Year: 1877

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