New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-03-28
WHOLE No. 3sSl.


the roads this cay The history n the<e roads la
been gone into By al committees. tor the p9rposs o
showing that they we're nss thus located vhou' soNt
rssson. II confirmation we're wanted for tbs posron
ne fnd II IN the minority report for II 10 there she
ihsi there is lss probability that the stoek would o.
The time have been taken for direct road nom soa
~ % Ru1slc. SIX o. seven millions would not eSs
been subscribed 10 sny other way than By making per
l tons Of il separately In other words. osd wAs
wanted from toe Hudson % the Lskes-it could DOT ~
built uness sccou rnodstsd the largest number Of VII
ages and citizens the route Ieis admission con
sdcis The assertion tia, the roajs were butt more Tor
the local than the thrsssh travel u shows tina, this
vas TIE pioceer lice and the subsequent seton Of the
State shows that tbs Legislature regarded q not a.
mere Zeal lice but one in which the whole country
Interested The STATE loaned is credio 70 eAca OF
these roads raised the rate fxres and reserved b tss
The rifht OF purchasing property Of 80 much value a.
e cor1ectuz Ink between the Esst and the West The
question wss vel put ey The gentleman nom lloss,
Mr. Sweet suppose the state had bought these
rosisi Would the property OF the state have been
sacrificed % benefit population OF about SOVsV' To
this question vel ~ the sane question 10 another
form rsstive - the Erie Canal and PR ec fer par
ALL cans little shorter the Speaker snsvered IN tue
Affirmative but BE- Mr.. W sPpreeendet that there
were few who would subscribe % The doctrine that ne
Interests Of the whole state should yield 10 hat OF
lew citizens Such doctrine would be scoa,ed at oy
the most sgrsriss u hsd s.resty been eonua
ictsd BY the seton OF the State Ia requiring thcse
roads TO psy toll the canal business they took away
Effects rhich ne Passage Of hls BIZ rcad hare ~
Z
Mr. Nsrnum referred more PARTICULARLY TO the con
sequences which would result from the passage OF this
law In preventing ths construction OF roads y otner
part. OF the State whore needed ana which form
ed the f5artA division OF the Commitiees report The
Committee have shown that this consequence has no,
be-. regarded either BY this state or her sister state "
Ms.schuse,ts OF 90 little importance Ssenuemen I'm
ssned by reference ir the compensauon hereto'or- 70
duired 20 be paid 10 tumpikes by Railroad Companies
and bv reference 10 the fact that Massachusetts vhers
the supreme Court bad decided that sire was under no
legal obligations 10 the Charles River Bridge Company
under the chsr:er, voluntary paid The Company sSoo
ior their bridge
He was disposed 10 be liberal "a granting
charters but ne could subscribe - THE doctrine Of
giving charters without any inquiry, simply because
were disposed 10 build them. AZ ne had before
said there W. ~ ressons why should be cautious IN
this matter however liberal may bs 10 -slsiion 20
other branches OF business Steamboats,, cNlufaeto-
ries have large spheres TO operate n, vjrs Il water
many markets. and by any chance their operations
are confined and they fall the property su has some
value At ell events the public do not suffer 40 muen,
because the amount lost 10 comparatively small out IN
railroads II the project do not succeed there 10 nothing
bu, the iron. the ground Is not worth hundred,h part
of its cost, an immense amount has been drawn from
the atoms of Usiness without yielding any return
And her. too the wisest foresight cannot always tell
what will be- the very best route. Scarce read 10
bull, who're by the aid Of larger expenditures or nov
methods q working lines somewhat shorter and esser
may no. be projected which will oter to ihose Who
have the means q chance of enrichug themselves 81
the expense OF their predecessors such contingencies
will occur and set Of men can guard against
this cOntiug sncy Their only chance consists In tns
assurance thst companies may not be authorized
to commence a work without some consideration
OF the circumstances under which 10 10 asked and the
interests il will affect without sscerislnng whether
the OF the country through which the new
road Is 20 pass will Justify the belief that there IL bus
ness enough 10 support the two-pct whether there
will be business enough TO pay high dividend 10 the
stoc khoders that 10 their own rick and 10 quite rsk
enough but whether the two roads can be sustained
f. A.. IN N
try no sel works would bs undertaken In the nrst In
stance hoat assurance OF returns II We are mon
ey lovn. We srn $40 speculative people We arc sP'
