The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-11-24
American and English Railroads.

The writer of the financial articles in the New
York Express makes the following judicious re-
marks on the probable difference between the rail-
roads of tho United States and those of England as
permanent investment:
"The London Morning Chronicle, speaking OF
the abundance of money prevailing in England,
and the offered opportunities of investing surplus
capital in railroad securities in this country,
the British public from engaging in these enter
prses, on the ground that the English railway
mia in lS45-46 ended disastrously, and because
the came results would follow the extensive rail-
road building in this country. Railways in Eng
land cost from one hundred and fifty TO two hun
dred thousand dollars per mile, nd in this country
the average cost Of construction is from twenty
hive to thirty thousand dollars per mile. Railways
are constructing in the western States where the
great outlay in railroad building particularly
exists, at even less average cost than the above.
In the western country, where there is an immense
annual increase OF population, arising, in part,
from an actual depopulation of one of the British
isles, it lie absolutely needed that the vast agricu-
tural productions of that extensive region should
in a corresponding degree have avenues opened
as II is rapidly filled up. Those regions are more
quickly developed in consequence Of this emigra-
ton, and OF course require outward appliances OF
capital which it has had no time to accumulate.
The English railways, beside their immense cost,
wero constructed with unnecessary quickncss be-
fore the course of trade in an old country war
rantcd it. There is no parity of reasoning between
the two countries. Ii would be ridiculous to com
pare the area of England with that of tho United
States. lime, which Ia so much regarded here IN
transportation, is not regarded in England with
the same importance where the distances are less.
''The construction of six thousand miles of Eng
ish railway has cost f350 100000 sterling, while
in this country there are near eleven thousand
miles of railway fully constructed and in actual
operation, at cost in round numbers OF $780,
100000 The face of the country at the west lie Pc
culiarly adapted for the making Of railroads. The
level prairie lands Astounding throughout Illinois,
Indiana, Michigan, and other adjacent States, en-
abes those roads to be worked at an expense. com
pared to the English railways, that the income
from them may be profitable, while, at the same
rate of remuneration, the English railways would
be a ruinous speculation. Hence the railways at
the w est can afford to borrow money at nominal
sacrifice in the carly part of their career which
critics., if msdc by roads, the cost of which is
much more, and the working expenses much
greater would be attended with disastrous results.
There is in fact no analogy between the railway
mans in England and the present rush for railway
enterprise In this country. That among many of
the new projects here that Eome should turn out
less profitabiy than others, fully prepared
far. But the great trunk lines throughout the
country will increase in their receipts, and present
from year to year augmented dividends to their
stoctholdcrs."