The southern press. [volume] (Washington [D.C.]) 1850-1852, 1851-02-18
States or by the general goysrnmsnt. 1t is the

fruitful parent Of bargaining and corruption, al the
expense Of the great body Of the people.
As it is the invariable custom Of our great
statesmen when at a loss for arguments, to resori
TO the example Of England, may be excused for
doing the same. That country, though it contains
more beggars and paupers than any other under
the sun, is held up as the brightest Of all exam
Piles Of the blessings Of internal improvements.
Let us look into this matter a little more closely
MIR. Phillips, in his history Of inland navigation
in England and Europe, gives series Of state
mens of the costs, the profits, and the condition
of every canal in Great Britain; all Of which it
should be recollected, are the creation Of private
capital and enterprises. Opening the book at ran
dom, find the following items, among many
others which forbear to extract, because they
would cumber this letter:
"The Stroudwater canal requires good manage
ment; the last dividend was S6 per share; the
price about a25. The shares were originally
fl0O."
"The Worcester and Birmingham canal shares
of GAO have fallen to nothing; plan for its
pleton is in agitation; the shares have risen to
Gao"
1.-The Monmouihshire canal does not yet rise
| as was expected; the last dividend go. Il. 6. "
"The Ashton canal, a discount Of EGO on a
share"
"The Chelmer canal shares of af600 are worth
scarcely f5 EACH"
II will appear from these, among many more
examples, that very many Of these projects of
public improvement have failed entirely, or scarce
ly yielded any profit. Had they been undertaken
by the State, the loss would have fallen on the ma
ton at large; but being prosecuted by private en-
terprize, il has fallen on individuals who ought to
bear it, because they would have enjoyed the pro-
fits however great, so long as they did not exceed
the limits Of their charter. Another consequence
gather from the same work, is the diversion Of
trade and transportation from one town and dis
trct to another thus entirely subverting the long
established relations of society," and transferring
the advantages, hitherto enjoyed by one or many,
entirely into the hands of new set in different
quarter. This is certainly no great public benefit,
for such sudden mutations Of prosperity and adj
versity are among the most fatal enemies to the
integrity and happiness Of mankind. Among
other examples gather from Mr.. Phillips, who,
by the bye, is an enthusiast in public improve
ments, is that Of Pont-y-Pool, formerly one of the
most fourishng towns in Wales, containing y 1000
industrious and prosperous people. But, unfor-
tunately for them, great public improvement in
the shape of canal, directed all business and
travel to another direction, and the town is now
in state of rapid decay. Many have deserted it,,
and the remainder the victims of idleness and
poverty This is only one out Of many exam
Piles, to prove that these bonsted improvements
are too often mere instruments for picking the
pockets of one community for the purpose Of en-
riching others. They are among the most potent
means Of multiplying beggars, and creating mil
| lionaires.
There is now single man. forget his name,
but he has been knighted lately in compliment to
his wealth-who it appears manufactures at least
one sixth Of the iron consumed in, or exported
| from England. He has been enabled to erect this
stupendous monopoly by the accidental agency
of canals and railroads, which offered such pecu-
liar facilities for transportations to and from his
establishment, that few, if any, iron manufacture
ers are able to enter into competition with him.
1t may be asked if this is one Of the blessings of
internal Improvement How many victims must
have been sacrificed to this corepus How many
dealers in iron must this ogre have devoured, that
he might grow into such gigantic proportions
| He must have created desert around him, for
will venture to say there is not manufacturer of
| iron within hundred miles of him, unless it be
one Of a kindred millionaire
Let us now glance at the system of internal i'm
provemenls in the United States generally. But
few canals or railroads pay legal interest for the
money invested, and considerable portion pay
none at all, except by fraudulent applications of
profits which should be devoted TO the discharge
Of their debts. In Massachusetts, where the ma
MIA of railroads RACES with the greatest violence,
thus far it is believed they have been, with some
exceptions, tolerably productive, but not by any
means us much SO the manufacturing establish
ments One reason for their success is that they
all the product Of private enterprise, and con-
sequently, built and conducted with proper de-
gree OF attention and economy. Another reason
is, that in New England they have knack at
saving, and always do things cheaper than any
where else. Elsewhere, there are but very few
rare instances of canal railroad stocks being at
par, and the dividends rarely amount to legal in
terest on the investment. In order to raise money
to pay old debts, or complete tho railroads, they
are obliged to sacrifice the old tonew stockholders
by giving the preference to the latter in various
ways. On the whole, nothing is more certain than
that there is species Of capital less in its
investment, or profitable in its results, than that
employed in canals and railroads.
| Where the States have undertaken the work of
internal improvement, the case is still worse
They have plunged into vortex of financial diff
| fcuties, and incurred debt Of some two hundred
millions of dollars to England, which, in all prob
ability, will never be paid, and the interest of
which, if regularly discharged, will drain this
country Of ten or twelve millions annually. Nine
tenths Of the projects on which this enormous sum
was expended, have proved utterly abortve, and
will remain as monuments to warn US against a
system Of public improvements by the general or
State governments, which may be best defined as
desire to purchase votes by the application of
the money of the whole community, to the exclu-
sive benefit of spectators and other "public spir-