Daily American telegraph., 1852-01-23

contracts. 1t is hoped that the adjourned meet
ing will be fully attended, and that Railroad
Companies who cannot conveniently send dele
or some one else to represent them.
Circular.
WASHINGTON CRY, Dec. 10, 1851.
Sin: 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 a prop
osition to petition Congress for change in the
law regulating mail contracts, 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 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
theadjourned meeting; for the opinions expressed
by convention Of practical men, representing
80 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
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
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 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 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 infnitum Under the proposed modi-
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 all charge
1t is objected that old routes may be super
seeded 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
contracts will be made by board appointed for
that purpose, and that no contracts will be given
unless that board be fully satisfied that mail SER
vice adequate to the payments will be amply Sc
cured d the United States.
We desire to obtain the views Of your company
upon these and all other matters Of detail, and
respectfully ask Of you to furnish us such stats-
tics as will enable US to submit to the convention
and to Congress statement showing the COM
parative increase or diminution, as the case may
be, Of the mail service performed by your COM
pany-the past, and probable future increase of
the weight Of mails carried over the route Of
your road. And in this connexion we wish to
learn what in your opinion, will be the probable
increased weight of the mails, if newspapers and
periodicals are sent free of postage.
We wish you also to state what is the present
current price Of your shares, what rate of diyi-
dend does your company now pay, and what divi-
dend could you pay under a contract such as we
propose.
The committee venture to invite the co-opera-
ton Of the railroad convention to be held in New
Orleans on the first Monday of January, and that
the newspapers in the South and West will urge
upon all those who arc interested in railroads or
in the extension Of the system favorable con-
sideraton of the measure proposed and the ne
cessity Of prompt and efficient cooperation. In
behalf Of the committee,
DUFF GREEN, Chairman.
Proceedings Of Meeting held in Washington CITY on ne
81 December, 1851.
At meeting Of gentlemen assembled at the request Of
Gen. Duff Green TO consider project Tor modifying the ex
listing laws regulating the letting Of mails to railroad
Cen Morton Flords was chosen president and Albert
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