Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1860-02-17

held within the State, and not in parlors
8 New York and Boston, by executive commi
d tees, as is now the case, and by men who ha,
s never seen Iowa, and who care nothing abo,
S her. 1t is our duty to rid ourselves of tn
:, foreign influence, and take fair start upon
e proper basis. The State has given lare
$ amounts Of lands to Railroad Companies, an
0 they should be entitled to voice in tn
s management. " 72'At rp.rr #'ia' 50
. We quote once more from the pamphlet: (:
, "When the management of our road gel
> into the hands of men of eur own State, the
and not until then may we expect to have ther
handed over to the Company at what they ar
worth per mile, and at a cost upon which the
can pay dividend to the stockholders. An,
, organization of thorough business men cal
build Railroad just as well as they can erec
a building. In the one case they want tn
services of good architect; in the other the,
want competent and practical engineer, ant
an association of good men who will 20 hon
estly to work, and not undertake to swindl
the Company as contractors, and first expent
economically all the money they can rails,
along the line, and then like honest men
attending to their own private business, carry
ing their regulations with them, 60 to New
York, or any other mart in the world, and my
word for it, they will get all the assistance
they are entitled to. The time has come wher
thorough change must be wrought in GU,
system of building Railroads. There is nc
longer any excuse for trying to force them
through our State in their present sickly
condition. They are truly in bad state, and
the remedy must be thorough. We shall
never see prosperous days for our Railways
until they are built at the smallest practicable
outlay. A road that should have cost Sis 900
per mile, and is called upon to pay dividend
on $45 900 per mile, will very likely have a
little more to do than she can respond to.
Extravaganza in management is bad enough
and common enough, but it is an evil which
can be remedied any time, provided the share
and bondholders insist upon a reformation.
But money sunk in construction is gone
beyond recall. 1t is buried beyond the reach
of resurrection. All thpt can be done is to
smooth over its grave by the sweeping process
of a foreclosure.
'There is no better way to make money than
by the exercise of strict economy. This rule
applies in an eminent degree to Railway con-
struction. Every dollar saved in the building
of new road is dollar forever withdrawn
from the interest bearing capital. 1t is an
outlay of eight or ten cents per annum in
perpetuity extinguished, and virtual increase
to that extent of the profits of the work. So
far as theory is concerned, no one will be
found to question this doctrine, but how far
we have regarded it practically is another
matter. The same rules which are found
essential in private business should and must
characterize railway management. Officers
and Directors should be chosen with para
mount reference to their fitness, and required
to devote their entire attention to the duties
of the places they fill. Salaries should be
liberal, not extravagant, and certain during
good behavior. In short, when our Railroads
are managed as a thriving business man
manages the affairs of his trade and counting
room, then we shall see them pay, and not
BEFORE"
Without holding ourselves responsible for
the charges of fraud preferred against the
M. & NJ. R. R. Co. by Mr.. Isett, (for we
know nothing about its management behind
the scenes,) we cannot but commend the
practical, common.sense suggestions con-
tanned in his pamphlet to the people of Iowa
who have as yet had no experience in
constructing railroads. We are quite sure
that if the citizens of Muscatine had known
as much seven years ago as they do now
they would have secured railroad facilities
on much better terms.
Our county pays yearly interest of over
SIS, 900 and the city $13, 900 on bonds issued
to the Company, and yet it is impossible to
collect single cent from the Company as
damages for the killing of stock on account
of their neglect to fence the track. When
suit is brought against the Company for the
value of even calf killed on the track, the
injured party is coolly informed that there
is mortgage of seven million dollars on the
road, and if he will pay that he can then
obtain damage for his loss! These are not
ell the grievances suffered by our citizens.
We have no passenger depot at this place
and no facilities for receiving freight worthy
of the name. The Company, apparently for
the purpose Of injuring our business men,
charge as much for freight from Washington
to this city (38 mieO as from Washington
to Chicago (36O miles.) These things are
becoming intolerable, and we forewarn the
Railroad Company that such outrages will
not be meckly borne much longer. Our
citizens know their rights and dare main
tian, if worst comes to worst