Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1859-08-31
Railroads in the United States.

we eXtfacI from inc CAPITALISTS Uulde ana 1tall-
way Annual the following interesting Railway
statistics. Thirty-fve years ago there was not a
mile of Railroad in the United States; now there
are $4,000 miles of finished Railroad and 10000
miles either under construction projected. We
remember that when boy of eight or ten we heard
mysterious expressions about wagons that went
without horses, and these were Railway wagons.
The paper referred to says:
st appears that in nine years. or from 1850 to
1859, the railways of the United States increased
from 1855 to 1884 miles in length In this peri
cd the increase in the New England States amounted
to 62 "A per cent, while in eight of the Western
States the increase was 1901, Al per cent At the
same time the former gained in population Is II
per cent, and the latter 40 %. The total cost of
the roads, up to 1859, amounted to $685. 451 ,070,
of which large sum it is supposed one-third has
been wasted in construction yet by their influence
lands have been advanced in value and the speed of
internal communication greatly augmented, and the
whole country benefited. There are at this time
$4,000 miles of finished roads in the United States,
and about 16, 600 miles either u:der construction
or projected, requiring s4Oo,OOOOOO for their COM
pletion. 1t is estimated however, that many years
must eapse before sufficient capital be diverted
from other objects to carry them through In the
meantime, many projected in spirit Of rivalry to
other roads, will DC abandoned. 1t is calculated
that 90 900 miles of railway sufficient to do all
the business of the country at the present time,
and that 5000 miles have been constructed in part
in rivalry to other roads, which have proved dead
loss to stockholders and in the main will pass into
the hands of the bondholders. The average cost of
railways per mile has been S36,32s In the Middle
States $40,919; in the Southern States, $22, 9O6,
and in the Western States, $4G,333.
The reason assigned for the cheapness of construc
ton of railroads at the South is that they were
built on the cash plan. Among the net earnings,
the Panama shows the largest returns, being $685.
564 per mile and those earning the least, or moth
ing to stockholders, were found in Maine, Vermont
Missouri Iowa, Illinois, New York, &c. The list of
dividend paying roads comprises IS; among which,
two pay an annual dividend of - per cent nine
10 per cent ; two, per cent. ten per cent six
Z per cent. thirty, per cent five, per cent :,
one, per cent. one, Q! per cent. one per cent
The list of delinquent companies on stock or bonds
amount to 80. The total bonded debts of the
American railways, all of which mature between
1859 and 1874 amount to S411, 199, 1922 The total
debts of the States, including all liabilities, direct
and indirect including loans to railroads and expen-
ditures for canal and banking purposes, amount &C.
cording to Mr.. Slows statement, to about S29l.-
1876 $50 Many of the liabilities incurred, however
for canals railroad and banks, cannot be considered
in the light of any direct charge upon the people,
as they in most cases. pay their interest and sink
ing funds to the State and in some cases they yield
surplus revenue to the treasury. New Jersey has
no direct debt but an indirect liability on account
of canals and railroad bonds of some millions
which forms no tax upon the people. Connecticut,
Delaware, Rhode Island, and New Hampshire, have
no debts at ALL neither direct, nor indirect"