The Portland daily press., 1877-01-03
Our New York Letter.
Last Weeks Catasfrophes-The New
Municipal Government-Gsy. Haxr.,
Inauguration Growing More and More
Certain.

wv Piono vi cal2mItleS 10 De entitled 10 Kindly
remembrance. 1t began here with the revela-
tion OF one OF those social shocks at which the
whole community stands aghast Everybody
knew Otis ID. Swan, and everybody liked him.
respected him, trusted him. There was tone
of respectability about him that inspired conf
dence. He was circumspect in his behavior,
rreproachable in his outward conduct, and
simple and unpretentious in way Of living. He
bore himself like gentleman of patrician
birth. refined tastes and fastidious associations
He Inherited a competency, and had been
accustomed all his life to the enjoyment of the
means of gratifying his wants, which were
never excessive nor prodigal
He was bred to the law. What evil spirit
tempted him to change his occupation at a
time when he was nearing middle age, it has
puzzled many of his friends to conjecture. The
most probable explanation of it is that he was
the custodian of the funds of so many people
that the investment and conversion of them
constituted in itself the nucleus of a lucra-
tive commission business. Be this as it NAV.
he braved the perils OF Wall street. which has
proved the 'road to RUM of so many adven-
Jurous spirits, and he met the fate that over
takes four out OF five Of those who are drawn
into that whirlpool of chances and changes.
His firm failed. That was surprise-at least
to those who had merely surface acquain-
tance with him-but Wall street failure is a
very different thing from any and every other
kind of insolvency, and doesn't ordinarily oc-
casion remark twenty-four hours after it has
happened. The denizens of that locality who
gamble with each other are rich to-day aud
Thai fort
like the colors in kaleidoscope Their wealth
is unsubstantal, their reverses are looked upon
as evanescent. Their gains or losses are sud
den and heavy. have known a stock specu-
lator to be worth half million dollars in April
and peniless in June.
1t was Mr.. Swans terrible misfortune to be
the holder lin trust) of valuable securities. The
temptation to use them for the purpose of en-
deavoring TO replenish his purse came upon
him with irresistible force He yielded to it in
the hope that luck would turn in his favor.
Every new hazard involved him more deeply.
The fates were against him. At last every-
thing was gone. The property of his relatives
was sunk and finally his desperation carried
him so far that he staked and wasted moneys
which belonged to the Union League Club and
the Society Library. To secure the former he
pledged his personal effects, but they were in.
sufficient, and these organizations will suffer by
his impoverishment. The club is and ALWAYS
has been an exceptionally prosperous corpora
ton. 1t has reserve fund of over 100000
mostly invested in government bonds. This
fund is held by five trustees, of whom Mr..
Swan is oue He collected the interest amount
ing to $1,000, and appropriated the mouey to
his own use. 1t is all gone, and there is moth
ing to show for it, but chattel mortgage on
some horses and carriages that will probably
not realize a third of the liability they repre-
| sent.
The feeling which this catastrophe has evok-
| ed is one rather of sadness than of indgna-
ton. There is disposition to look leniently
| upon the misdeeds of a man whom the desper-
| alton of persistent adversely has drawn into the
tnisappropriation of securities that he was san
| guine enough to believe he could certainly re-
| place. 1t is impossible not to entertain senti-
| ments of pity towards one who has become sud
denly bereft Of reputation and position and re-
| duced to destitution Snd disgrace. But when
/ we consider how much depends upon the integ-
rity of those who are entrusted with the man
l agement of estates, there is quite as mucn dam
l ger of too great as of too little forbearance
| There too maay successful criminals in New
/ York. The Ring robbers, with single excep-
ton, and the Railway robbers, without any ex-
ception at all, are sporting their dishonest booty
before the very eyes of their hapless victims
| There are considerable numbers of wealthy in
/ dividuals in New York today who are faring
| sumptuousy upon the money they have stolen
some from the Taxpayers, and others from
shareholders in corporations of which they have
L been officers. The hest that be said of Mr..
Swan is, that he is not so bad as several of his
neighbors whose names might readily be called,
who have escaped punishment in spite of in
controvertabe evidences of their guilt. 1t is
high time an example should be made of some
body, and while the wish is natural that il
should be more heinous offender, clemency
towards any person who has abused fiduciary
obligation would be ah inexcusable mistake.
The railway slaughter on the Lake Shore
Road throws pail of gloom upon the expiring
year. Till the responsibility of this awful cas-
uslty is fixed where it belongs it may be prop
l Or to withhold EXPLANATIONS of censure. But
1t Is fair inference that such thing could not
happen unless there was gross carelessness and
incapacity somewhere, and it is to be hoped
that searching Investigation will result in show
ing where the blame lies, to the end that such
reckless disregard of the safety Of life may be
properly expisted.
The new city government is to be installed
to-day. Mayor Wickham retires with honor.
He has served creditably, and receives an
earnest Of the respect and esteem Of his con-
sttuents, irrespective of party. in the form of
Il
Smith Ely, Jr., is gentleman Of education
and worth. He has the advantage of long
experience 10 municipal affairs, and possesses
every qualification for an acceptable discharge
of his new functions. he was elected by too
large majority, and has behind him a some
what aggressive and exscting party. There
will be a strong pressure brought to bear upon
him to do things that will not commend them
selves to his better judgment He is amiabie
and conciliatory. He will avoid controversy as
far as possible. But yet shall be disappointed
if he does not exhibit frmness enough to with
| stand demands that require him to make his
administration proscriptively partizau. The
principle of minority representation has OBJ
tanned, since the enactment of the new charter
| in 1873 and has worked satisfactorily. The
supreme folly of the Republican leaders in
virtually surrendering the city to TammaDy
last fall has put it in jeopardy, and Mayor Ely
will be importuned by politicians ''of the baser
Sort to repudiate it, The response he gives
to this overture will test the strength of his
character and the vigor of his will. If he
| yields the point the municipality will degener-
ate into spoil of Democracy. If he stands
firm, he will subserve the interests of the
people, and prove himself worthy of the great
majority by which he was elected.
Tue chances that the Democracy will be able
to preven. the Inauguration of President Hayes
diminish day by day. Practically there is only
one state now about whose electoral vote there
is any ground of controversy. South Carolina
is conceded to the Republicans on all hands,
and nothing but the grotesque gyrations of the
Supreme Court of Florida initiate against
the placing of that state in the Republican col.
umns. The contest is thus narrowed down to
louisiana ,iand the attempt to reverse the de-
cisiou of the returning sboard seems to have
, | neither the sanction of law or of equity. The