New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-04-07
THE BROADWAY CHARTER
ARGUMENTS ON THE BILL TO ANNUL 1T.
ADDRESSES BY SENATORS LOW, WALKER, PIERCE
AND OTI!ELs.

ALBANY April G-.Jacob Sharp would have
been highly Indignant could have been IN the state
Senate to-day and heard the debate on the bs 10 an
the charter Of the Broadway surface Railway All TN"
Senators who spoke the bills seemed 10 De vi "
general opinion that Mr. Sharp had brought deep dis
upon the state and had profsd pecunarly by H.
All tho senator's who made speeches were members OF
| the senate Railway Com,nittee, ana therefore
thoroughly well acquainted with the character Of Mr..
| Sharp's proceedings They were the chairman OF the
committee Judge Low and Senators Pierce. Walker and
| Knapp. All favored tho annumcnt bill.
Mr. Hpysr,dt was called to the chair and the Senate
went INTO committee OF the whole on the first bill
| pealing the Broadway franchise.
Senator Low took floor set speech in expiana
ton and support 81 the bill Neither lawyer nor lay
| man. he held could question the coDstitu'i"n'y OF
this bill for decisions in the United states Supreme
Court and the highest courts Of tho STATE had heih
the constiturionay legislation Did This power
not there wond he no wrong corporation coulh
no: do Assuming, therefore, unquestonabe the
right to e,ercise the power OF repeal there never was
case where the law more directly violated than IN
this Broadw case From its inception the corporation
WAS a fraud On cost Of not TO exceed 500 900 the
corporation issued 81 500 600 bonds part Of which
kept by the officers and part disposed OF byiner
operators The right to repeal was reserved In the
law under which road Incorporated. The only
question whether IT s just to exercise this power III
years has been such An instance OF corru
lion by corporation this The corporation has
brought ofIum Oh the citizens OF New-YOrk debauched
its officials and brought contnmey on It's Institutions
II has robbed innocent that the guilty might roll ~
riches The repeal OF this Oh rter does not violafe am
contract The stipulation OF repeal was part OF the
contract. So the Supreme Court had decided In the
Virginia and Maryland Canal case.
| The repeal provision Is necessary part
| OF every contract made by company
| The Innocent may suffer. but every reform
demands sacrifice Of individuals The repeal OF the
charter takes away OF the corporation property
The receiver will ascertain who are the Innocent ana
bona fl lie Stockholders. sharp will be requ red to dis
gorge hls gain. yermiye & Co. mast have known ina
| the bonds did represent real value They shoum
be held responsible b. those who bought from then
and. in turn. they can hold Responsible 'hose
from whom they got them. The committee
has been unable to find ont who the innocen'
| bondholders are vrrmiye & Co. seem TO have sold
about 600 worth. hut seems the or4inators o.
| tho scheme must have bought them from Vermiiye
Co.. thu, trying TO their stamp upon the bonds
The State will 40 a great egaiize these bonds
he by sharp others. The tendency p the uaS lo'
ward revolution to which Judge Green REFERRED Is dur
not to the fact that corpora wrongs are not cor
rected but because they 20 unpunished' Inc uanto'
lie. IN the State throwing its shield those who
nave procured great wealth di'honesuy' anu
lord II over the poor OF the land
The punishment AM imprisonment OF Sharp ana the
Others will not enough. With the repeal OF the chai-
ter the right ceases and the city can tnen
empower any other corporation 10 exercise th" PRIV
lcge The second bill Is to prevent an intereghun
license Broadway is no franchise IL Is snpy
| a life
"F,nallv" Senator Low declared cit Ia said that II
the Broad way charter aed the contract for looo
We ,rs with Broadway ami Seventh Avenue roa" SUI
lives. Bur the Broadway Company never mai re"t 10
| ,,,ke rho contract There was no Broadway Company
! capable Of making the contract The Broadway ana
Seventh Avenue road had right to guarantee oonus
In trying TO guarantee bonds OF the parallel ROAD the
broadway and seventh Avenue road violated the law.
