the mar
ket is firm, but no great advance has been
realized except for Panama r. R., which will
bear higher price, for it is capable of i'm
mense earnings and in no danger of compe-
ttion. Government Bonds are.high, and will
always be so when the rate of interest is low
because they are such favorite Investment
and in so many cases Indispensable, as for
Instance to trustees, executors and bankersl
Real estate is neglected and declining.
There are more vacant houses than usual this
spring and there must of necessity be falling
off in the charge for rents and the cost of
dwellings as tenants cannot afford to pay
the old rents and buyers cannot be found ex-
cept under the temptation OF great reduc-
tion There are multitudes of able bodied
men who cling to the city, although they can
find no employment and would be infinitely
better off in the country. The public depart.
ments are besieged with applicants for places,
the day laborers being the most numerous and
importunate. e.... -'s.
The contrasts one witnesses in great city
between the extremes of wealth and poverty
are sufficiently striking to evoke thoughtful
consideration. But the improvidence of many
Of the humber classes is still more noticeable.
They lack what Mrs. Stowe would call 'fac-
ulty." They have very little idea of domestic
economy and live expensively considering how
they live, simply because they do not under
stand how to turn everything to useful account
as the New England people have such knack
of doing. But the worst drain upon the health
and means of persons in INDECENT or moderate
circumstances Is the everlasting dram shop
which thrives as noxiously in the scums as
anywhere else. These pestilent haunts send
out daily list of recruits for the work house
or hospital to say nothing Of the collateral
contributions they make to the alms-house by
impovershing the innocent families of their
deluded victims. 1 have an inherent hostility
to sumptuary legislation of every kind. The
steps we have taken here In that direction have
only esruad tn innrenaa the evil they were
meant to restrain. But if any moral influence
could be brought to bear upon our people to
persuade them to abstain from all countenance
or patronage of these dispensaries of poison
there would be marked diminution of pow
erty and crime and q corresponding accession
of independence and comfort In the homes d
the humble. '..l YARMOUTH.
Was It an El0pement.
The New York Herald contains an interview