The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-11-09
About Railroads, &c. &c.
TO THE PUBLIC.

The Undersigned as chairman of a committee appointed
BY convention Of persons interested in railroads held
Washington city, deems this suspicious to
call the public attention to the proposition submitted BY
that convention to the consideration of Congress- and
invite correspondence and oper alton from the severa
railroad companies and others interested in its adoption
10 VITA modification of the laws regulating mail con-
tracts so that instead Of paying for railroad service
annual sum on contracts for four years. the Post Office
Department may deliver to railroad companies bonds
bearing An interest Of four per cent chargeabe the
Of the department. and payable at the pleasure
OF the government contracts for the permanent
Of such bonds the interest upon which At six per cent
would be equal to the annual payments under the pre-
sent system.
Thus we now pay three hundred dollars per mile
railroads. which is the interest at six Der cent on ave
thousand dollars Now IT. instead of paying three hun
rsed deliver to such companies bonds for Ave thou.
sand dollars bearing an interest Of four per cent only
num- which viii create sinking fund out Of the present
expenditure that in few years will pay off all the bonds
thus delivered, and give to the United States free of
charge, perpetual OF such railroads forever there
after.
But this saving the cost of carrying the mail is
small part very small part of the bene Ats to flow from
this change he blind who does not see that the strug
sic between this and other nations for national supre
macy and upon which depends the great Of civil
zaton ard Christianity, is nanciaand that not
and will be free snd Independent people, 80 long
permit few Iondcn bankers to regulate the val ,e
of labor and of our credit.
lis ca Dable o. easy demonstration that the present
financial crisis and the inability OF many Of railroad
companies to meet their engagements owing chiefly
he depreciation of their credit in the European market
and the commercial speculation and trading arising
out ofthe necessity under present system send
ing railroad securities to that market which, as an
incident necessarily causes large amount of specie to
accumulate in the treasury.
1t is well understood that money properly e.
pended on wei located railroads. adds greatly to the
wealth Of the country and all interested In giving
Ruch relief to the sting railroad compa aies con
ssent with the powers Of the federal government and
due regard to wise financial system.
Such 10 the necesfous condition Of of our best
railroad companies that their shares and obligations are
forced upon the market greatly below their value An
issue Of government bonds to these companies propo
sed would not only greatly increase the value Of their
shares and obligations but the surplus the treasu
ry would be sinking fund to purchase up these bonds
under regulations to DO prescribed by Congress- there
would be further cause TO complain Of the accumula
ton OF the precious metals In the subtreasury.
lam well aware that the details Of mpor
tant, affecting as does, so many interests should be
well considered; and 1t Is with that view that would
call the attention of the public to it, and pectfuy in
vite the comment Of the public press, and ask the
presidents and d ectors Of the several railroad companies
TO advise me by letter. addressed to No. "a Wall
street. New York, what their views and wishes upon
the subject and especially whether they deem 1t expe
dent to call another convention 10 meet in Washington
or elsewhere. DUFF GREEN.
New York, Nov. It'll, 1858.