to take hold " a. hing which seems 10 promise mpe
date n suits s1d every such Undertaking 10 bs gu
| thorizeJ upou ground that men will not make sucn
extrsvsgsns Investments without reasons We snsl nod
projects tad for lines OF railroad In every imasna
Ole section and though they may not be built tho sim
Pile that that they have the right 10 build VII pre-
| vent others from going into those schemes that are
really neededcap,sl will DO dsspated oeiweena great
many lines
Every village In thu state In the spirit OF rivalry and
progress will get charter tor srosd 10 soms other
village all their own available espits VIII be spent ana
then they will trust to obtaining suoscrpuons else
| where VIII they get themi No. the very number oil
| roads will make capitalists hesnsts and the money
| for building those roads which are really urgently
| needed and which could have been obtained u inc
small amounts which b.vs been dssipa,ed on different
line. had been united II the charters oil thoss not
urgently needed hsd been refused, will only be %
talned by selling bonds ~ ruinous sscflnces sno a
the other tricks known In the stock market and among
railroad men. Put the question to yourselves Wnst
man would subscribe 10 the stock OF railroad, Wheo
he saw on tho statute book charters for other compa
nie. all around H. which nigh, psrchsDce Be construct
ed some few years later. and render the Investment
ysluelesf 10 10 abs same thing II YOU declare your
policy be grant charters In al cases To those VINO
| ask for them, where no opposition comes from the
| property holders Men viii hesitate before tafog
their capital flpm safe and putting IL In
those which are uncertain
But suppOsng this not 70 be- the case-supposs tns
paoia
roads are built will be- for the bepent OF tho public
unless the lines pay soms return 70 the
| Doubtful We have seen the consequence on sucn
mania In England within tho last eighteen fnoptns.-
Large amounts Of capital have been Withdrawn from
other branches OF business. The consequence was
numerous fsilures-a commercial crisis OF tho most sp
psllng Kind. No doubt the people on mo lines % .hs
| projected roads were accommodated but would Dot
the whole people have been better bad Pniiameh Dc
fore granting the charters, hsve made soma little In
quiry into tho local resources Tor the support Oh escn
and how FAR they would withdraw support from othsf
ines
That such Of things would occur here is BY no
mesns improbable.
Thsre 10 no doubt that this 10 great country-thsi
We drive things faster than they DO anywhere else but
we have sometimes met with stumbling blocks 10 our
anxiety do things too isst when caused us 70 hse
two steps backward to one forward. cool sta cNce
laiins AZ the Yankee is-phlesmauc and SLOW Of move
ment az the Dutchmsn hs experience OF 20 nss TOTO
10 that judgments srs often mialed by tns'r
heated imsginstions especially In umes Oh prosperity
/
are made for the future Mr. v did not under sst
the Increase Of population and resources but ns De
neved that SEINE over eat MATED them. he thousnt Dc
could see evidences that railroad mania vas 10 n I'd
cpiency All Of prolests are talked OF, ana %
had been endesyorg To show ahst ths eject must Dc
either to destroy confidence and prevent the building
Of those roads needed 70 produce an undue sosorp
ton Of capital from the means Of the farmer ana ths
merchant In unproEabIs schemes, and thereby dsuse
| the whole country.
While Ii is certainly DOT desrabls 10 regulate men
dealings with each other much, We must bsvsre
NOT running tho other extreme especially In refsrc
10 those Investments which II unsUccenial, are ne
ystsr s,ilea On The ground and cannot be es,hsrec
| uo szsln They are matters where the cearess fore
tsht cannas slva5s avail aud tney must be protected
by the Gotsurnont 10 some extent How fsr tney arr
10 Re protecta1k uDnGoeoepd on tho circumstances o
each psr,iculs q 60 +, ) noders,icn and conservs
tie spirit ~htch ~ 1[<o3s dstinsusshed the Whil
party. must not b sttI Ssd. We Go not siwsys &C
COM lish the most = Memphis too much VIA
regard TO this psrticuk esss, if 10 possible mat To-
projectors Of IL can nxkeb snccsssiul speculation
because hey can eithsr 6cos1 eDwn road, or max
monopoly Of both |. but ~ sniy believed that wrer
BY the passage If Ills biI have declared in favo
Of the 1nIysrsal privilege bald roads which iss sup
oorers advocate the mos8unfnyorable results 10 ID
Whole STATE would follow Instead Of having the bee
roads IN the beet order, with dtpble tracks. dom
thrice the business Of rosds with single trsc 80
ax fares should have no improvements on exissin