The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-06-28
..........................2So,sa,
eCHKDULK Y.
Hallway Spec In England.
TFru,n the London Post. June 81


formidable array Of railway shareholders waited
the other day upon the President Of the Board of
Trade, with tho view OF calling hs attention %
tain grievances, of which they loudly complain.
They truly informed him that they represented pro-
perty to an enormous amount, namely, upwards Of
three hundred millions scriing, and that therefore
they were well entitled to be hesid-a proposition
which cannotbe disputed. We shall not go through
the catalogue OF their complaints. Suffice il IN say,
thsi the points which they chiefly pressed upon the
confederation OF the Minister were-frst that their
property had been greatly depree ated in value Of
recent wears; and, secondly, that II was unfairly
taxed. They complained too the operation OF Lord
Campbelrs excellc at act, which gives compensation
TO the relatives OF persons killed thrugh the negi
gence OF railway companies. But - 10 remedies
they were wholly silent. Lord Staniy Of Alderey
was snxlous 10 know the views " tie depu,ation
upon this essential point but he failed TO elicit from
them anything ike plan. Their object apparently
was TO let Their grievances be known, Ind 10 caye IL
to the Legislature to devise q remedy.
That. we fear, will be no easy uattu. But how.
ever difficult II may lie TO satisfy the ailw1y share
holders, II IN not difficult 10 indicat the cause Of
that deterioration in the value OF heir property.
which IL the on,y substantial grievance as II apDeas
10 us, Of which they have to complain. That has
arisen from a cause 50 obvious that must be per
ceptihle to everybody. 1t j. nctoriOu that British
railways pay wosc than those Of anY dher couatry.
II is notorious that while the greet Ines OF France
and Germany pay ten per cent, and frequently more
70 the original shareho eers, few, 81 aY, OF our own
pay half that amount. Many pay nothing at all. The
reason u this striking diligence II at nce explained
by reference 10 the different circumstances under
which railways were constructed IN th and in other
COUNTRIES Here everything was left % individual
enterprise while on The Continent nothing was done
without TIE sanction of the government. TIE resuls
in this country excessive competition md specu-
lation. as everybody recolects, and vry many to
their cost. Rival companies sprang lp on every
tidc aud rival lines speedily interested the length
ana the breadth Of the land 10 the sre profit, in
less certain loss Of the defuded shareholders. Rail
way attorneys, counsel ard engineers cquired for
tunes with rapidity unoq Jailed sine. the days OF
the South Sea bubble. TIE success Of tie few stimu-
lated TIE love Of gain among the many and all pro-
fessions and all ranks were for time Imtten with
the intoxicating desire OF suddenly becoming rich.
How the delusion ended we need nd tell. But,
unlike other decisions OF a similar Kind, II LETT
something substantial behind IL. Although orr
monetary system had been seriously eranged, ST.
though thousands had been ruined both IN for.
tune and Ia character, and the natiosal morality
had been sendbly furnished, we had, ievertbeless,
in the interval accomplished great rnrpose. We
had covered the country from north 70 louth with
vast network Of railways. We had DON this with
rapidity which would have been impossible in any
other country, because no other country possesses
such q combination Of capital and enteprse as this
But we dscovered-at least we now dicover-that
we had made a great mistake in encouraging too
ar the popular principle OF competition. IL Ia true
hat Lord Dalhousie, with that sagaciy which has
ever distinguished his public condud, proposed,
OF the Board of Trade In 1874, that tbegovernment
hould restrict this principle far as egarded the
ormation of railways, in order TO prcv6t the conse-
quences, which he then foresaw, Of excessive com
petition. But Sir Robert Peel, unfortunately for the
railway interest and for his own repuotion for fore
light, took the opposite view OF the question:; and
the weight Of his great authority thee can be little
doubt, led 70 an aggravston OF those evils OF which
we now hear no much.
Tn France and in other continental Countries the
government interfered and interfered successfully, TO
prevent the occurrence Of such evils. BY preventing
excessive competition great saving wa, effected IN
the construction Of foreign railways. This is one
reason why they have raid better fhanthe English
lines. But the principal reason Is undoubtedly the
absence OF rival lines, which, in this country abound
on every side, and which always dminis, and some.
times annhilate the profits OF the shareholders. This
ia the master grievance OF our railway interest, and
we naturally ask In reference TO the recent deputa
tor whether il II with which the Legislature Is
competent TO dea2 That Il might have efectually
prevented IL by a timely intervention during the
growth OF our railway system is obvious enough.
put bow 70 eorIect tse psehef now that II " apnei