The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-08-08


RAILROAD BuBBLEs IN EsGLASp AND THE UNITED
SrArEs.-The English journals, received by the
last steamer, are loaded down with the reports Of
railway committees, and editorials on railway de-
velopements of the most curious, interesting and
extraordinary character, in relation to railway mis-
management in that part Of the world Every
has heard OF the famous George Hudson, who was
originally small shopkeeper in York, but by sue
cessful specuations in railways, reached the high
est point of fashion and wealth-occupied seat
in the House Of Commons-dwelt in a fashionable
residence at Prince Alber's gate, Hyde Park
gave parties TO the old arlstocracy, and moved in
the first circles of the British metropolis. IL has
been discovered that this fashionable swindler has
been engaged for many years past in cheating,
scheming, thieving, lying, and all sorts OF wicked
ness, under the name of great railway and iinan-
cia genius. Now the bubble has burst, and the
grand operator stands revealed IN his true colors.
II is very probable that he will be degraded from
his position, expelled from the House Of Commons,
indicted and tried at the Old Bailey, and punished
by imprisonment, for his rogueries.
The history Of railway management in England
presents a curious lesson to railway management
IN this country II appears that Hudson managed
purposes, without regard to the interests Of the
stockholders. Owing to his position as the head
Of company, he knew and could direct all It's oae-
rations, embracing the purchase Of land for the
route and iron for the rails lie always took care
to be the owner and contractor in every route,
selling the land and supplying the iron for the
rails at exorbitant rates, in both cases. Then, he
fabricated returns, made dividends without pro-
fits, imposed upon the public, and filed his
pockets without regard to any check or hndrance
from any committee of the stockholders. What a
angular spectacle is thus presented to the man of
industry and integrity, in any part Of the world
In this country, in the management Of our railroads,
il appears that the same system and the same
tactics have prevailed TO an extraordinary and
ruinous extent. In the construction OF many Of
our rairoads--in the management OF their funds
in the purchases of land and mils-the same sys-
tenn of fraud and Imposture has been adopted
Yet, there is scarcely an indrpc dent man, an in
dependent Journal in this community, that dare tell
half the truth in relation to the management ot our
railways, though you hear the thing talked Of at
every corner in Wall street, every day in the year
The internal management Of our railways Is every
whit as corrupt az that Of the English railways.
We have our railway kings, ON small scale to
be sure,- but although they may not possess the
mseni6cince of the English " railway king" and
pocket hundreds of thousands OF pounds, they can
equal him in cunning, skill and rascality.
Yet, see how the public are gued, and deceived,
and plundered, in both continents by those who are
called men of great financial talent. holding high
positions in the church, standing at the head Of
social asd fashionable circes, rolling round the
country in their splendid equipages, and dealing
out dsmnation to all those who venture to whisper
VOID against the corrupt and fraudulent system
by which they thrive !