corporation can only do what IL IS enabled W 90 anu
every director he ScN enth Avenue ROAD "hen he
srped the bonds should have been put In
a dungeon The is true OF the
Street road. The directors OF these roaas
should be punished Jacob sharp will never be punished
sc long as millions OF bonds 10 Ouy Ills way
through courts and Jures. The Aldermen are not 80
much 10 blame, they not the guiltiest parties MOL
who As director, their heads high who voted the
Issue OF these bonds the greatest erninals- Inc
wheel, OF progress cannot be stopped II TOW limo.
| cent persons are hurt"
wnen Senator Low had concuied. Mr. Walker In a
set speech followed in which rected the general facts
OF the history OF the ROAD and argued the right Oh he
Legislature exercise the repeal power Innocent
holders he held, could seek relief from those IRON
whom they purchased. The same principle applied 10
the buying Of bonds applies to tho purchase OF real
es Ate Tn. honor New YORK City should be vlpdl"
cated at the hands OF the Legislature. Spectators
should be honest investments and moderate
Gains alone would have the coun-nance of the state
Sir. Pierce staed that he was somewhat en-
barrassed because his partner tMr. oewolp
had ,ut himself on record with reference to the bills
and he was compelled place himself squarey In oppo-
stion to the opinions OF his honored partner for twenty
wears This matter Senate because was
hrousht here By public sentiment All the newspapers
are OF one mind. that the franchise was asked Tor on
false pretemce and secured by corruption These fscts
are denied only by the participants in the fraud and
tzfafI a Ia
bear partin the punishment vi crime "hho inc cF'h'
nals are RENTED tho courts for Justice The exist
ence OF the repeal power Questioned me e1ped
ency OF e1erttng that power has been questioned
To repeal the charter IL the only way to disneu
the from the gully and determine tner rgn1s
under bills To allow matters 10 s'anu Is " oo"
Mir Knapp argued in minute legal detail the right ~
the LngiSlature to repeal the franchise onaer ING 70
thc general railroad act OF lo0O, uhiorm
decisions Of conrs aud hnaiy the tnn!.inonta! prn-
cip!e Of tho State the righ 10 annn the charter Is ss@u
isg.l The stock book has but one entry IN
:, ,hs of Jacob sharp and tue stocktrapser book
i,,m hank ia its 500 pages as Jacob sharps memory:
Even II IL he conceded said lie. that the repeal bl would
work injury 10 some. what Is mat In co"p'''''" WIN
recess was taken until o'clock In the evening
MIR Fa,sett arose wnen tho Assembly assembled ana
stated mis- agreement wi the general purposes OF mo
M ds a%S was u 1s to stand ny
what srenei be public sentiment lie commented on
s s' allied aP'' MS JACOB ss' sharp
cSnseientiously differed with the Railroad Com.
mi
may lie said OF the policy OF hunting vernn and ice
with brass the credit OF the commi lee mh
IL be said that IL ned much OF mo corruption
in The cry government of NcwYork lie trusted that
the present storm sentiment would not suDsdr unti
sou,, gener, had been enacted TO prevent bt"c x
watering ana band gambling. The only legal PROPOSE
rion In this matter from doubt WAS that tue Leeis-
hs,i Tie power this How that power should
II, q xnrcised Is wrapped in d cloud bank OF DOUBT
Tn, nr.t difficulty that was proposed 10 anhul
ch.rter derived from general law Ivy spocIa law
lie then quoted the Fourteenth Aneniment OF ths
Federal Constitutions pressug the belief that tue pill
m,t st.nd the cruclbe OF the United states supreme
Iourt and referring recent san Matoo decision ne
.r,,.i that the bill -hou Il coyri all similar cases
All the thlry-nno charters repealed IN hls StAt" c'ed
"a rtpeals Of special Ays anu rsch one
provided that the act did not nValua q
Alter Expressing his aSreeehl Win 'no
modified T. rm Of the Cantor Oil anu the D relA.',. "
tha windnx mn of tho affairs OF corporations
wHoss charters had beru repealed be