The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-06-29

Secretary of War, and Daniel S. Dickinson, and
in reference to the next Presidency.
RAILROADS AND RAILROAD PoLIcY.-On the
30th June inst. there will be held at Buffalo,
N. Y, meeting of railroad officers to I" con-
slider the recent very great and uncalled for
reduction of fare by the New York and Erie
Railroad Company, and such other subjects in
regard to railroad traffic and management as
it may be found desirable to act upon" The
call is signed by the Presidents of the Balti-
more and Ohio Pennsylvania Central New
York Central, Hudson River, Boston and Wor-
cester and some other railroads.
The action of the Erie Railroad Company
which has called forth this practical remonstrance
was reduction of the fare between New York
and the western terminus of the road from 50
to IS. The ground on which this reduction was
made was that the desperate condition Of the
road required adesperate remedy; that the high
price of through fares benefited the New York
Central, but did no good to the Erie, which car
ried bat few through passengers; that the Erie
had made nine distinct bargains with the Gen.
trail every one of which had been broken by the
latter almost as soon as it was made; that it, by
reduction in fare, travel could be diverted
from the Central to the Erie, the latter might
be rescued from bankruptcy, while, at any rate,
the injury inflicted on the Central was calcu-
lated to teach its managers q lesson Of honesty,
and to prevent their pursuing their
present hostile policy to the Erie. These
were the grounds on which the Erie direc-
tors recently lowered the rates Of fare. 1t Is
indeed alleged, and very plausibly, that
the reduction was made at the instance of q
director who, in his capacity of stock operator,
is known to lie largely interested for the fall of
both Erie and Central; but with these minor
points the public has nothing to do. The act
was the act of the company, and its conse-
quences and responsibilities must rest on the
corporate head.
The effect OF the reduction must Of course be
disastrous to both Central and Erie Nothing
Is clearer than that railroads in this meridian
cannot make money by carrying passengers at
two cents head. This the Central has repeat
eddy asserted in its memorials to the Legislature;
yet now we have both roads carrying passen-
gers at something like one cent, and, in the
case Of the Central, less than a cent a mile
Competition in such case is race Of ruin: the
road which does the most business loses the most
money and goes to the wall soonest.
II is to see whether some measures cannot be
Devised to prevent the inevitable consequence
Of this state Of things that the meeting at Buff
falo is to be held
IL the principle urged upon the Erie
Railroad by the bear interest be gene
rally adopted by railroads throughout the
country, it is very easy to foretell the
period at which all our great lines must
go into bankruptcy. II has been the policy
of this country not to regard the interest Of
railroads in building them, but to look rather TO
the ultimate reward to be reaped by
the development of the country. Hence
competing lines have been built in every direc-
ton, without regard to each others interest.
If these roads are TO enter into . cut-throat
competition and to agree, for the sake Of extcr-
minating each other. TO run at lees than half
the lowest rate which pays expenses, the strug-
gle must soon terminate In the collapse Of all
the combatants. II is only by a sensible mutual
understanding and a nice adjustment of the
relative rights Of the roads and the public that
they can possibly hope to pay their way.
Proper consideration should be bestowed on
the purely patriotic and disinterested motives
which animate the majority Of the direct.
OTIS Of the Erie Railroad. II IL we'll known
that they are nerving themselves TO behold the
ruin of our greatest railroads by philosophc
contemplation o. the fact that the roads will
rcmair, ,AOosb the stockholders are ruined. /
is also understood that, with admirable self.
denial, they console themselves for the injury
they are jnhictiDg on the enterprise of which
they are the managers and directors, by dwell
ing on the benefit which they confer on The
public by inauguratin9 the era Of travel at bal
cost. All these points should be borne in mind
though IL may happen that the stockholders in
these roads may lack the peculiar philosophy
necessary to appreciate them
THE End or THE DwIGmr ExAMTNAuoN.-
The examination Of Henry Dwight before Judge
RUSSELL on various criminal charges which has