The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1853-10-07
ARE WE BUILDING TOO MANY RAILROADS.


ARE WE BUILDING TOO MANY RAILROADS.
The American Railroad Journal has sound
and well written article on this subject. It
does not discourage the extension of our
railway system; but recommends prudence in
embarking in new enterprises, and urges the
completion Of leading lines now in course Of
construction. After discussing the fact that
an increase of business on railroads requires
corresponding outlay, and that most Of our
railroad securities are taken abroad, it con-
tinues:
Our domestic means are not sufficient TO
carry forward all our undertakings. wi,bout
large supplies of money from abroad. It is
by the aid OF foreign capital that orr extra.
ordinary success has in part been due. But
we cannot expect, nor in fact should We de.
sire to see very rapid increase 10 the reru-
lar volume that has been steadily flowing in
upon us from abroad. II is better for us that
foreigners should observe extreme caution in
their purchases. An injndirious investment,
though the purchaser alone might be in fault,
might prove a serious injury because the re.
suit would be taken as principle rather than
as fact, and might influence class, when on
ly one person suffered. So too, it is much
better for us to proceed with an uniform and
regular, though with what may seem to I've q
slow pace, for it is qnte certain that our pro-
gress under any circumstances will be quite
as rapid as in u healthy growth. We mus.
have in mind too that in this country we can
only zee tendencies and not results. Every.
thing is new, The state and orU,ni,,t;on az
society - 80 ohherehI from every other, that
P'e.euc"'n may 'hro" 'h''e I'ght upon our
course. by proceeding slowly We can each
"''y une 10 scrl'i" EXTENT inc resnH OF the
WeeeanS' ",'" ~ '','S way make the greater
'''s.e 'h"us" WIN Tess apparent speed.
!, az: "a" "PPne"''oh VI 'heSe 'icws' would, we
'h'nA postpone numerous projects now urged
upon me P"o'lc ".'eh'l"n. we need not so
lhuch discuss 'heir merits as to sly that ut
present thereis not sufficient means to exc
cute men, Our means are very likely to
exceed ,e, our estimates out thecalIs upon them
are ,lke'y 10 be greater. The cost OF our
roads Is ycta problem 1t is easy to see that
inc wants OF our old companies will be very
large ana 'nat WIN the security which they
nave offered, the new projects vii! have 10
postpone, their claims Till the former are sup
f.. S"'i '"" e"'c vi t"'hSs oui con.
Victlon Is, mat money for new projects will
oe had WIN much less ease for the coming,
l''ah Tor inc past year. The means of our
people, last as thcy are increasing, are not so
raMal y rs are me opportunities for profitable
Investment and 1t is certain that we cannot
expect any extraordinary increase in the sup
p''cs we are receiving from ahroad. Capital
IS dai'y becoming more in demand in Eng
land 10 n'ee' the stimulus communicated to
every departments Of business in that coun-
try. The continent 10 be sure is our best
customer, but we shall be entirely satisfied,
II with the present aspect of affairs, the aid
mat we have been accustomed to receive
from that quarter y not diminished. With
all these facts il view: it is certainly the die
tate OF prudence for our companies whose
roads are in progress or in operation, to avoid
assuming new liabilities, to control their
operations as far as practicable, to adopt the
most s'gld economy In all their expenditures;
and Tor these engaged in getting up and ma
turing new schemes, either to prepare the
most solid foundation for the loans they may