iFebruary II, 1888





The  Record and   Guide.





173





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J. T. LTNDSEY, Business Manager.





Vol, XLI.





FEBRUARY 11, 18S8.





No. 1,039





Dullness is the prevailing feature in the ^tock market. Securi¬
ties are in strong bandit. Last year a low level of prices was estab¬
lished, Wall street thus dwcounting the railroad troubles which
have since made their appearance. The present outlook seems
gloomy enough, for a rate war is raging all over the Western
country, and the opening oC the "Soo " route, which brings grain
East without touching (Jhicago, is injuring tlie business of all the
roads tbat run to or through that city; but money is easy, and the
bulls are looking for some accident that will give tbem tbe market
for a time. It is probable that some action will be taken by the
Senate and House tbat will temporarily revive speculation in Wall
street.





The bill introduced into tbe House to force the Pacific Railroad
Companies to build telegraph lines of their own, and break their
contracts with Western Union is, of courae, intended as a slap in
the face to Jay Gould &Co. But Deacon White was quite justified
in objecting to aoy such legislation. It would impose a burden on
the Pacific roads, and bring about another telegraph war, which
would be an unmixed evil. Such propositions savor of demagogery
rather than statesmanship. Corporations and eveu Jay Gould are
sometimes in the right. The tax imposed on tbe Western Union
Company some years ago by this State was wholly unjust, for it
wa3 forced to pay on its entire business throughout tlie Union'
whereas only a portion of it is transacted in this State. The law
was so monstrously unjust tbat it was repealed, yet papers like tbe
Times protest against the paying back of these un j ustly levied taxes,
A great State cannot afford to rob either individuals or corpo¬
rations.





Among the measures that should pass the Legislature this
winter is the reform in our election laws proposed by Mr. Hamilton.
It ia of vital importance to honest men of all parties that the power
of the party machine should be weakened. The adoption of the
Australian system will do this, for if tbe State supplies tbe tickets
and attends to tbe voting there would be no necessity for political
assessment, for tbe booths around the polls nor for the army of
"heelers" to distribute the tickets and deceive tbe unwary.
Civil service reform is possible under this elective system. Here¬
tofore the practical politician has asked how is it possible to carry
elections unless the Ins or the Outs pay tbe necessary expenses of
the canvass ? But, with the printing of the tickets by the State and
tbe actual voting in the presence of State officers, money wiU not
be needed except for necessary meetings and tbe circulation of
newspapers.    By all means let us bave tbis election reform.





Lieutenant Rogers, an American naval officer, tells the truth
about tbe Panama Canal in a recent number of the Popular
Science Monthly. Ifc is quite true that tbe French engineers have
met with unexpected difficulties and that the cost of the work
will be double the original estimates. Lieutenant Rogers thinks
that $600,000,000 will be spent instead of $300,000,000, the original
sum, but he believes tbat tbe canal will in 1891 be available to tbe
commerce of the world. Our readers will bear witness tbat this
is the view we have held since the work was commenced, The
statements about the Panama Canal in tbe American press are pure
fiction. Our people naturally do not like a foreign nation to under¬
take a work on this continent of such immense importance to our
trade and commerce. Then it is feared we will lose a part oE the
trade of the world which is now ours if this great canal is ever
completed. As it will be actually operated it may bo a blow to
the Monroe doctrine. Hence our journals have antagonized this
great work and have lied about it vigorously.





