New-York tribune., 1877-05-04

than TO heal, the breach between them. FOR
tunatey for the Mayor, the Democrats are
acting with such utter lack of decent reserve
that good citizens cannot doubt on which SIDE
they ought' to stand. President PuuOy de-
cares in the debate, with the true Alder
mans swagger, that the Democrats have an
opportunity to get control of the Board, and
they "intend to get 1t y and the Tammary
General Committee, with the same disgust
ing frankness, Heartily indOrses' the refusal
(" to confirm Republicans nominated by the
Mayor for important Offices under the City
" Government" Let the Mayor but stand out
against these political brigands, and he will
have his reward in the good opinion Of
grateful public.
The canal controversy is ended for this year,
and the advocates of low tolls have gained
another victory. 1t was thought last year that
the Legislature had gone as far as 1t would
venture to go in the reduction of tolls, in the
face of declining revenues but the toll-sheet
proposed this year by the Canal Board and
now approved by both houses of the LegSla-
ture, is still lower than that OF last
year and has called out still gloomIcr
predictions of the deficiency and consequent
taxation It would bring upon the State. The
policy of successive reductions, however, cannot
continue forever without some good result.
When business once revives, the low tarlll
must bring good revenue, or the people Ill
those portions of the State not directly inter-
cstcd in the canals will protest against paying
cut more in taxes than they get back In tolls
But probably the canals will never be fairly
tested until as Senator Cole suggested yester-
dav. the Canal Board is allowed 10 lower or
raise the tolls at its discretion. Then the
canals can fight the railroads with their own
tactics.
The Omnibus bill has passed at last, sur
viving a bitter opposition and sometimes
laundering support. 1t will so to the Gov
crnor, when the two houses have arranged
their points Of difference, marked no doubt
with imperfections, but, on the whole as a
measure which embodies larger number OF
reforms and enfOrccs a greater degree OF
retrenchmcnt than any other New-Iork bill OF
recent times The credit of its passage be-
longs to the Republican members OF the Legls-
lature. They carried it through both houses
against party vote of the Democrats, with
the one honorable exception i'll the Assembly
of Mr.. Bradley of Kings, who had sufficient
courage to dispute the demands of Tammany
Hail. The design of the Democrats in forming
this solid front against the bill was undOubt-
edly to make it easier to demand
a veto from Gov. Robinson. We hope the
Governor will prove himself to be OF sterner
stuff than his party supposcs. He can now
enable the people of New-Iork to test the
virtues of Spring election, and try the eX-
pertinent Of reduced force and reduced salaries
in the departments, and he ought not to with
hold the opportunity from tbem.-Ihs work
has been well performed but greater
remains before the Assembly. The Charter
Commission amendments TO the Constitution
must be acted on without delay. Another Leg
islatuie may attempt TO take back tie Omnibus
bill and all its reforms. What we want IS the
sue structure of the amendments; then the
scaiIolding Of the Omnibus bill will tumble to
the ground.
This is queer result in the Delaware and
Hudson case. The Grand jury has indicted
three men for circulating unfOunded stories TO
dcpreciate its stock. The first of them is
the broker for TrenOr w. Park; the sec
ond. a lawyer who has already moved for
a receiver for the company; and the third, an
accountant who examined the books and
furnished the data for this application.
Meantime a great number OF worthy
citizens have lost large sums, amounting
iii the aggregate TO many mlihons be-
cause of the misleading and injurious
reports circulated by the officers or friends OF
this company to sustain its stock. Less than
2 wear ago it sold far above par; it Is now
45. At every step of the decline these
gentlemen have protested that the company
WAS all right, that there was no occasion
for uneaslness, that the property was as valu-
able as ever. Innocent stockholders who be-
lieved them have thus lost from 60 to 20
cents on the dollar What does the Grand
Jury think of that sort of work And If 1t Is
to protest, as it does, against the occasional
publication of an inaccurate or premature
report, tending in the direction of all the
facts disclosed, what words of censure
has it reserved for the systematic and contn-
GUS suppression or distortion of the truth,
whereby innocent owners have been seduced
into holding their stock while it shrank on
their hands from 10 to 459 Are the news
papels (and they are good enough to accord
THE TRIBUNE the leadership in the
matter0 to be ccnsmed for g>tting
misled on an occasional point though
the whole course of events vindlcates
the general tenor of what they have published,
and the officers to go scOt-free who have mis-
led the public all the time Whose interest
are You III, anyway, Messrs. Gcdney a Co.
that of the rotten corporations or the deceived
and swindlcd public
SOLD.