The southern press. [volume] (Washington [D.C.]) 1850-1852, 1852-04-14

deprsciate the value Of Erie railroud stodk. we
attempted no such thing. We simply published
extracts from the various reports or the COM
pany, and If the inference from these WA ma
favorable, we are not 10 blame. We submit. II
the directors have made . mistake in their
estimates Of 800 per cent, it throws doubt
over all their statements of similar kind. We
proved the most palpable mistakes. and va can
convince any unprejudiced mind that the direc.
tors are as much mistaken in their estimate of
earnings as of cost"
18th, in an article entitled review of The
Market" extract the following;
And we state as fact well known, that our
most prominent railroad company was compelled
to make stockjobbing operation by an hypoth.
ecation in brokers' hands, to meet their accept
ances, which they could not otherwise pay, and
were on the very verge Of insolvency. These
are strong statements, but we are prepared 10
prove them, if called upon properly"
| And from the same Journal March 90. I tska
the following:
"The Erie railroad stock, bonds, &c. &c. are
banded abont the street, amounting altogether
| to about half the debt of the United States
they afford 4 wide field for speculation. and
there is scarcely broker or outsider (but hoIds)
not far from 25 to 1000 shares of the stock
w.
is eventually 10 hold the bag Or what we believe
to be bad concern, time will prove"
| Thus we find that none of the wonderfully
remunerating benefits claimed for railways. will
stand the test OF rigid scrutiny. IL it not, there.
fore, the part of true wisdom to modify or
change tie present system, OF else check tho
expenditure which projected works are dailv
demanding! Have yon not read in ENGLISH
papers the lampoons on Pennsylvania bonds and
Mississippi r"pudators! Did not the condition
OF these States affect the financial standing of
the whole Ur.ion, and to great extent PROSTATE
all State CT. 1T If in Mississippi her ratio Of
| population 9ad formed The basis of her expendi.
ture, reputation could not have occurred az it
did not II was inevitable. But, it may be asked,
shall not Virginia take part in the glorious race
of internal improvements in which her s;star
States are engaged? This, or some similar
phrase, is the language used to induce expendi.
ture on State account. The ans xer is readv
one and VIII serve to dispe another popular
deuslon Virginia is no laggard in State ex-
pendture; and If a crown is to be won by a
maximum sum, then she has won it, and stands
without a competitor. For railroads on S,ate
| account, Virginia has expended more than twice
as much as Georgia. within one.third of three
| times as much as Maryland, within one.t third of
three timea as much as New York, nearly twice
as much as Pennsylvania, largely over one third
more than Massachusetts, more than FIVE times
| as much as Tennessee, and four times as much
as Missouri. These are thes States which. on
State account, have engaged most largely in
| railways; and in support of the assertion. the
| following extract is added from the proceedings
of convention held in Alabama in 1851:
INTERNAL lMrRovEMEHrs-STAr Arp.-The
Address Of the State Internal Improvement
In hrr
statement of the amount Of aid furnished by
different States for works of internal improvs-
ment, as follows:
In Georgia-The Western and At
antic railroad, l4O miles in
length, built by the State, $3 500 600
In Virginia-By State subscrip-
ton of from two to three.fifths
of the capital stock of various
railroad companies, amounting
In Maryand--By loan of State
| bonds to the Baltimore and Ohio
| and other railroad companies, 3.OoO.O00
In Pennsy Observation-Disclosures and
! Columbia railroad, built by the
State, in addition to expensive
| canals, oOO oOo
In New York-1n addition to the
construction of the Erie and
| other canals, bonus to the
| New York and Erie Railroad
| company, 1000 600
| In Massachusetts-By subscrip.
ton of stock and loan of State
| bonds to Boston and ALBANY
railroad, 400 600
In Tennessee-By loan of State
| bonds to Chattanooga and other
railroad companies, about 100000
In Missouri-By aid granted to
the Saint Louis and Pacific rail-
road, about 1000 900
| And from the Massachusetts reports made
| by the auditor of the State now lying before
me, | find Massachusetts has mortgages on the
roads for every dollar loaned Whether the
other States have or not am unable to say.
have here treated solely with reference to her
outlay for projected railways and railways now
being constructed, and with no allusion even to
her obligations for various other works of in
ternal Improvement.
On the subject of railways many other views
crowd upon me, for the expression of Which
have not now time. | Only ask to be understood
as warning against the abuses ofthe system, and
not against railways--as seeking to enforce
practical views in reference to them
| think planter who makes one hogshead of
tobacco should supply himself with such a
wagon and team as will transport it to market,
and not incur the expense of wagon and six
horses, because he may aonnt it some feu years
hence. Ard on the same principle railroads
should be built for the business actually erisf-
ing and if so, they may be built at 80 much
less cost than they now are built, as to make
them remunerative And when the business Of
any road shall so increase that it cannot be
transported over cheap road with heavy grades
and light machinery, then it will be time enough,
such road having proved remunerative to incur
all necessary expense for furnishing adequate
means of transportation
The rail first used on the Liverpool and Man.
chester road weighed but 35 pounds to the
yard, and supported the traffic between these
two large towns until heavy engines were in
troduced some six years afterwards A rail of
this weight requires IS tons to the mile, and
can now be bought and delivered in Virginia
ut $4,000 per mile. This will make very