The New York herald., 1850-06-07

largely disastrous to individuals. After canals hnd
threaded the soil of England and the populous dis
tTcis Of this country, following as necessary con-
sequence the construction of turnpike roads-the
premium offered for a locomotive engine in Eng-
land TO dspace horses, having brought oni
great fact, in the shape OF practicable engine to
run upon the rails-there was a tendency IN the
public mind to abandon the old modes OF transit,
by turnpike and canal, for the more speedy method
Of travelling. In England, the preliminary exPen-
ses, and want of knowledge of the precise inllu-
eDce Of railroad on district, for many years re-
tarded the growth Of such enterprises, though the
road between Manchester and Liverpool estab-
hshed handsome dividends for the propretors.
Aiier the construction ia this country Of the Quincy
railroad, which merely tramway for carry
ing stone out Of the quarry, the Boston and Wor-
cester railroad was opened, and returned handsome
dividends TO The proprietors for number OF years,
operating in the same manner the road between
Manchester and Liverpool. These roads, however,
in both countries soon felt the effect of COMPETE
lion, and have from year TO year become less and
less profitable TO the shareholder. The same may
be said of almost all other roads, in both countries.
The original shareholders have been sufferers by
their investments. In New York, Connecticut,
Massachusetts, and Pennsylvania, it is a notorious
fact that those who benefit by the railroads
public, who have no investment in the stock.
The mania, Eve years ago, in England, for build
ing railroads, carried TO enermous grade
upon public crednlity. The projects ware based
upon the incessant locomotion of the inhabitants,
il we may judge cf the estimates on the passenger
traffic Still, every class in the community rushed
into the speculation, regardless of the question Of
how far production would be increased to justify
the expenditure. The mistake was not found our
until about five hundred millions ofdollars had been
thrown away in the excitement. In this country
the result much the same. Thousands os far
mers were impoverished, and many of the dapes Of
brokers were entirely ruined The whole scheme
was lottery, and the entire practice system of
gambling. The companies being formed upon
loose joint tstock principles, well caculited TO de-
ceive, gave remarkable opportunities to the cheva-
liers of industry in WALL Stsie Chestnut, and other
streets, devoted to Midas and his asss ears, to ex-
ert their powers OF persuasion. This they did, till
thousands We're clean stripped of their money
and their hopes; and, to this day, the game is pur
sued, in spite of the known and generally admitted
fact that those alone who can afford TO lose should
be shareholders in any railroad corporation. There
is no stock more fiuctuuling-no stock more cer-
tain Of being unprodactive. The only benefit that
can De expected, OF is 10 De ODscrVeu, Is the III
creased production created by railroads. The IA
ciites for Transporting products to market stimulate
the manufacturer and the agriculturist, and are
thus highly beneficial to individuals, and to the
commerce and trade of the country; but the rail-
roads themselves are badly conducted by their
directors, are subject TO constantly recurring and
enormous expenditures, and only prove lucrative
at the expense Of the original owners, who .acIi-
flee their wealth to the general good.
In Germany and France these roads are man.
aged with more skill and for very important rea-
son they military roads. They belong to the
government, and are believed to be necessary for
the transportation Of troops in times of eme rgency
Thus they are m ,de very useful to the people, at
the same time that they are designed for the con-
tinuance Of public order. If any loss result from
their construction it falls upon the country large,
and not upon individuals, 30 that the calamity,
even in its worst form, is never felt. The differ
ence, therefore, between the two systems is very
great. Here thousands are victims of every pro.
ject, while in France and Germany there is in-
convenience experienced by the worst failure.
At the South, as well in some other parts Of
our country, il may be observed with what aston
isbing rap'dity the general good is derived of
private misfortune. No sooner is railroad con-
strucied to any point, than factories of cotton,
woollep, and iIon--as in Georgia, South Carolina,
and Tennessee, for instance-siari up along and
at the end Of the lines, giving activity the energy
Of The population, and consuming the rich products
Of the soil This is the great triumph Of our rail-
road enterprises. Here it is that we perceive the
vast increase to the amount of public happiness and
prosperity, and that the 'partia evl produces the
universal good" Whether or not men will learn
to predicate the establishment Of further railroad
enterprises upon proper and reliable bases, is n
question. The philosophers Of Wall street do
not trouble themselves with any Of the data by
which to decide upon the necessity and pro-
bable profit Of road. All they desire is re-
swciable list Of respectable directors, rsspec-
tably empowered with respect TO issuing shares
in respectable way. This being done, whether
IL Is Erie this or Erie that, is all the same To
them. They speculate with pieces Of paper, the
nominal value ofwhch. rise fall. the bulls and
bears are Transported upon the road They are not
sunosed even 10 have cntert ,ined the thought that
rhere is point, fixed by population aud acres,
where production must cease, and which, when
found, will prove that road will not pay. The
philosophers of Wall street have not found this out
and they never WILL Their only question s, who |
will buy-who will self
m.