The New York herald., 1851-12-02
2 persons with incomes exceeding .......
Public Companies with incomes exceeding Il

persons with incomes not exceeding 49,. Il 900
IL persons With incomes exceeding 10 O0
"a Public Compsnie with incomes exceeding 10000
Whom you. examine these lists, and SEQ how
mspy there are who have small incomes, and re-
fect upon the inducement which such persons have
to emigrste to the United States and to invest in
American securities, We are justided In believing
that an org snizstion of American credit, resting
upon permanent and 6xed basis, will be preferred
by many persons in Europe, and that large sums
Will be remitted to the United States rs . per-
mAnent investments.
1t i1 estimated that there are near ten thousand
miles OF railroad now In operation in the United
States, and that there so0a will be st least twenty
Thousand miles, and the capital invested moro than
six hundred millions of dollars The present dis
oursemSnt, for m all service on railroads, is about
increasing. for the sake of round mum bers, 10 shall
assume that the proposed change OF system will
commence on disbursement Of twelve hundred
thousand dollars, which will be the interest at
six per cent On twenty millions. We propose that
the fost Otioe Department should make con-
tracts with railroad companie for the perpet-
us! use OF their roads; an atha, instead 90
being paid rs now on contracts for four years, the
railroad companies shall receive an amount of g 70
per cent bonds chargeable on the revenues of the
department., the interest upon which, at six Dor cont
would be equa! to the service rendered. Thus we
now pay three hundred dollars per mile per annum
for carrying the mails first class railroads. which
s six per cent five thousand dollars and which at
i've per cent would redu,e the charge on the de-
partment to two hundred and fifty doll As per mile
per snnum; leaving fifty dollars per mile per an
mum as sinking fund to pay of tho principal;
which II would do in less than thirty three years
Ihe effect OF this would be to give the of such
forever thereafter free Of all charge, and
consequently to save to the department twenty nil
lions OF dollars in thirty three years. As this would
be SO much money saved, whether 1t be applied to
defray other expenditures Of tho department, or
change Of system i entitled to Q credit for that
sum, and as We are legslstiug not for to-day only
but for the future, the change Of syste is entitled
to credit not for that Aum only, but for the sum
obtained BY com pounding the interest on that sum
in perpetuity As any sum compounded at six per
cent seni annually, duplicates itself in less than
twelve years, The following table shows that the
gain ny tho change Of sSst'% will b. in
g ........ 100000 100 " 49,. S67G447o
But this viii not be all, the effect would be greatly
to enhance the value of the large funds invested in
railroads IL would make railroad shares an rail-
road. bonds available - capital, and thus furnish
system OF American credit, much more permanent
and reliable than the system of European taxation.
1t Is an interest identified with and controlled by
the great body Of our people. 1t is IN interest
essentially American in all its aspects, tsndsn-
ces and afinities. Il Ii identified with our soil,
and 90 connected with our progress and Welfare
that II may not be and never can be any other
ssI as 5s: IN feeling s ss as.y i Is ,S sSs
most remote sections Of this great country.
1t is an interest acting within prescribed limits,
confined within Its own sphere, but connected with,
Rrom0aog susts ming, and charging, other smii.,
republic; an interest selfsustaninG and rapidly in
creasing, whose power and strength consists no. in
taxes levied upon Q down trodden and oppressed
people, but in the facilities accommodation wealth.
prosperity, and blsssiD &c, which it gives and
whose beneficial power and influence may be so
organized, increased and concentrated to protect
Us from the powerful European combination 70
which have referred; at the same time, that each
company preserves its individual powers, control,
and influence.
We have seen that the change of system of mail
contracts will save to the people Of the United
States, through the Post Ofhce Department, in one
hundred yeare, S967, ,674 40 IL will do much more
than this The twenty millions of dollars which il
proposes to issue, will not be Q charge upon the
sinking fund out of the present disbursements,
which pays the principal, it will DO Is much crea
tion as if II were California gold. 1t will not only
be 20 much saved to the government, but il will
free banks Of New York, which have now been in
operation for many years without the loss Of dol
lar to the bill holders; and it matters not whether
it be used by the abroad omPanies by others,
the effect for good will DO the same. IL will create
Q capital which may be used to build up msnufac.
tories, stimulating and sustaining our domestic in
dustry, and furnishing the means of enabling our
agricuturists, our planters and farmers, 20 retain
tner cotton anu tner corn until tne Dlit5n con-
sumers will be compelledto come here and purchase
| 1t at American prices, instead Of buying il, as
they now do in Liverpool, through British agents,
| at British prices.
Under the system proposed, the American bank.
or who deposits these bonds as the basis Of bank
circulation, will receive the Interest on mis- bondi
and on bis bank notes. These together will be a'
| last twelve per cent per snnum; but IS the pay
| ment now made 20 railroad companies Is six pei
cent, the change Of system will be entitled to
dit for six per cent compounded, and st this rate
the saving viii be, on the 6rst issue,
~mch In ~ years ~ih hee'.''''''''''''''' sooeSo9G