Daily American telegraph., 1852-01-05
fCircular.1

hAShlNOION SlIt, DcO. w. iSci'
SIR: By the enclosed proceedings of meet
ing held in this city on the Sd instant, it was
made the duty of the undersigned as a commit
tee to correspond with the several railroad COM
panies in the United States, and to report to an
adjourned meeting to be held in this city on the
first Tuesday in March next, to consider prop
ositon to petition Congress for change in the
law regulating mail contracts so as to enable the
Post Office Department to deliver to railroad COM
panes United States five per cent. coupon bonds,
upon permanent contracts for carrying the mail,
to an amount the interest upon which, at five per
cent, would be equal to the payments to be made
under existing laws; and they therefore respect
fully call the attention of your company to the
subject, and invite your cooperation. They
greatly prefer that you should send delegates to
the adjourned meeting; for the opinions expressed
by convention of practical men, representing
so much wealth, enterprise, and intelligence, will
command, as they will deserve, the confidence and
respect of Congress, and thus promote the adop-
ton of such details as may be agreed upon in
convention but if it should not be convenient to
send delegates we would ask your company to
submit, through us, your wishes and opinions
upon the main proposition, and upon the details
connected Herewith.
1t is well known that many persons are opposed
to internal improvements by the general govern
mcnt-somc denying the power of Congress to
make appropriations for that object; others fear
ing that the exercise of such power would lead
to combinations resulting in partial and unjust
legislation. 1t will be seen that the proposition
under consideration is free from these objections
1t asks no appropriation of money in aid Of the
construction of railroads. The contracts will be
restricted to the service which the several rail-
road companies are in condition to execute when
the payments are made
1t is true that the proposed modification of the
laws regulating mail contracts will give similar
payments pro rata, as new roads are made and as
old ones are extended, and will so far increase
the credit and resources Of railroad companies.
The same effect, although to a less extent, re-
suits from existing laws and surely it cannot be
urged as valid objection to the proposed change
that it will aid in the extension of the railroad
system. We claim as n merit, that the proposed
modification will aid in extending the system by
giving greater value to railroad investments.
Under existing laws contracts are made for four
years, and the payments are continued, if not in
creased ad ininitum. Under the proposed modi-
fcation the contracts win be made, giving the
United States the perpetual use of railroads; and
the rate of compensation is so reduced that, at
the end of thirty. three years, the payments will
cease, and the department viii forever thereafter
have the use Of such railroad free of all charge.
1t is objected that old routes may be super
seded by new ones, and the present service so
diminished as to render it inexpedient to make
permanent contracts at the rates proposed. 1t
has also been objected that railroads now in use
may be discontinued, and that such railroad COM
panies cannot protect the department from loss.
We answer these objections by assuming that the