The daily union., 1854-07-27
From The N. Y. Journal of Commerce.
RAILROAD SECURITIES.

Recent events have efecuay checked the establishment
of railroads throughout the country and removed all
uneasiness that much additional capital viii Immediately
flow into this channel This complete change in the ten
dency of affairs necessary for the security of the
try in financial matters, and could only be accomplished
through shock of the severes character 1t is the
fortunate result however of sudden and great change
the habits of the community, with respect investments,
that the dsrust which, in part occasions it, is powerfully
communicated to other interests which emncntly en-
titled to the public confidence The railroads in the Uni
ted States in actual operation amount to between fifteen
and sixteen thousand miles, upon which there has been
expenditure of about FIVE hundred millions of dol
lars The cautious fnancicr in this State observed
us in conversation with respect the embarrassments
now existing that the roads had added than this
the productive power of the country and TO the
value of other property They constitute the main nstru
men Of internal transportation ct nearly every State in
the Union and such is their extent that they be said
to enter into all the relations between and in
every quarter Of the United States. They perform high
service in social and political point OF view. They ce-
men communities and States together and have power
fu influence in defeating all attempts to disturb the haro-
ny of the country. In time of trouble from external
enemies they will be found to constitute great of self
defence and render nvincibe against foreign attack
1t must at be that such interests entitled to
favor and protection and that disus cannot be extended
to what is vast, widespread and valuable without
manifest wrong and injury.
And yet the amount OF capital thus invested so
great when viewed by ITSELF becomes far less imposing
when compared with other interests The amount of cap
a invested iii live stock in the United States appears by
the last to exceed that invested in railroads by
wards of forty three millions of dollars The capital in
vested in manufactures producing $500 per
exceeds that invested in railroads thirty millions OF
dollars The total amount of gold deposited in mns
obtained from California in six years. through the indus
try Of small population is equal to about half OF
the whole capital invested in these roads, in the construc-
ton of which infinitely larger amount of labor has
been expended than in the mines of California.
These comparisons present the subject of railroad
vestpens in favorable light than would be imagn-
ed possible by those who listen the interested repinngs
of stock gamblers the alleged dsproportion which
investments of this character supposed create
yond what is legitimate and expcdient Whilst it was
right apply check to the creation of roads it is
wholly unjust and wrong and damaging to the gIea in
terests of the country TO make inasorimnate warfare
upon all establishments OF this character The check APP
piled to the makes those which already created
more safe and secure
The depression with respect to roads profitable
to those which are well devised and are likely TO be-
only be of temporary character Railroad securities
partake of the nature and sodiy of real estate and
rapidly from the effect vi tho frauds which the
manager of of them has been enabled 10 commit in
time of unusual confidence when suspicion has been
lued partially TO sleep through the ease with whc,
abundant means procured II would he the
policy of all substantial men, by firm and manly course
to check those interested attempts to depress the value
property which Spectators for depression unite make
The establishment OF lines proposed in many instan-
parallel routes has been eectuelly stopped That
repeat necessary and proper But In respect to
roads in existence to completion, favorable
gard should be shown by those who have influence
the public mind in order to turn opinion into the proper
channel.