Year: 1869




val of the Erie Directors bill" To their
credit be it recorded, most of them say no.
thing. They let expressive Silence muse his
"praise,n assured that least said is soonest
mended.n Hoffman evidently blundered in
not doing likewise. When an act is indefen-
sible, it is wise, though you do it, to leave it
undefended. But Hoffman has seen fit to set
forth his reasons, (Which the Constitution does
not require,) for signing this bill: so let us
repeat and carefully consider them. Here they
are:


"The Directors bill, so called. law Of last year
forbade a stockholder in the Erie Railroad being
Director in either OF the other three great roads and rice
rersG This bin adds by way OF amendment that the
Directors OF the several roads may so classify themselves
by lot or otherwise that onefth only shall out every
wear This amendment is copied from law passed by
Pennsylvania. this year, providing for Ike casshca,
ton OF the Directors Of the Pittsburgh Fort Wayne and
Chicago Railroad Company, with view to secure per
manency in its management, and TO guard the road
ipinry Of the interest of the state This amendment
was passed in tho Of EewYOrk with only dis
der Consideration for several weeks 1t received
more than two-thrds Of all the votes. No serious
opposition was made to IL in either House, The stock
holders in the several roads have not presented Obec
lions either 70 the Legislature or the Executive, with the
exception of two, representing small amount OF stock
mn one OF the Companies Personal opposition from any
source any the present Directors ought not to have
weight with me in deciding whether shall nterpose eI
ecutiye power against legislative will The public at
large have more interest in the stability Of the manage
pTea roads and care but little for the strife Of those who
are Specializing their stocks. can see no reason
the Legislature thought u wise 20 enact in pursuance OF
the same policy which has been adopted by neighbor
ing State FOR the protection OF her interests"


Comments BY The Tribune.


The charters of our great Railroads were
very carefully drawn, as is fit. One of their
most essential provisions requires the annual
election of a full Board of Directors. The
object of this is plain-to enable the owners
TO resume and recOnsign, at short intervals
the control of their own property. Is not this
clearly right The country is full Of railroad
banking and kindred corporations and we
venture the assertion that nine-t tenths of them
choose their Directors annually Did not those
who chartered these institutions know that
persons likely TO subscribe for their stock
preferred thus to resume once year direct
control of their property Suppose capitalists
preferred TO choose Directors for term of
years, would not corporations he chartered
accordingly7 What need of words on this
pointH


The present direction Essentially OF the
Erie Road gained control of it some eighteen
months since. It's stock was previously worth
50 to 90; it is now selling under 30. 1t had
always paid dividends 10 its preferred and
sometimes also 20 its general stockholders: un-
der the present direction it has no dime for
either. All its surplus earnings appear 20 be
apportioned TO the Directors, the Legislature,
and the Lobby. At least two of those Directors
are members of our present Senate; one of
them is its most influential member. Is it not


A. 10 of hn Loo Ia
ture such an arbitrary prolongation of their
power9 Is it not brazen in the Legislature 10
cOncede itY


If the stockholders saw ft to ask the Legis-
lature to alter their charter so that all Direc-
tors hereafter chosen should serve three, four,
aud five years respectively, their request might
be entitled to consideration but to forecose
on those stockholders by snap Judgment
to enact the present Directors into a long
lease Of power without asking the stockholders
assent-to tell them in efiect-"YO cannot be
trusted with the control of your own property.
"The Legislature knows what you want, or at
least what you should want"-whnt Is this
but the most shameless robbery Of this age of
gigantic larcenies


But the Legislature passed it with little





Judgment! Indeed! How many bills has he
vetoed which passed with no opposition at
all : And did not the People, with one accord
say to him, Well done 7 Those bills were
mainly of little consequence but they either
favored individual at the expense of public
interests, or they attempted TO do by special
act what was perfectly attainablc under gen
eral laws. Therefore Hoffman vetoed them :;
and all the People said, Amen! But now 1.-THE
&" Legislature thought it wise to enact" this
abominable measure, and the Governor has it
not in his heart to contravene the decision of
so virtuous and pure a body 1t is only when
acts are passed that tend to obstruct Illegal
Voting that His EXcellency may venture to
interposo his yeto


But they have been legislating in Pennsylva-
MIA, with reference to the Fort Wayne Road
with view to secure permanency in it's
management, and to guard against the danger
"of being controlled by riralS, to the injury Of
"the interest of the State,n and the Governor
deems it wise to pursue "the same policy"
SO there was danger" you see, that Fisk,
Could and Tweed would lose control Of Erie
if the stockholders were left at liberty to
choose Directors as usual; but just leave the
matter to themselves, and you may bet your
pile that they will hold on. There will be
"permanency in the management mo fear on
that score but when will the swindled stock
holders get once more within smell of their
money! Central 1913, with an 80 per cent.
extra dividend Erie, 20, with no dividend even
for its preferred stOckholders-is this q manage
ment that ought to be prolonged by arbitrary
legislationP


But "the public at large have an interest in