The NEW-YORK Times, in an article specially intended for the consideration of the members of the last Legislature, as well as for all its readers, inveighs with great severity against the corruption which it alleges pervaded and controlled it, and warns the people against the ultimate consequences of such corruption. The TIMES may have been incited to unusual vigor in its denunciations, by the fact that the legislature passed sundry bills affecting the City of New-York, the contents of which are not acceptable to that, paper. The merit of the article is not diminished by this, and we think the TIMES deserves great credit, and it certainly has heretofore earned reputation for its watchfulness of the City interests, and for its pointed; forcible und fearless exposition for all schemes for public plunder, and just rebuke of all men who have attempted to live and grow rich at the expense of the tax-payers. It is today, with its kindred journals, held in greater dread by all such men than its courts of justice, and all the machinery of the law. It is doubtless the fact that property owners are better protected by the vigilance and fearless outspokenness of the leading New-York papers, than by all the cumbrous and ineffective paraphernalia of law, which is supposed to protect the rights of its citizens. This is lamentable, but it is true. The great fountain-head of all the streams of corruption that flowed in on the Legislature is the City of New-York; and it is entirely proper that the City should have the benefit of such advice and rebuke as the TIMES or any other paper may have to bestow. This fact, however, does not shield the Legislature if it has been corrupt, and words are not forcible enough to express the indignation which should be visited on the offending members. Not one word shall we offer in their behalf, and can only say if there is ground for charges which are made against certain of them, they should be forthwith indicted and tried for the offence. It is indeed no pleasant prospect to contemplate, which at this stand-point opens before us. The people are at, the mercy of corporations and rich and bad men, and the day has come when the voice of the people has no influence in shaping legislation, nor can constituencies rely on the integrity of representatives. The City of New-York, which paid no attention to the complaints of the means and appliances brought to bear on the Legislature by the railroads, but, with its usual selfishness, promoted all their schemes, has found out that the corruption which could aid the railroad could also be brought to aid the mercenary and selfish schemes of the speculators from the City. The blade has two edges, and it is quite as likely to cut the manipulator as the object at which it is aimed; and while the City groans under the infliction which its own citizens have brought on it, we say it is a matter which concerns the City alone; let the City bear it -- suffering of this kind may end in its ultimate benefit. While the country cordially concurs with the City of New-York in its opinion, that the corruption and bribery will sooner or later end in the ruin of the State, it has no more of pity for the agony which the City suffers under the inflictions of selfish and corrupt speculators, whose names are to be found in their annual directory.