Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1859-09-12
From the Nee Orisa", Pieayna,.
RAILROADS NORTH AND SouTU


From the Nsse Osisan, P;eayna..
RAILROADS NORTH AND SOUTH
The present contrast between the North and the South
is eninently suggestive The facts presented are very
remarkable and are directly in conflict with commonly
received opinions. Nor are the poiut. of com
eminenty favorable the South confined simply TO the
value of the products of the soil An nyestga of
the results of industry enterprises will aston
sh those who have been disposed look the North
as pre-eminenty favored with extraordinary social and
economic progress.
Ii has been stated. and reiterated until all know
the ac that though the entire population Of the South
is only nine of the three millions reported by the
last csn the agricultural productions Of the
ceed the latter above S5s 0Oo0o. The the pro
ducton OF the North IL in the country that
the South is exported The adds but tie TO the
national wealth; the latter furnishes the aInen and life
blood OF our foreign commerce.
But much striking exhibit in favor of the Sontb
Is found IN the actual results of railroad
That spirit Of enterprise capable of undertaking gigan
tic works OF internal improvement which opened the
whole country TO the commercial of the seaboard
was first exhibited in the Northern States cannot he de-
med From the adoption OF the project of that ssgs
eions Statesman, Dewitt Cnton connect the Hudson
with the lakes, TO the consumnaOn OF lines of railroad
tapping the entire territory between the Atlantic the
desert plains. east of the Rocky Nouutains the North
mas eShibed an energy and an enterprise almost with.
out parallel in the world fher great lines were com.
peted before general movement witnessed in the
south Their different States nterSected with iron
roads while we have but put the horse upon the
great trunk lines of the South.
New York alone has expended sI42 as3 3IO or ~,
amount equal 10 oneteuth OF the assessed valuation
OF the state in creating railroad property and has in fun
operation 31Os miles OF road. hut this extraordinary
enterprise has sown the seed Of xpected difficulties
Prom official statements made in the report OF the
state Engineer we assured the roads of New York
iu the aggregate, do paw more than i.lOO of on
per cent per annum. OF all the roads in operation on
iy eight have declared dividends and when We add TO-
gether the amounts paid for dividend and interest 10y
these paying corporations, find that all the Other
roads have been running at actual loss
one OF the most gigantic roads of the State i now in
the hands OF receiver, the adventure having proved
total loss stockholders and To many other, L ;,,,
ed in il.
The condition of the railroads OF other Northern State.
exhibits but little better promise. Nowhere have long
lines proved paying roads Whether haste in construs
h0h budng expensive works in advance of population
or the amount of debt incurred by the rash issuance of
bonds to raise funds he obtained by surip,iop
or lavish expenses in the shape Of salaries to Officer
bonuses To contractors aud capitalists and discounts In
the sale of mortgage obligations rivalry in the attemnt
to obtain character for low prices, have proved the
cause o the present mourniul prospect of almost all such
enterprises at the North the stubborn fact i made prom
iuen In official reports that in great rOrity of eases
they are no" actually run at serious loss they do not
pay expenses.
favorable Georgia which r,t avoke the import
OF railroad enterprise constructed her roads with bat ill.,
lie aid from without the State Her planters along the
line became contractors and with the labor OF their
slaves finished section after section of the most imIo l.
ant lines heavy and unmanag able foreign debt was
not accumulated dead weight upon all iutuSe opera
l.
drawing nom the ofthe State capital that bor
large ratio 10 the total value Of all assessed properv
and now we hear OF no embar-assmens of no failures to
meet obligations but steady labor TO perfect the roads
aud growing profit from the local aud through busi.
ness
The Memphis and Charleston road for extent and cos,
will compare favorably with the New York Central or
New York and Erie. Not long since the report of the
President Of that company showed that the receipts for
the past year furnished net profit of 22s per cent on
4 the entire investment.
| a. We al tn ind ,ha -.
those quite important lines in process of construction
the New Orleans and Jackson the UpelouSas and Wes
tern, the Texas Central Galveston Houston aud Hcu.
derson, the Mobile and Nashville, they will when COM
pleied pay handsome dividends. The New Orleans and
Jackson road will have at least threefourths OF million
per annuin above the cost OF operating the road and
peiecung the works OF the roadbed Indeed do not
know of single Southern company which has made a
commencement of their enterprise under favorable aus
pice which cannot present very favorable future pro
mise Dividends OF course, not expected until the
roads finished and wisely desire manifested
declare them with the object merely Of enhancing the
value oi the stock IN the Market the hazard the
/ progress OF the enterprise
Now, this Is remarkable contrast and cannot fail to
lead to an inquiry into the causes OF such wide diner
tnce ia results.
We will attempt to do more than hint at some Of
/ the reasons Of greater success at the South.
In many enterprises black labor has borne an n.
portant part in the work of construction preventing the
rapid accumulation of foreign debt before the trains
/ were put on the roads
Our roads not rival enterprises one substractne
passengers and freight from the other but enter uto the
great system of public works which the saeacous man
would have planned had he taken the map With a full
knowledge OF the country and sketched the lines over
/ which they should pass.
E1uavasa"t as many have considered Southern rail
ROAD MANAGEMENT TO have beeG, prudence in salaries
in sales OF bonds aud in entering into contracts has
/ been manifested that Northern companies have not
/ shown
The way business Of all roads is large increasing
aud certain while they enjoy all the advantages of thos
| OF the North for through freight aud travel.
The country has generally been more favorable to rail.
road construction at the South than the North and
resources of wealth exist in the whole country through
/ which they run, that without a parallel
Such believe To be facts that will be acknoN lcgei
10y all The South Is far beyond the North in all the
elements Of growth development and power to be ,r,
ed om her railroad system, she Is IN the value Of her
agricultural products. Yet a few men of the south
prefer TO invest in Northern railroad stock and exhibit
blind confidence in Northern railroad management that
u perfectly astonishing IL capitalists will give their
adio the great works Of the South and make their
manent investments here the time Is far distant when
the slave States vii cghib breadth Of prosperity so
far In excess OF that witnessed in the fcc States that our
systom ofabOr will bc recognized as one OF the
| blessings fortune has bestowed upon US