Daily American telegraph. [volume] (Washington [D.C.]) 1851-1852, 1852-01-09
TCircuIar.1

WASHINGTON ClTr, DeC. ~, 1901.
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 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
osition to petition Congress for change in the
law regulating mail contracts, SO as to enable the
Post Office Department to deliver to railroad COM
panies United States FIVE per cent. coupon bonds
upon permanent contracts for carrying the mall
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 djourned 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
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 u.s. your wishes and opinions
upon the main proposition, and upon the details
connected Herewith.
It is we'll known that many persons are opposed
to internal improvements by the general govern
ment-some 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
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 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 rs a 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 nd infntum. Under the proposed mod-
fcation the contracts will 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 will forever thereafter
have the use of such railroad free Of oil charge.
1t is objected that old routes may be super
seeded by new ones, and the present service so
diminished as to render 1t inexpedient to make
permanent contracts ut 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