Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1860-02-03

The Capitalists Gu,de and Raii,ooy Annual.
by F. III. STOW, contains some Interesting
statistics concerning Railroads in the United
States. from which the following is condensed:
:. II appears that in nine years, or from 1850
to 1859, the railways of The United States in-
creased from 335 to 1884 miles in length.
1t is calculated that 20, 600 miles OF railway
are sufficient to do all the business of the
country at the present time. and that 5000
miles have been constructed. IN part, IN III
valry to other roads, which have proved
dead loss to Stockholders and in the main
will pass into the hands of the stockholders
TIE average cost of railways per mile has
been $50. 1928. In the Middle States $40 9lS;
in the Southern States S22,0 COG, and in the
Western States, So, 1888.
The reason assigned for cheapncss of con-
siruction of railroads at the South il, that
they we're built on the cash plan.
WAR WE OwE ABRoAD-'A Banker" in
1859, writing in the New York Courier, states
THAT this country owes Europe. ON various
accounts, not less Than four hundred aud for
ty millions of dollars! This is not mere
conjecture of the writer but he gives the fig
ures, for the respective Slate and Railroad
corporations; aud they have all the marks of
being genuine and authentic.
The total debt of the State, according to
this writer, is two hundred aud sixty mil
lions. OF this sum ninctysix millions are
held in Europe. Tae debt of Virginia is put
down at thiriy-ihree millions. of which twelve
millions are estimated at be held by Euro
peun capitalists.
The total debt of our various Railroad cor
poratiUns foots up the enormous sum of ole
billion. fifty millions of this is due abroad.
Add 10 the State and Railroad debt, held in
Europe, other indebtedne S on account OF City
and County. Bank Bonds, Stock. &c, and The
grand aggr gate amounts. as above stated, to
four hundred aud forty millions
The writer further states that this is the
minimum estimate. Other estimates make
orr Indebtedness to Europe at six hundred
millions of dollars!
This is an immense sum. The interest
upon it alone, at six per cent. amounts to
appear, therefore ;hat the balance of trade
ought TO be ia our favor to the amount OF
thirty-six millions. in order to make the ac-
count even. In truth. it ought to be more
than that, if we expect to diminish and gradu-
ally pay off the principal of the debt. But
we are afraid that such is not the case. The
New York importing merchants, recovering
rom the commercial panic of two yrars ago,
now rushing into the opposite extreme
and their impOrtatiOns for the last month are
. said to have been heavier than ever before in
the same length of time. 1t is easy to see
that il this continues, the balance of trade
will be heavily against us, leaving altogether
out Of the question our money Indebtedness
to Europe. In the course of a few years this
policy. if persisted in. will bring about an
other comm, rcial Revision more disastrous
even than that of two years ago"
Without change what will be the condi-
ton Of he poor and our children in ten year
from this. / think all the best of our land
will be sold or given away. and there will b !.
debts on them more than they can pay, and
tbey VIII nave lb liNt AZ tchtIS Vi HODu
drawers of water for others. AS such.I hope
You will, and others will, examine the matter
and give us a full and correct statement of all
the public land sold and given away, and
debts made in the list ten years, and try to
produce change for the better. Washing
ton said in bis farewell address. lin time OF
peace pay the debts that had been produced
by war. and not nngrnerously throwing upon
posteriiy the burden which we Ourselves ought
To bear and the constitution OF the United
States says. no State shall emit bills Of credit.
and think bonds or notes payable after date
with interest are bills of credit. / hope you
and others that are better posted will take
this matter in hand and protect our children
and others. S. w. ADHESION.
February 1T, 1850.
the NaS patriaf