The Sun.
London, England, 1866-12-17 00:00:00

$349,200
388,600

$717,800

Leaving a balace in favour of
the transaction of ... $1,045,910
Placing the shares in the Worcester at $l6O, and
the Western at about par. Now can the million of
dollars be applied to the reduction of Fice3 of
freight and fares ? If these could be reduced 5-6 by
the sacrifice of $lOO,OOO, what could be done with
a million ?

The plan I would propose for the considera-
tion of the Boardstaotuf Tradeshould is the follow-
Boston and Worcester Railrollut3hataseh6oe
a sgh:a—r eT, haautd thtehleVestern Railroad for an equitable
it
price, payment therefor to be made by the issue of
bonds for fifty years for $90,000,000 at 5 per cent.
interest--the balance beingous devotedstations,
to providing
ulauragrerdedeeppwo tasteart
inthßeosvtaorui e particularlyrease
of e
and thein
rolling stock to the full capacity of the road. Let
the
state, then, grant a permanent lease to the city
of Boston—the city agreeing to pay the interest on
the loan—to keep the road, bridges, and running
stock in good repair, and to spend any surplus in-
come that may remain, in reducing fares and
enlarging and improving the facilities for business
—reducing the fare to one dollar a passenger and
two dollars a ton for freight from Albany to Boston
—as soon as cars, engines, and depots can be pro-
vided to meet the business requirements which
must be the result of the change. To secure the
non-interference of political influence in the ma_
nagement of the road, let the city councifchoose the
directors on the nomination of the Board of Trade,
rea
the members of wich,
h as the active business
men of the community, have the greatest
avenue
et
ofincomtliineudevaotpioeur
wciotnhdtuhcet
wrofestt.hisßy
this
arrangement the shareholders lose nothing, for they
will receive an equitable price fionerteittrtrotplriotps erlotayn.
The State runs no risk, for the
sacrifice
yeriraunsce no risk,
orctaitsry
The
est eventually repay
pwfi is
orgt
shiupt aeihrrnoiat
etlnydrtsee
oseatid
pwbtrihyomeptteherevetaeyperii ttttyahe t
may be made in advancing must
thprosperity(.if any)l'he
erauwdiethvertyhattowonf
Worcester, Springfield,
Pittsfield, e
on the road or connected with it, will lead to a great
increase of taxable property, and the reduction of
prices in the great staples of the West will be among
the solid benefits to the State. Should this arrange-
ment prove successful, as I believe it will, the State
will undoubtedly purchase the other great lines at
prices satisfactory to the shareholders, and make
access equally convenient and economical to all
parts of its territory."
To any who may consider the proposed large re-
duction of fares and freigh ts preposterous and
absurd, Mr. Quincy suggests calling to mind the
success that has attended the reduction of postage
in England from 12 cents to 2 cents .a letter,- and
cites the opinion of Mr. Galt of London that, by
the purchase of railroads and paying for them in
Government securities, the expense bills of passen-
gers and freight may be reduced one-sixth, the very
sum he proposes.

The course of exchange at New York on London for bills at
60 days' sight is about 104 per cent. At this rate there 10
no pnlit co 4 Wye importatiVal Qt 014 from the Vaitel 13410

AMERICA.

THE PRESIDENT'S MESSAGE.

The following is the full text of President John-
son's Message to Congress :

Fellow-citizens of the Senate and House of Repre-

sentatives,—

After a brief interval the Congress of the United
States resumes its annual legislative labours. An
all-wise and merciful Providence has abated the
pestilence which visited our shores, leaving its ca-
lamitous traces upon some portions of our country.
Peace, order, tranquillity, and civil authority have
been formally declared to exist throughout the
whole of the United States. In all the States civil
authority has superseded the coercion of arms, and
the people, by their voluntary action, are maintain-
ing their governments in full activity and complete
operation. The enforcement of the laws is no longer
"obstructed in any Stateby combinations too power-
ful to be suppressed by the ordinary course of judi-
cial proceedings ;" and the animosities engendered
by the war are rapidly yielding to the beneficent
influences of our free institutions, and to the kindly
effects of unrestricted social and commercial inter-
course. An entire restoration of fraternal feeling
must be the earnest wish of every patriotic heart ;
and we will have accomplished our grandest na-
tional achievement when, forgetting the sad events
of the past, and remembering only their instructive
lessons, we resume our onward career as a free,
prosperous, and united people.