New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-16

had constructed the principal part of It's route in the
b roto MESSAGE the said that was
opposed RENTING the forfeiture Of charters oil cor
Signed the vanderbilt bill which revived charter that
had boon practically defunct for twenty seven years
THE SECOND PECULIAR MEASURE
Another ono of these bills allowed railroad COM
pany to change its route at any time before the road
tho part of the route to DO changed had boon
constructed The first bill revived an old charter
with privileges not allowed by the new constitution
and the second bill allowed this old charter to be used
to cover route entirely different from that contem-
his TO please MT vanderbilt the road was opened te
| all similar schemes in the future.
A GREAT sToCK-wArEBING SCHEME
| BUT the important measure upon which the entire
| Vanderbilt scheme hinged ono to increase the
Limitation OF capital stock allowed to DO issued by
railroad corporation in 1865 Pennsylvania was
stirred to tho height of Indignation swindling
railroad schemes. Speculation In charters, stocR
iation both parties pledged themselves TO pass snch
general law as would compel raigoaas 10 DO DUH
WHAT 1T COSTS TO BUILD ROAD.
II was under such inspiration that the Legislature
OF 1853 unanimously passed act to limit the Issue
of stock by any railroad corporation chartered IN
future to $50 900 per mile and tho bond to 100000
per mile. or total of $40, coo per mile No cum
until fifteen years later, when the Vanderbilt scheme
calne up. Nr. Laird introduced the bill TO extend
the limit. stating that be did 50 In The interest Oa .no
ed tho bill.
THE GOVERNORS NEWSPAPER ORGANS OPINION
Senator Grady read an article, headed A Legs
Iative SNAKE from The Philadelphia Record concern
ing this BILL which was In part, as follows;
THAT legislative snakes have not been thoroughly
annIbaied and rendered impossible by reform, general
laws and the constitution Is fhiy shown py 'ni ~
announcement in the report Of the pfoeceaihgs "a
,br psnnsviyana Senate Friday. thhcc
fe provisions of the Act of 1eGe stock may Dc ss'
extent of 100000 per mile, thus giving to any ran
road company tho power 10 ISSUE per mile OF roau
az 40 O q OF stock and bonds 1hcrc are no oDVI9us
+, aons for increasing this power ohi so shr" ny
,,rcn,,cd with its snake deity covered by the
blanket of professeh innocence has not bcch aia"n
bv an ordinary legislator. II + evidently the Master
co ~ a skifui railway lawyer and has been intro
duceJ for the promotion of some spscinc purpose.
Suppose that Vanderbilt in his desire 10
thc southwestern Pennsylvania Railroad rom liarTs
hurg "a WbeeIjnC should object TO SUBSCRIBING 10 inc
stock of that company TO an amount eqhivaeno 20
one-thrd OF the cost of the line ana eqp,ens ,c
manner required by thc act Of 1868, woulu hoe
n bill az f. proposed suit his case exactly shoui,
,br Legislature destroy important safesuards 10 SUI"
the convenience or promote the interest OF any RAJ
mccnator, II IA We, time 10 kill The snake II bo'h
.os urwiscy and unfortunately pass IT, the Govern
or will doubt veto ii and all other p'lis 'ha' Ai'
NOT what on their faces they profess 10 pc'
str,uar article was read IN the Legislature nom
Tho philadelphia Bulletin which denounced the Din
~ conspiracy TO f,,caud the public by ISSUING ooN
and bonds for which fair valur has moi been pau
senator Davis declared that there was no necessary
for sucb bill and that it haiehed 10 cover 'he
,.sus of almost worthless bonds and obgafiohs 10 DC
thrown broadcast over the country senator 'rauy
made final appeal against the BILL saying IL CAV,
only he productive Of harm and evil there Is no sop
in # # II not required and not asked for by 'ho
people OF Pennsylvania
@The Railway World" and the press generally cf-
nosed and denounced this Legislative snake :" 'ha'
il camo before Governor Pattison with tS character
tbmuphIy understood and there was no surprise Wheh
hc ,i,no1ncet Il "a Infamousr and gut Judge affs
IN write a singing and scsthing vctr inrS>tes n7
OK extraordinary change Of mind at The eleventh nou,
naturally astonshcd those who had heard nun lam oi
these bills.
THE EVIL RESULTS THAT FOLLOWED
That ali that was predicted Of these bills happeheu
the records Of the south Penn litigation show. Inc
assistant chief eng aecr testified that inc 'o' Gus"
of constructing the road outside of the equpen, WOMB
be $4,000 600 The syndicate mads comfact WIN
.ber,s,vc. a. a construction COMPANY WHEREBY ih,y
vcrn tn nav Ia =15OOO.OOo and $foOoo,oD III sIoVh =,
and bn / I,c,r Ia he sued in return THIS l. "hat
ode n an hfrct f, them get Mr. paftiSun 10 chaec
nj mind and ign the ii'ls. And IN DOING mar n' la
rcned the way TO similar schemes in The fuuIc' In
not result of the South Penn srhcnf Was 10 a." az,
a. 600 coo To the bonded Indebtedness or me lohSi
yania RAILROAD that paid fnr the Nawefbllt I'M o.
81 and FER which there iT naihing gveh w T'l"l" ~
The nropi. of the STATE The poop: hsNe !" P$i 'h'
an,l iucrrs on the part ni me pro- ol ~
crnnr Pattson's signature TO bills NJ u'"'u'''N q"