Washington sentinel. [volume] (Washington [D.C.]) 1853-1855, 1855-03-22
From the Railroad Journal.
The Times.


1t may be recoected that only few months
since, at the period of the greatest depression
in railway securities as we'll as in the business
Of the country-a period in which the timid
saw nothing but mistake and misconduct in
the past, with ruin in the future-a period in
which the greatest disasters which had been
experienced were believed to be only feeble
illustrations of what was TO be suffered, we en-
deavored to show the condition of the country
to be really sound; that railroads had not, with
some exceptions, been constructed in advance
OF the wants Of the country; that on the whole
they had been economically buit that tho
general prostraton which prevailed was the re-
suit rather of over-exertion than of misdirected
effort and that as soon as the necessary repose
was had, the community, like the over-tasked
individual, would not only display all its facul-
ties in full and healthy action, but with vastly
increased strength, from past acquisitions. We
further expressed our convictions that so far
from having committed great mistakes in the
construction of 10000 miles of railroad, that
these works in fact had saved us from catas-
trophe as much more disastrous than that
which followed the mania of 1896, as the
stimulants TO speculation excited by the discov-
cry of the gold Of California and the extraordi
nary prosperity which prevailed for the past FIVE
years were greater than at any former period.
We stated that the construction of our rail.
roads, by giving full and constant employment
to the activity and capital of the country, left
them no opportunity for wasting themselves in
frivolous and useless schemes that the depres-
sion which prevailed was in reach of healthy
sentiment, aud that we had only to wait a short
time for the proof OF the correctness of our
views.
- e. Il
been sufficient fully to confirm them. The
result has shown that the country was suffer-
ing from exhaustation rather than from wasted
strength: and that rest has restored a healthy
action. We have only been disappointed at
the rapidity Of the recovery. We placed it
beyond the next harvest, as we attributed no
small part of the distress which prevailed to the
extraordinary, and almost universal drought
which afflicted the country the past year. But
il had more inherent vitality than we supposed.
Already is confidence in the general soundness
Of the country, in the value and usefulness OF
our railroads, restored. Money is abundant.
All the various branches of business are begin
ming to assume their wonted activity. A greatly
diminished importation is placing us in indepen.
dence Of foreigners. Ii is felt that no news
from abroad can check the improvement which
is steadily going on. Our railroads are fulfill
ing all the promises they ever made. under
conditions that have been most adverse, while
they promise for the future results that cannot
fail to impart increased tone TO the buoyant
feeling which prevails.
The present condition Of affairs is the best
possible evidence that our people have been
well employed in the past, and of the general
solvency Of the country. But if all our interests
have beer so well sustained during the con
struction of our railroads which certainly
taxed the energies sud capital of the coun-
try to an extraordinary degree, what may
we not anticipate for the future, when re-
lieved from the burden Of their construction,
and when our 10000 miles Of road shall be in
full activity and use 2 If without them, the
progress Of the country in material greatness
has been without parallel, what will it be
with works in operation which in a very few
years must double It's productive capacity
Certainly, indefinitely greater than at any for
mer period. Our people have safely gone
through the crisis which belongs to every great
achievement, and are now to reap the reward
Of these achievements. We may, therefore,
safely predict, that we are on the eve of pc
Rod Of prosperity, both for the public and our
railroads, such as not has been seen, nor even
anticipated prosperity the result OF premises
about which there can be no dispute.
When we take into consideration the inn
mense interests involved in an expenditure Of
some $700,000,000, the present condition of
the country and our roads as indicated in the
return OF confidence, in an easy money market,
in the large receipts Of our roads, and in the
gradual Improvement which is taking place in
all branches Of industry, the result is most
gratifying. 1t is calculated to create conf
dence abroad as well as at home, and will no
doubt tend TO attract an increased amount Of
capital to our public works,