New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1844-03-21
New YORK. and Erie Ra,,road,


New York and Erie Railroad.
The idea of subscription to this work by the
Corporation of the city, failing Of the support OF
the Common Council now in power is we pre-
sumo to be abandoned.
1t is important to the Company and the pub
ic that the next move should not be failure.
Why do they not rely upon the Bonds for Three
Millions authorised by the Legislature If
t is safe for individuals to subscribe to the
stock under any circumstances, if the road will
pay fifteen per cent dividends annually as shown
n the late Report, if it would be safe for the City
Corporation to subscribe three millions, then the
iegalized bonds ofthe Company will be safe and as
available for the construction Of the Road as city
stock, and the citizens who desire the Road finish
ed and are tired of delay and uncertainty, will
subscribe the balance if properly applied to, just
as quick, if the Company's Bonds are relied on as
if a city stock was promised. With two and u
half millions subscribed by the citizens relying
for half million on the interior counties as pro,
posed in the Report, the Company's Bonds which
are in their power would be a safe reliance ; and
farther injurious delay would be avoided the
present favorable time as to the money market
and the state of feeling in the city would not be
lost--thc road would soon be in progress to COM
pletion.
From the Brooklyn Evening Star
The ERIE RAILRoAD.-The proposition of the
Directors of the Erie Railroad Company 10 borrow
three millions of dollars from the CITY of New York,
seems TO meet with but little favor in the Councils
of that city. We think the Company is not TAX
ing the right course TO procure this money. The
amount required for the completion of this road is
seven millions Arguments exhausted in showing
that the road will be of the greatest value to the
city. No one doubts that IL Is wanted and that II
will doubly pay its cost. Every man, then, in the
city, from the highest to the lowest, from John Jacob
Astor TO the poorest day laborer is interested in hav-
ing ii completed.
Now, why not take the course adopted by the Bos
ton and Albany Railroad Company, when that great
work was languishing for want Of funds? The direc
tors called public meeting in Faneuil Hail. and
laid before the immense number there assembled
plain statement of facts. Calculations OF the cost,
estimates of the income given and their local en-
lerprise and local interests invoked in aid the
work. There was an outburst of enthusiasm, almost
patriotism, on the occasion, which under other cir
cumstances could not have been produced. Me-
chancs and even dav-laborers, took in the whole
truth at a glance, and said among themselves-Ihs
is clearly for our interest. The little we invest in
the road may not pay US directly, four, perhaps not
two per cent. income, but indirectly shall receive
ten. In the expansion Of every branch OF business.
which must follow the opening of an avenue INTO
the great West, we shall find returns. And on
the instant ont came old rusty wallets and antiquat
ed stockings, in which the slender savings OF poor
men had been accumulating The money rails
ed; and the work went rapidly on to completion, and
this day though the road does not pay four per cent
to the stockholders, the trade and manufactures of
the country about Boston are reaping from ii har-
vest of wealth.
The same arguments viii! apply in this Erie Rail
road enterprise, and the same results will follow
Ii the Directors would recommence the work. let
them call meeting of all classes, and make the sp-
peal directly TO the public. Tie people have eyes,
and can see plain facts when they are set before
them; they have enterprise, too, and will not hold
back their aid to any work which promises 10 be OF
Importance to their interests. When individual sub
Scorpions have made up three millions OF dollars,
call can be made on the Corporation of New York
with greater confidence and more certain prospects
of success.