The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-05-05

An article in HUNTS Merchants Magazine for
Nav discusses the question of Railway communi-
cation with the Pacific, and advocates the con-
structon of three lines, instead of one. The
proposition is, that high Northern, Central,
and a Southern route shall be fixed upon, and
that the Government shall grant sx-mile sections
of land along the route Of each, and in addition,
aid each by an appropriation of fifty millions
OF dollars, of five per cent. bonds. The argu-
ment in favor of this scheme is, that the three
great divisions of the Republic "being equal
"parners in the common property OF the whole
f'country must be made to feel that out OF the
sscommon funds each has its just share OF aid y
To adjust the question upon any other basis, it is
commended, "would only lead to strife, instead of
t.harmony.' That three Railways to the Pacific
would be better than one provided the commerce
of that region would justify the cost of their
struction, may be conceded But here is the
hating point-Will it pay TO build six thousand
miles of Railway-for the distance by the three
proposed routes would fall but little short of that
for the purpose of forming triple connection
with a population which does not at present ex-
coed five hundred thousand souls? The estimated
expense of these great public works has been
roughly set down at three hundred millions OF
dollars-one-half of which sum is to be furnished
by the Government, and the other hall by private
individuals. If the greater portion of the coun-
try through which these roads would pass were
adapted to settlement the cost incurred in con-
structing them would not be a very serious mat.
ter. But when, as is well known, all the routes
which have vet been surveyed traverse, for the
most part, either a rugged or a sterile region
it is clear that the means by which these varou;
Railways are not only to be kept in good working
order but to furnish dividends to those who en-
bark their capital in them, must be derived from
the Pacific slope Now, the whole of our COM
merce with Eastern Asia, and with the South
American ports on the Western shore of this
Continent, does not exceed twenty-five millions of
dollars If we assume that the commerce be-
tween the Eastern States and California amounts
in the aggregate to n hundred millions o
dollars annually, and that two-thirdS of all our
trade with the Pacific would find its way to the
Atlantic by rail in the event of the proposed
roads being built, the gross value of all the freight
TRANSPORTED by these routes would be about ninety
four millions of dollars annually. Taking the
total cost of constructing the roads in question to
he no more than three hundred millions of dollars
although the engineers estimates show that it
would reach nearly four hundred millions--we
have to ascertain what return would be required
TO pay the working expenses and an annual divi-
dend of six per cent. The reports of the Atlantic
railway companies show that the working charges
absorb, on an average fifty per cent. of the gross
annual revenue. Taking their experience as the
basis for our calculations it becomes evident that
the aggregate annual receipts of the three roads
must amount to thirty-siX millions of dollars,
eighteen millions of which would 60 to meet the
current expenses and the other eighteen to furnish
six per cent. dividend upon the capital invested.
Is it possible TO imagine that railways, each of
which must traverse more than thousand miles
of uninhabted country, and which derive little or
no advantage from way freight or way travel can
draw from the shores of the Pacific a traffic of so
much magnitude as to pay for transportation
alone the annual sum of thirty-six millions of
dollars? Why, the whole value of the freights on
cargoes entering San Francisco from ports of the
UNITED STATES during the year 1857, fell short OF
the value of the freights on cargoes arriving al
the same place, and covering the same period
from foreign ports, the total amount would still
be under three millions of dollars. Carry al
this by rail, and double the sum to give thu
value Of the freight upon exports also, an(
we then have but about six millions of dollars
Where are the remaining thirty millions of dollar
n is hat tbavc he
from Asatc and South American commerce, 70
the entire annual exports and imports, so far a
the UNITED STATES is concerned, amount to bu
twenty three millions of dollars so that the cos
of transporting them overland would exceed til
value of the articles themselves by seven million
of dollars This plain statement of facts, base
as it is for the most part, upon official statistics
shows that three Railways TO the Pacific cou
not, by any possible mode of management h
made to pay for many years yet to come, and tina
it is a matter of doubt whether even a single lin
would be as profitable as its advocates suppose. Blu
lift be contended that the construction of at eas
one Railway to the Pacific is a matter of necessity
then the best route is that which is most central
which traverses the most favorable region for sci
tlement, and which is not only the nearest i
point of distance but which affords also the feweS
engineering difficulties. The route that has bee
surveyed between St. Louis and San Francisc
undoubtedly fufs these conditions more nearl
than any other. Yet the Committee of the uous
of Representatives, to which the subject was refer
red, has not only reported in favor of hig
Northern route but of one which is also tn
longest, the most tortuous and the least practi
cable of ALL