The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-10-07

result is apparent. Not only have the agricultural
productions of those island. fallen off in most
extraordinary degree, but the slaves themselves
have been debased and degraded. The tie which
united them with the SOIL and which conferred
mutual benefits on them, and on their masters and
society, has been severed; and the consequence is,
that they have become reckless, idle, and aban-
doned. While they enjoy abstract personal
liberty, they are the slaves of their pas
sions and are reduced to a state Of degradation
that they were tree from when slaves.
RAILROADS AND BANKs.--Among the numerous
evidences of the growth and prosperity OF the State
of New York, as well as OF the spirit of enterprise
and speculation, which characterize our citizens,
is the activity which marks the extension OF our
railroad interest. There are nearly. if not quite
forty millions of dollars invested in railroads in
this State-the property of numerous widows, Or
phans, and others. This is as great sum as is IN
vested in banking; and the indications are that the
amount will increase, from year to year, until II
exceeds that of banking to great degree.
Now, when we reflect that this vast sam of
money is placed IN the hands of boards of directors
in some instances responsible and entitled to all
confidence; in others the reverse-we think that It
should be fenced In with safeguards, as much as
possible II is no more than due to those who risk
their funds in such enterprises, that they should,
at ell times, have the privilege of examining the
books of each company, and ascertaining, for their
satisfaction, the state of it's prospects AS the
matter now stands, stakeholder In a railroad
knows no more of its business, of its receipts or
expenditures than person who has no interest IN
II, and all the information which is within his ach
emanates from the directors, whose statements in
a great many cases, are not worthy Of confidence,
and who frequently circulate stories for the pur-
pose of raising depressing the pnce the stock
in Wall street, to suit their own purposes. This
practice is so common that it is unnecessary for
us to give any instances of it. The history of the
last year furnishes abundance of evidence of the
truth OF what state and any one of common IN
tellect, can satisfy himself in an hour on the SUBJ
ject.
The necessity Of such safeguards being placed
around the railroad interest IN this State, for the
protection of stockholders, being evident, we think
the Legislature should take the subject into con.
sideration, and pass law compelling all railroad
companies to publish, at stated periods, returns,
| to be substantiated under oath, by the president
and other officers, exhibiting detailed state
ment Of the condition Of their affairs. There is
law of this kind in existence concerning banks.
| Every moneyed institution In this State is bound
10 make such return periodically; and Its bene-
fetal effects apparent. In addition TO being IN
formed of the affairs of banks in this way. the stock
holders have the right inspect their books, and
look into their affairs personally whenever they
choose to do so. II would be well for the Legis-
lature To extend the operation of thai enactment
TO railroad companies. The quotations in Wall
street are the only criterion of the value OF rail-
roads, which stockholders possess, and at best
they are but posr guides towards forming an esti-
male. Let railroad companies be compelled to
make returns, and all will be well We hope to
zee this matter acted upon when our Legislature
meets.