The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-04-16
POLITICAL AND FINANCIAL ENGINEER


To the Editors of the Daily Exchange
Mayor Swami in his famous message to the Coun-
Gil on the Street Railroad Bill, was entirely con-
WINGED, upon "high engineering authority" that the
parties who offered the city ten thousand dollars
year for the privilege of running the cars for
three cent fare, could not make any money by the
operation; and his kind consideration for them,
being his own townsmen, would not permit him to
let them go into business operation by which they
would loose money.
He was equally satisfied that the parties who pro-
posed to pay nothing to the city for the privilege
OF a four cent fare, could make nothing by the
TRANSACTION, unless some mode was discovered that
would increase the number of passengers, and, of
course, the receipts of the Company.
The financial experience of many years. added to
a natural ability of high order, soon enabled him
to devise plan by which this happy result would
be accomplished strong desire of people to
have the city embellished by handsome parks and
avenues, would induce them to use the railroad in
preference to walking, if thereby they could have
the privilege of contributing towards this desira-
BILE object, one cent, whenever the opportunity
offered to take ride. This extra inducement
from the increased amount of travel it would en-
sure, would render the of the Company GER
tain, beyond doubt.
Well, the Mayors suggestions were adopted by
the Council, the bill was passed, and what is the
result?
With all the disadvantages arising from the
highest rate of fare, and of the advantages
resulting from low rate, with a bill not worth as
much to those who will finally own the road as an
investment, one that would fix the fare at three
cents without restriction, the parties who obtained
the grant have sold it to Northern capitalists for
the sum of one hundred thousand douarsI
Those gentlemen certainly could not have con-
suited either Mr.. Swami his engineering friends
or they never would have given such an enormous
sum for so doubtful chance. We can only sup
pose that, being men familiar with the results of
the street railroads of Philadelphia and New York,
from identity and ownership in them, they prefer
red taking those results as their guide to the theo
retical ideas of fnanciers and engineers-and so
impressed were the Philadelphia railroad men with
the value of this grant, that the writer of this
ticle was told by one of the most experienced
among them, few days SINCE that he regarded
monopoly of the streets of Baltimore at three
cent fare, with the privilege of charging at each
change of cars, as worth more than any three rail
roads in Philadelphia combined.
1t would be an interesting thing to know how,
and among whom, this 100000 is to be divided
The passage of the bill may be regarded as one of
the finest specimens of political 'engineering that
the country has ever produced-unless indeed the
stockholders of the La Crosse and Milwaukee Rail-
road should claim precedence for the grant of their
charter; and it is more than likely that the history
of both will, at some future day, be published in
the same volume. Y.