Undoubtedly the vast majority of tbe people of tbis city and
State believe in high license, which has worked po well wherever
tried. Wherever enforced it bas cleaned out the low grogeries,
aad has supplied the local treasuries with large sums of money.
A   high license   law   in   this city   properly enforced,   as   ifc is





U





in the Western cities, would supply annually to our city
treasuries fully $3,000,000. This would be regarded with no
little approbation by our, taxpayers. Ifc would relieve very
sensibly the burden now put exclusively upon real estate. It
is highly probable that the Crosby bill will pass the Legislature ;
but there are nine chances in ten it will be vetoed by
the Governor. In view of his political aspirations he will try and
" make himself solid " with the powerful liquor interests of this
city and State. Tbe temperance agitation has reached a practical
result in this country. Prohibition cannot be made to work in
populous centres, or where tbere is no public sentiment to sustain
it, but it can be enforced iu sparsely settled districts where liquor
selling is unpopular. High license laws can be enforced in the
cities, aud hence tbe present phase of the temperance agitation
demands high licenses in large cities and local option in tbe rural
districts. This is true of all parts of tbe country, and seems to
bave been accepted as tbe compromise between those who want to
put a stop to all liquor selling and those who do not want their
personal freedom too much abridged.





The Cotton Exchange, following the example of the Chamber of
Commerce, has done itself credit by indorsing the messages of
Mayor Hewitt and seconding bis plans for rapid transit, the
improvement of our docks, streets and harbor. The other
Exchanges should now do likewise. When the Real Estate
Exchange was lirst organized in The Record and Guide office its
projectors hoped itVould take the lead in public questions that were
not of a partisan character. It was thought that a union might
be formed with all the otber Exchanges to correct municipal
abuses and advance needed city improvements. But so far this
has not been accomplished. Some tentative efforts were made, but
the members of the various Exchanges did not seem to have any
public spirit. They were mere traders or brokers, intent on money
getting and nothing else. But this action of the Cotton Exchange
looks hopeful. Now let us hear from the Stock and Produce
Exchanges, as well as the dealers in metal and petroleum. The
Mayor ought to be backed up by all the organized interests of New
York and by every public-spirited citizen.





There ai'O a number of international expositions soon to take
place. One in Spain, another in Melbourne, Australia, but the
greatest of all will be that to be held in Paris next year. The excuse
for tbia last exposition is the centenary of the destruction of the
Bastile. Curiously enough, a book has just been published, based
on original documents, whicb proves that that famous prison has
been greatly maligned. It was never the place of torture so vividly
described by the French Revolutionary writers. Those arrested
and confined were generally gentlemen known in court and society
and it would never have done to have treated them barbarously.
Of course tboueands of innocent people were immured in the
Bastile simply because they had incurred the displeasure of the
King or one of his mistresses, or that of some powerful minister
or noble. Many thus arrested were retained for life, not for any
crime, but their cases were forgotten and they remained until
death released them. But the London Newgate prison was
infamous as compared with tbe Bastile. As a matter of course
tbere were some exceptional cases where the prisoners of the
Bastile were treated most cruelly, but this was not true of the great
majofiity of the prisoners, and many public men and scholars made
good use of their time while they were within its walls.
------—--%----------

Henry George has decided not to be a Presidential candidate
this year, nor does he baliove that his backers in the labor move¬
ment will enter the Presidential contest. ladeed, he is half com¬
mitted to support Grover Cleveland in case he should be nomi¬
nated on a free trade platform. Mr, George shows sense in finally
backing out of the Presidential fight. His people cannot raise
money to make a vigorous .Presidential contest. Then the fierce
contest that is sure to be racing next fall would naturally divide
the country into two great opposing factions. The labor party
would be crushed between the upper and nether millstones. But
would not Henry George have done better to have kept his party
together so as to have made terms with one or other of tbe exist¬
ing political organizations ? He and his friends might have secured
planks in the regular platforms and have had some representativea
in the State Legislature or in the House of Representatives. It is
to be taken for granted that neither Henry George nor Dr. Mc¬
Glynn care about any offices that would not advance the political
objects thoy have in view. But in deciding thus early not to enter
the field as a rival organization the labor people effectually efface
themselves from the politics of the country,





Henry George and Dr. McGlynn bave parted company. The
former proposes to support Cleveland if tho Democratic platform
favors free trade, McGlynn insists upon a Presidential canvass
and candidate in tne interest of the laboring people. The breach
seems to be complete, and it does not 8eem as if the Labor party





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