The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-02-06
PACIFIC MAN CORRUPTION.
An InvestiRation by the state Legislature
Demanded.

Demanded.
To THE EDITOR OF THE SuN-Sir: Up
to this time there has been no thorough expos
ure Of the plottings Of the Pacific Mail directors,
by which they have filed their own pockets at
the expense Of the unfo rtunate stockholders.
II can be proved without doubt that many "
the directors have been guily Of frauds and the
compromising Of felonies, which. should they be
brought to justice, would end I'm their ncarcer-
alton H. the pcnitentitry.
Macy Il the transactions are matters ~ noto-
rety, and there is growing disposition on the
pnrt Of the owners of shares TO encourage full
an3 fair examination Of the charges by prop
erly authorized committee Of the Legislature.
That the boards Of Directors for several years
Tast. aud at present, arc not carefully guarding
the interests cun1ied to their care IL wei
known, and calls for the strictest Legislative In
quirv. II does not follow that the managers Of
a coronation have the right to dispose Of tho
property at such figures TO insure its early
bankruptcy, even II they were elected by ma
jority Of the stock The sale Of a vast amount
u rnal estate In san Francisco belonging to the
Phcinc Mall Company wa consummatcd ia-t
leat for an amount less than could have been
borr wed upon II on bond aud M rtgage from
savings banks aud insurance companies.
Is this a matter which should I've allowed 20
pas without notice 10y the Legislative body from
which Pacific lail obtained its chatterf Can a
corrupt body OF men make away with mi lions
Of dollars belonging to ste mship comp NV IN
the State 81 New York without Interference on
tho art II the wv makers or of The courtsY
Tho Stockw II IRREGULARITIES were settled for
al inel-uincant sum, ard no steps have bee n
I ken to inquire into the particulars Of the set
t.eip.nt, VINO effected IL. or what directors
voted - ratifv II.
These uarticUiirs would be developed by a
won. ihqHi;v. urd steps could be taken to
recover the missing funds. even Ii rtockwell
himself could not be iuuuccd to return from
Europe and make fIll restitution. Tn" directors
are, ia most in~tau '"-, men - wealth. ana
ohunh gntlN oble to ,lub together ana MAKE up
III deficiency.
Ihc management Of tie present board needs
q Ii'c ~ close a scrutiny ~ that of previous
Oucs. II should p'riicuitily hc exlinin d ~ 10
the reasons flr entering mo tlrlu arrange
msut 10y which the rates Hre placed AT sucn "a
nlurr mat the lux OF business - III. own Ov r
the Union Pacific Rdlioud. while the Pacific
Nal Steamship re Obliged to sail c"npar, a
lively empty. IL could he discovered, upon
careful inquiry, w.o derives the greatest benz tit
rcrson IL NOT "A memner ~ the Ur.rd ~ Direc.
tors, tnd voted for The rin witch imJ ovrrisles
Pacific Mail and aggrtnuizes Union PtCihc. IL
would alsonpveaI whether any conspir icy cxi .ts
b. which Pacific N.il Is being stripped OF all rs
nvnlluDle assets at the expense OF the Stock
holders
fhe mgnner Of Twins escape from the officers
| waiin1 10 arrest him on suits begun by the Pa
| ellie Nall steamship Company would prove an
inter SUNG nA,ter, ana ,he result OF me lNes-
| liz ton would be read with nviiiiy by the IN
NestOrs and speculators who have been unable
| to solve the attend int mystery. IL would not
! BE- i-Ccs-iNl" 20 discover Irwin's nsslstant- In
| this hurried departure, and to find out VINO felt
| such an eugrosstng interest Ia his safety.
In no way can the interests Of Paclnc Mail he
properly taken care Of except by an cxh ustive
| inv, s;isation which shall clearly define who a, q
| the fucnds and the cnemi OF the company II
{ rtalnly H. nu abuse Of The charter to connde
the int rests OF the cnrgOr ton to persons WhO
| tre au4 have been the uutirlug enemies OF the
company; To- men VINO, "a directors, have every
interest IN te ring down and OoetrOving Its bust
s. and credit. 1t Is impossible for Pdcih,
| Mail to prosper In such hands.
| OF course Gould and the Tribune will try g.
| tiie anN legislative inquiry aud money will he
| pay NJ freely by Interested parties To keel the
| lets from becoming putlic; nut Gould's uow.
T. NOT gre Il rs 1t was; he his be- n badly M
| ned 10y his operations la Pacinc NAil, ard bls
| Cuiln Pacific hull speculation his LEFT MN with
an elephant on hand.
| Within The past " days he has attempted to
| liquid te on "a = Iriiun - hts Pacific Mail hold
mes the result IL visible Ia the decline Of more
| than i've per cent. 70 clear himself entirely al
| the 81 OK would PROBABLY lower the quotations
| t. about twenty.
| Inc result 4 Il like llqui lation IN Union Pa
| ciGc would be most d S .strous. Whether it will
| happen or not Is as yet az open question.
| Guuld's res lurCcs are enormous. ana he VIII
| n axe every effort to cape from his dangerous
| position rs cheaplv as possible.
lie ought not, however, to be allowed in any
| way to interfere with the movement on the part
| gate Pacidc Mall ana place the responsibility
| Tor is low financial condition where IL belongs
| III ne really holds the stock for Investment, at
| honest investigation, with the enactment OF
| suitanle laws to prevent future mismanag .ment
| viii do no harm. IL, on the contrary. he IL ran
ninS the concern as "A beneficial adjunct Of Uni0I
| Pacific, and does not prop rly care The inter
| ests Of the Stockholders, TINS "dog-iu-the
| mAne r policy should meet with ju-t reward
| lEDl sIIRABOUI.