New-York tribune., 1878-05-24
THE MARAsH LITIGATION.

SAMUEL BARTON INVITES A PROSECUTION FOR CON
sPfRACY
The resignation of Cyrus w. Field as director
and member OF the Executive Committee OF TIE wabash
Railway COMPANY, because the directors deonheu 10
prosecute Samuel Barton and Daniel Tyson jr' who
recently instituted suits against the company mas caed
forth the following letter from MI Barton:
To me EditOr OF The Tribune.
SIR: Not being dcsrous OF newspaper noioriety
have thus far declined notice ahN Oh lhe :"
the press upon ny motives in commencing ntlEatloh
against the Wabash Railway COMPANY. bu, Mneh -
morning. thai 80 prominent a gentleman as Mr.
Cyrus " Field has resigned his position a director ah
member OF the Executive Committee of that company
because the directors refused institute criminal PRO
cecdngs aguin't under the conspiracy laws Oi tuls
state a continued silence on my pat might he con
stiu,d MS Gnasi confession of guilt. therefore beg
the OF your columns, not Tor vndieatOn' Oul lor
/ am aud for some time past have been holder of
Wabash bonds uuOn which are past due coupons amount
Ing TO about % per cent. These coupons the Wabash
RlIlway Company. although proiessedly advent re
fuses to pay unless consent TO so-called iundlhs
scheme, which would practically reduce the value OF my
clned and snail decline TO do for the following reasons
l. Delleve the RECONSTRUCTION schelhe 10 ne t.ra
| anything better than sWindle upon thc Donn ana
stockholders having for its OBJECT an UNJUST ana mega
preference OF the holders OF the floating debt Of tue ola
company over the bOndhOdcrs.
H. On the first OF next November me principal OF some
OF my bonds comes deoseiff WIN ~ peteeh,
interest, TO all OF which Will be legally entitled IN cash
that day. prefer the cash TO the scrip, or other
| floating obligations Of a company which deliberately
ignores its past due obligations 49,. ..,..
Ill. DeeNc Inc nnGicldl COUulllOu OI iuc COLHpdul
is such that every payment Of money in pursuance OF
the funding scheme is direct and positive imOalTmcnt
OF security afforded by tIe mortgages upon the
property.
". cannot the equity legality OF preferrng an
ordinary floating debt to prior mortgage obligation.
That am not alone in the views hOld is evidenced
by the fact that the holders OF more than S2OOOOOO
OF the bonds OF the Wabash Company have refused
their assent the funding scheme. According 10 Mr..
Fields of the case. presume must consider
these parties as CC-cOnspaiOrs. As bOndhodPr claim
legal and equitable rights against the
Wabash Railway Company Those rights L propose to
enforce by the If every possible weapon which the
law provides. If Mr. Field any OF tho gen
tcInCn composing the Elective Committee of the
company willing To assume the responsibility OF
commencing criminal proceedings against me because
am cndeayOrng by the Oniy means known 10 the law
TO collect a cOncededy just debt, | am ready 10 meet
them that any other ground Ia which their applr-
eItY novel ideas of new way 10 pay old debts may
lead them.
Permit me in conclusion to add one word as TO the
unfortunate stOcbh holders OF the Wabash Railway Com
pany. No regret more than DO the deprecld-
ton which must necessarily result from the It'll
CATION recently commenced against the company.
Nevertheless l fully believe that on full
and fair representation OF their before q
Court OF Equity the stockholders could recover back
the whole OF the 10 cent assessment which they pad
under the funding scheme, The ground that msrep-
other wise by the part who desired the scheme to
be carried out, and who were 10 be benefited by it,
NeC- York; May %, 1878. SAMUEL BARTON