The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-02-21
Loan OF Had SON River Road :.

The Hudson River Railroad Company IL now before
the with proposals. for part Of the loan to oom
ton Of your columns in der to present statement
Of the advantages, direct and indirect. which will
crue to tbote who take the loan in whole or in part
l. IL viii be the first and only lien on real property
on which So Geo 600 will have been previously expend
Cd ard the money loaned will have the like appca'
ton furnishing 81 900 600 Of security to pay 600 000
The property cannot be destroyed by fire, ~ the
experience OF this winter shows the elements and is
not expoted to the risks which attend single invest
ments en- bond and mortgage, where the necessity
exists OF eaecting ntng sales for taxes
and and paying the expenses Of foreclo-
sure under an ever varying code
q Unlike any OF pubic debt, the lien Is not
posed 10 the power Of e. affect It, and not
to the continT pcies Of change which aot
governments. and reach their securities The holder Ii
provided With abundant meaps without expense, Of
enfrcipg his security in default OF payment, power
not possessed in Of default in the public debt
I he bonds bear inteIes at per cent psya-
probable average rate for the next 20 The large
suns reaching New York from all quarters for perms
nent investment. will, undoubtedly. press down the
rate Of interest nearer than now to tho usual rate
at the present commercial metropolis Of the world
position which New York is destined to OCCUPY, with
the certainty that he approaches that position the
rate of interest will be lowered, even If not accom-
plished by positive law.
The privilege of converting the bonds at any time
within five into stock Ia superadded by law to
the highest legal rate of interest privilege shown to
be valuable In the experience Of the Boston and Alba
ny foad which rote from IS to l13 and which may
not be conferred hereafter
These reasons apply to the loan abu nd ant and
!
character, worthy of being mstureiy considered by
New York capitalists and commercial men. The fund
WI. De sppnea 30 as 10 dement, greatly the real and
and commercial influence of the city New York YES
most OF her greatness to the Hudson river the waters
OF which alone OF sl our Atlantic except the
Sufquehapna, break through the Allegheny noun
tshs It's tide navigation e $50 miles far exceed
irg that OF any other Atlantic stream These pssu.
hHrites, and the power Of reaching it through tho
opening thus formed in the mountains make it the
scene Ct more active inland trade than auv ether
aehi
through the canal alone $73 in lS47 ian
nary year) and now amount to about $780,,
10000 Per aRDum, equal to twothirds Of our entire
foreign commerce. This great river IL closed however
by ice en- an average 1O4 days every year and sstms
and after such cosng. and It is one third Of every
year year In every three rs years in every
Formerly during the close of navigation, trade
merely suspended and loss to the commerce
OF the city except what resulted from being idle
through the winter when our energies best fitted
ter ment Now however, our citizens in addi-
ton TO the lots they tuer from having direct CON.
necton with the great source Of wealth trade
never before felt and river Itself were nsvea
bic, and the instrument of active trade to other
his has resulted from improvements made in other
quarters Massachusetts and Pennsylvans-as to |
Which ay be well to consider what views govern in
important article lately written on Philadelphia
thus detorbes the be expected in that quarter
hve months Of the year 1t being seldom nsvigsble till
the 10th April and rarely after the Goth November
Ponn0ylV0pa.
canals are open from the 10th of March to the 35th
OF December When all the projected lines OF inter-
course by canals and railroads pletsd in Penn
sylvani. 1em Pittsburgh to Philadelphia the markets
OF the latter city will be enabled to monopolize the
wettern trade during the commencement Of spring
and autumn, the busis 1T season.of the year,
Boston, In addition to the same advantage, Is en- |
powered TO have daily connection and Intercourse |
with the great centre Of all our and in
terna trade, during the whole time when are ex-
eluded from IT, and thus to receive productions that
formerly came to and enjoy also the late and early
m nj fYQf in md fho fVoAn %
growing into immense Importance through the infu
ence OF railroads which are producing mighty changes
the mote OF business and internal intercourse Of
nations.
Those who take the loan, aid in restoring to eur
citizens what lost from these Ths instru
ment to effect 1t is railroad built in the most durable
manner equal In all respects tho dema d. of this
great line. Suehs road alone will the puI poses
Of this portant trade and stand the compe
ton Of other interests. That competition it 10 con-
ceded, this road will edcctuay stand, If 1t can ACCOM-
plsh high rate Of speed such as is usual the best
roads, and that question ito meet objections in
the public mind) will now be considered.
II . high rate Of speed can be accomplished the
viors new and better instrument of commerce has
ever been, over others that for some purposes
passengers, tloops would wholly give way to steam
beats or that passengers would wholly leave canal
lines to go to the railroads. that the competition
the parable land and water routes between Bos
On and Maine and New York and New Haven, would
30 decided 80 thoroughly In favor of railroads None
but the few enthusiast tic mind which set the electric
telegraph in motion supposed even after its CO.
pabiiities were known, that it would spring wholly
because 1t ecpsed In speed all other mic stions
INTO tuch universal uee as 1t has reached sgainst
many and great interests and he who puts his faith
IN Glow medium Of conveyance, when q rapid and
rare one may be Is destined TO see the world
pass by him ss be stands relatively still The steam
boats have reached their maximum Of speed. Since
the construction OF the South America or 10 years
ago. not over about half hour has been gained In
their running time between New York and Albany,
with all the great efforts that ski and capital have
made That slight difference In the speed Of Compel
Ing beats renders favorits with the public as
TO mand the travel What will be the effect of in
Producing on this mighty thoroushfare mode Of CON
that shortens the time Of trave between New
ork and Albany fully one-haf? The question Is
answered In all former experience To evade, how
compli.b high srsed Is questioned from alleged delays
which the sseuM ed length Of pile bridging will oc-
subject from suppopg that the length OF pile bridg
ing from 10 to 10 miles. There roads in the
country exposed to this objection bat with this
Indeed most OF our roads from crossing the ordinary
country streams, have equal amount of bridging |
per mile 1t will astonish those who have listened to
ths election to know that the whole will
be built of stone and earth for all but one mile and
quarter probably, and certainly for all but one mile
snd half. The policy In construction has been to
where possible and hence the line to Albany there
will not be az much as was originally proposed to
Il. snsna en cInSy so nsi %
and led to that spirit of true economy which rejects
whst may ss %
in this matter are condemned to more certain over
throw in regard to the delays in speed to draw
bridges. The line from Boston to Maine, which has
been spoken Of Affords in its daily experience the
most oonclusivs answer to this objection. Its main
draw.bridge is opened for vessels six thousand times
during single season without interruption to the
trains. This we'll known fact does not deter those
who dislike to be convinced from insisting that delay
will take place in speed from the few draw bridges on
the line Of the Hudson River road, although 1t 10 GER
tain that the number Of vessels passing through them
all will not for the whole year be equal to onetsnth
Of the number above mentioned Three or four ves- |
sells per week at most will be over the average at the
four draw bridges likely to be used which will make it
easy to let them ough at convenient periods The
residue, cay six will be constructed to comply with
provisions Of law to satisfy the claims of nominal
and expected navigation, expectation which many
parties willing to abandon on receiving compsn-
sation about equal to what the company will from
emitting the structure Thus vanishes this bugbear
What then, remains for prejudice to pres mt against
the certainty of accomplishing high speed on this line
The Hartford and Springfield train ever It's route
Of 62 miles daily in hour 46 minutes including the
-. 80 ut.s clu dipO than Ifthia