The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-03-23
HoRAcE GREELEr,s SUCCESSOR.
How Jay GouId'- stool Pigeon Exercises his
Powerful Mind.

To THE EDITOR OF THE SUN-Sir: IL seems
almost incredible that Jay Gould's stool pigeon.
In his few years lease Of power since Horace
Greeley death, could have reduced the Tribune
from us high place "a a successful metro
politan newspaper to its present Illuminating
aud precarious condition.
Whitelaw Reid was believed 10 have had sum
Client experience, under the tutcl ge of MI. Gree
ley. to at least keep the Tribune In ils original
groove, and prevent It from FILLING into the
bands OF the Sheriff. The feeling Of power,
however, overcame him when he found that he
was the nominal owner Of the Tribune through
the heavy advance OF funds by jay Gould, and
he launched out wildly In the qualification OF
his curious editorisl instincts. The wishy-
wasby luoubrations which Horace Greeley
would have consigned TO the waste basket could
not be suppressed now, aud they were accord
ingly printed iu prominent positions, as power
full efforts.
Then frec-l0ve philosophy obtained prom
inence In the columns OF the newspaper. Ar
tcles appeared from the pens OF different writ
era and correspondents which teemed with las
civious descriptions and rioted in the dis cusson
OF disgusting topics. The letters OF Arlene
Houssaye, viewing Paris life from this stand
point, were published In large numbers. and
were referred to In the leading columns as models
OF delicious and fdnciful writing. Hostile criti-
clsm upon their immortality was sneered at as
urudish.
Next Beecher was picked M and defended.
Whether this was done Oh account of the pay per
column which was received for furnishing a full
report Of the proceedings OF the trial, or be-
cause the stool pigeon believed adultery on the
part Of the pastor OF plymouth Church To be
iustihaUie aud cOmmendable. makes little dit-
ference. The course Of the paper was probably
decided both by mercenary considerations and
latitude Of social views.
nnd the task very difficult to give the Jrtntnc's
articles on finance an appropriate tlnge. when
It's other departments were marked by such lax
ity Of views and the general Generalization IN
the political, social, and religious expressions
Of the pnper has been still more marked IN
the nnunci |. People who buy the Iitlune
because 10 was founded nv Horace Greeley,
have discovered not only That they have been
re d vile emanationa from the pens OF dssolute
men, tending TO palliate adultery and perjury,
but they also treated to stock iobbng articles
from Jay Gould, whose great AIM Is 10 s"eeIeh
them out OF their hard earned money.
20 the 1ipunc enters the houses where u Us
taKen. and, under the pretence offurnshinR the
news Of the day with appropriate editorial com
menrs. insinuates perniciOus ideas III regard TO
morality; and. at the same time. spreads out
financial news calculated to mislead the reader
anu rob him Of his possessions. Not only Is the
1iflunc used to rope suecuiators and investors
into GonIn's trans but drives are maze upon
Congress, aud measures advocated which would
rob every person In the county u cdrLied
the Tribune has ATTEMPTED WIS the advocacy Of
GOulds plan las. year for remDursing the Gov
orunient for ITS outlay oil bonds ON tue Union
In isd5 the Government issued sei ,s31,0o0 OF
| six per cent. bonds to aid in the completion OF
| the Union Pacific Railroad. These were sold,
nj the proceeds used by the COMPANY Ia the
| building and completion Of its line. They were
maze a second mortgage upon the road, and
| we're to become due IN thirty wears from the
date Of Issue. VIZ. III 1879. Principal ana inter-
| est were made PAYABLE Ia gold.
4 he
| interest on these bonds, and the company has
been deriving benefit from the use of the money,
| until II ~ now payings per cent dividends upon
| lis stock Iiv a decision of tue supreme Court
| last wear It was declared That the principal anu
! interest OF the twenty-ssveD million thirty year
| loan OF the Government to the road would
| me due at the same time, VIZ. In $50 No
| provision so Jar mas neeh maue LOT meet s.t'
| ing the obigaton AT That time, nut an nner was
made bv Sidney Dillon last wear to the secretary
~ the treasury (of course coming d. ectN from
| Gould). to establish "a sinking fund to ptovide
| Tor the pavnient Of the mortgage.
