Year: 1870

this to prevent the issue and sale OF new
shares pending the contemplated litigation; Mr burt
accordingly proceeded 10 New York, where however he
found the enemy fully prepared 70 meet ha. ndeeu,
Kings hear OF the taken the London stock EX-
change than they made Teprsa by refusing 10 register
any transfer or stamped Erie shares at all.


IL does not clearly appear what legislative relief was
claimed by Mr. Burt on behalf OF the Eugsh Shateh0ld
crs We presume however it was in the nature OF de-
caratoy act comforting them right of voting at the
meetings from which on technical ground they nave
actually been hitherto excluded This granted II would Of
he possible for them by degrees 10 reform the
Direction and 10 control the administration OF their
affairs though not fear to the millions already
squandered or pooketed in their name But the New
York legislature not content with refusing their appli
Gallon has passed two acts for the express purpose OF
aiding Erie Ring The makes il criminal for any
which he may have acquired in his professional charac
ter the other mupes the conditions necessary for OBJ
t edls an INJUNCTION against corporation % me aegeo
from particular firm. which had been retained by
the notorious Gould and Fisk while that Of the latter
Is to bring the Erie case within the cognzanco OF Judges


bei9fehId pledged To support the sWlndlers Messrs
Gould and Fisk themselves would thank us for credting
them with neglect of any means which may insure
their success 1t is they our correspondent informs us
presdes the Hon George G. barnard famiharly known
as the Erie Judge" Happily, concurrent jurisdiction
given by the Constitution TO District Circuit Courts
of the United States independent Of these influences In
plant, praying that Messrs Gould Lane and FISK may
be ousted from the Direction and called TO account for
their mSdccds including their arbitrary closing OF the
COmpany transfer books against the remonsrant share
holders Should this petition be rejected, no resource
Will remain but appeal TO the Supreme Court OF the
United States. In either event. the ultimate decision will
rest with this Court. and correspondent, who utterly
despairs of justice from the elective State tribunals,


dent expects victory of the shareholders in the last
resort.


The City Of New-YOrk is a. the sinko OF the Old World,
and the abuses Of its Municipal Government, well
its suhectOn 10 mob rule, may be partially explained by
the mixed nature of its population the Legislature
and supreme Court of NcwYork not institutions OF
the city; they institutions Of the state, which,
often told possesses and the power of ont
voting the city Moreover, the City OF NewYork is so
immensely powerful element in American society and
politics that its degradation cannot but affect and com
promise the whole nation. II the standard OF CONNER
cal morality in New York is lower than anywhere else in
the civilized world and operations which in this
try regarded crimes there regarded master
pieces Of financing, il concerns the sovereign people
Of the United States 10 purge itself of the reprOach


1t is chiefly preparing the way for such effort that
the spirited OF the Erie shareholders deserves
sympathy. Persons who invest in American railways
know what 10 expect and ought to have made provision
for the probable risk of fraudulent cement Capital
lists must and generally do, take OF themselves but
in prosecuting their suit vigorously the Protection
Committee may render national service 10 the United
States.