Evening star. [volume] (Washington, D.C.) 1854-1972, 1857-09-08


vidual profitable jobs, should be abandoned by
all who are to assemble here as Democratic leg
islators IN December, and that they shall fix
their minds and hearts firmly on the purpose Of
each doing his share to secure the entire sue
cess Of the measures of the present Democratic
National Administration, which cannot possibly
1aii OF success on any point of prime public in
terest, without divesting the party of that pres
tige OF competency to manage public affairs
which, after al, is its greate,t element of
strength before the people.
NORTHERN RAILROAD AFrAIRs-We have
more than once, oflate, sought to expose the nju-
rlous system OF Northern railroad management,
by which honest stockholders and creditors are
swindled for the benefit of dishonest EMPLOYEES
and equally dishonest gamblers in stocks; and
also to point out the fact that. so far. such man.
agement of the affairs Of railways is utterly
unknown at the South. The recent financial
crisis at the North, which, by-the-by, has 20
tar affected no one at the South TO the extent
OF slxpence, so far as we have read is shedding
more light daily on the deleterious system men,
toned above, and appears to bid fair to Law the
management which must soon be initiated and
vigorously pushed, unless it be resolved Quiet
ly to surrender the vast amount of capital in
Northern works Of internal improvements
banking institutions, &c, into the hands of the
piunderers, and 10 elevate the principle of no.
toriOus dishonesty and want of fidelity to pub
lie and private trusts, into sort of modern
Northern deity.
The editor of the Pennsylranian, in that
Journal Of Saturday last, graphically explains
the state of this moral railroad disease on
which We have been commenting, as follows:
= The RAILROAD COMMEMORATIVE Railroad
Convention, ln session in New York has for its
object the improvement of railway machinery
by actual experiment competitive trial, and by
comparison OF verified reports from d ffercnt rail.
ways in the United States The programme of
the association declares that there never was a
tlHe IN the history of railroads when REFORM
based upon experience. was more necessary than
at present; that roads do no LONGER nav under
the frightful expenses which their maintenance
anu OPe, d'loh require, and that Improvements in
huhuieds o1 details are possible. This move
hitnt is one Of great importance, for whatever the
evils are thdt have rendered our railway system
an Improbable and losing concern, they must he
promptly eradicatcd. Ii has come to il that none
Dul STOCK gamblers and their victims invest in
the building of railroads, and this has been the
case Tor years even at time when our finances
Were IN comparatively hourishino couditi
prudent persons stood aloof from these enter
Prlses- HE consequence was that numerous i'm
proVements, necessary To develop the resources of
The land, remained in the embryo, and that in
many state industry and commerce retIograded
we must place our TailI Dad system upon a
sound basis, and must make il Il seIf-sustaininq
and paying concern, or else abandon the very idea
OF progress, and be prepared to see industry and
commerce declining, the money market subject
to constant commissions, and privations poverty
and suffering entailed upon the masses The
Railroad Convention has taken Il practical view
OF tne subject. IL proposes a red action OF the
building aud working ex penses by improvements
OF technical nature. This is one step towards
the achievement of the necessary reform but
theIG - dh"iher To he taken, which if neglected,
World render all the efforts of the Associate ION
vain The ruin winch threatens our raj roads is
by tar less owing TO the ineffciency of their tech
meal IMAM Tue corrupt state Of their financial de-
pdrtiH1nt. IL II the latter that stands most sadly
IN need OF a reform association. Under our pres.
eht fndncielin2 practice begin with fraud
winch must end IN ruin. We deliberately sub
mt false estimates of the cost Of construct ION and
I"lIih3 stock, which soon places the original
bonn MT subscribers in the position of borrowers
-ooiI"Wtfs al rulnous rates of interests and as
the cIrdit OF the enterprise dwindles down, bonds
bearing hund:ed dollars the face are offered for
sale, al home and abroad, for So $50 500 and
less On these bonds per cent interests have to
DE- paid or Oh the money really received from to
~ per cent
The road completed, its cost exceeds donblv
tfcbly, the sum set forth in the estimates TT
proceeds not suffcing 10 make up interests OH
ponds, The stockholders contract further debts to
pay these interests, and to prevent the road from
railing into the hands of the sheriff. Meanwhile
di soita OF devices are resorted To, to give nc
utOus value Ia the stocks, which ACCOMPLISHED
they are th.own into the market So the road
CONTINUES To form the stock i'm trade OF d party Of
mere gamblers until its credit il wholly exhaust
Gu ne worst features Of this system are that
Ph''IeN WHOSE interests are confined to the yamb-
ih2 board OF the Exchange manage and control
"oih upon whose success the welfare of the
country depends that they manage IL less with a
vie" 10 Improving its business than their own
chances III game OF haza d; and in erlopers as
they dIe between the iona hds subsc rihtrs and
the owners of bonds, they care not a sttaw for The
Interests OF the latter. These evils might he oh
waited, to a considerable extent nv !, fair .,d
tue estimate OF the original costs of the enter
prise, which would prevent exaggerated rxDect,-
tons OF the prospective profits; approximate the
market value OF the stock to the real value OF the
property il represents, render bonds superfiuous
and secure the stakeholder against depreciation
Of his paper None would invest their money
except such would be contented with moderate
dividends, such as The entirPrise might lastingly
yield "
The MONTGOMERY COUNTY MARYLAND
AGRICULTURAL FAIR-This affair now annual.
ly anticipated with high hopes and great pleas
ure by all deeply interested in agricultural
matters within fifty miles of Washington, is to
come OIL on the 10th and llth insts
The Society, whose previous arrangements
were surpassed by those of hardly n single
county society in the United States, have been
hu 10 apUao.d e..