This propositiOn was that the compnnv leave
| the sum In the Treasury chen about sSp,OJJ)
| cue to II by the Government for transportation
NJ a sinking fund. ana add To 1t for ten years AT
inc r 10 of 81 0r.n per year. in semi-apnnsl paw
| ments ~ SgjO,UU each January and July; and
Tor the next ten wears NJ tue rate OF S,'n!NN pei
| ycar In semi-annual payments - sS5Wp; after
| twenty years. a. the rate Of $l.WuUO per veal
until the entire debt should be hquidated. Inter
est at the rate Of per cent. should be carried e
| the credit Of the sinking fund seml-annuaily.
This ingenious fopOsitinn was sent 70 the
Secretary OF the treasury, and the Tribune
backed 1t with editorial swash; me Noun!
editor tried 10 prove thut II would he bonanz
TO the Government, and desperate effort wa
made to get the nr"position accepted: rh'
| scneme did not work. however aud WAS tor tn,
time abandoned. IL Is about TO be renewed. q
| We have ne I'd.
Inc amounts advanced nv the Governmen
would IN simple interest ana actual priucir'l !, a
the end OF thirty years In 1875. aggregate S16
2f{Gn. This should be .Lcreased by apont one
seventh to bring II to cgrrcncv basis. !
would be In greenbbcks $S'l5s.4Oo. Tits,
| mus De remembered, viii hr the money aCtuali
| rad out hy the bOvsrumeut IN interest, and 4
redeem the bonds at maturity.
Now Jay Gould, though sidney Dillon, pro
| poses to l1Quiulte this dent. suppose that tn
Government transportation Que the c'mpan
AZ The beginning ~ next year, together with th'
first sen i-annu.l payment Of $2j0ON, mount
to S2,O1QOO, md that the road - mt it sinhin
| fund VITA this sum, now vtli 1t stand IA 1850
| when the bonds maturef the interest com
pounded al the rate of SIX per cent. semt-Annu
allV, together with the payment, will amour
on The IL II July IT'S to about So. 1910
Sup,ract this from sS,15s,4UO, tie amount du
the government, and We n we the road sInl IN
dcbteu Sdl.12 .utu. But the actual amount q
cash wncA he road PAYS in will lie only abou
Sl}OO.m0. fhe rest Is gDined ny Interest an
the compouDCing semi-annuay. But wha
right has the ru"d 10 conpounu interest whc
the Government goes begging Tor reimburse
roa0 has a riaht u receive compound interest
Is bound to pay II.
The real facts OF the matter are these ia
, Gould does not want nor intend 10 settl
squaTelN with the Government His idea
reelected by the Tribune, aro that he wi
succeed in keeping the treasury out OF /,
money and the Government from maxim
trouble until he has succeeded In selling ou
Ills stock md gel ing on the snort side. The
he would be only TOO GLAD To see the Cover
ment seize all the locomotives, cars, and prof.
eTty generally by foreclosure.
The amount which the road should paw I
hquidate the Govern nent claim at maturity
, ~ the rate Of $4'5sj;SO per year or course mi
would not leave awning for the stOcknulder
and the price CT Goud's holdings wuuld 9
down very fast. The Tribune would suffer bad
Is, AZ Gould would not be aOle To buy any nor
Of its bonds nor to LEND any more money o
pledge Of its stock. Tue Young editor would b
dcthroned ana the salaries Of the Tribune sta
would be stlil further reduced. but the pap,
Is declining by It's support Of such tremendot
stock juubing schemes, and the public woul
be greatly the Y tiner-. srGRABOUT.
MUSEMENTS.