The national Republican., 1861-01-07
THE PACIFIC RAILROAD BILL.

on Saturday. The debate developed the strength
Of the measure, both in the number of its sup
porters, and in its capacity to abide the test Of
the most rigid scrutiny into its merits.
The physical feasibility of constructing roads
over both routes was never disputed, and the
financial practicability, as well, is becoming
more apparent as the various aspects of the
question are considered. Ninety.six millions
of dollars, the maximum of the grants in the
pending BILL is, doubtless, large sum, but its
magnitude greatly diminishes, where it is spread
over period of fifteen years. 1t is less than
one.tenth of the sum already invested in rail-
roads by the people Of the United States, and
it does not probably exceed onetenth Of the
amount which these same people will invest in
other railroads within the coming fifteen years.
Thus, this investment Of ninety.six Millions
spread over long term of years, involves no
displacement and disturbance of capital, of
which the country will be sensible. The annual
expenditure is about one.half Of our annual ex.
psnditure in time of peace upon the navy, and
about forty per cent. Of the expenditure upon
the army. The whole sum is a little short of
what President Polk offered for Cuba thirteen
years ago, and less than half Of what Mr.. Bu.
chanau has been willing to pay for that island
Mr.. Slidell's preliminary instalment of thirty
millions for Cuba, equals the call of this bill
for five years.
But, in truth, the bill calls for no money. 1t
calls only for the issue Of the national credit, for
a capitalized sum, upon which we are already
paying the equivalent of the interest, in army
and postal transportation. The statistics abso.
lutely show that we are now paying annually
for such transportations in our Territories, an
amount at least equal to the interest upon the
total proposed issue of Government bonds. The
completed roads will pay this interest by their
transportation account, and the public get an
immeasurably better service without a dollars
additional cost, and even at less cost. Mr..
Covode, of Pennsylvania, said two years ago,
in the House, that the most economical method
of asserting national authority over the Nor.
mons, was to build railroad to Salt Lake.
That would have been the best economy for
the time being, and, what is more, would have
been a permanent conquest Of a vast region to
peace and civilization. And the same view
applies to the whole region lying between the
Valley of the Mississippi and the Pacific States,
now the theatre Of expensive wars in which
the march of troops leaves scarcely more
abiding trace than the passage Of navies over
the waves of the ocean.
The pending bill steers clear of all trouble.
some questions of charters, corporations, and
monopolies. 1t really provides for nothing
more, or less, than transportation contracts such
as are made every day by the Post Office De.
partment. The Government here need not con.
Germ itself about the franchises of the compa-
MES which will build these roads, any more
than it concerns itself about the particular
features of the charters of the Erie road, or the
Baltimore and Ohio road, over which the mails
are now carried for an agreed amount of an.
nual compensation. 1t is the local authority of
the States and Territories through which these
roads will be built, which will come to an agree.
ment with capitalists as to the terms upon which
they will invest their money. With all that, the
Government here has properly nothing to do,
and this bill does not trench at all upon ques
tions of that character. 1t provides that when
a certain number of miles of road are built,
certain amount of bonds shall be loaned upon
them. There is no risk by making advances.
A certain amount Of road, upon which the Gov.
ernment will at once enjoy and use the right of
transportation, is actuallyto be constructed be.
fore any issue of bonds is made. In point of
legal form, the priority of security upon the
road so constructed is well assured to the Gov
ernment; and, so long as it exists as the Gov.
ernment of the Union, it will have the power to
enforce this preference of lien. If there is any
risk run, it is by the holders of the bonds, who
would lose their investments if the Government
ceased to exist. But that is not risk which
need specially to trouble members of Congress.
But we have already gone further into the
details of this measure than we proposed to do.
1t is not its financial aspect, but its political
aspect, to which We attach the most importance.
AS the bill stands, with the Texas road provided
for, and thus protecting the Southwest against
the insidious suggestions of notification, it is
the great Union measure of the day and of the
hour. 1t was with that view that the House
passed the bill, at the very session during which
the South Carolina ordinance of secession was
announced, and as the best response to that
manifesto of treason. 1t is doubtless with that
view that the patriotic Governor of New York
gives it SO prominent place in his recent mes.
sage. 1t is upon the same view of it that the
secessionsts in Congress resist the bill with
such an acrimony of hate. They know that its
passage seals their fate, by holding the banks of
the Mississippi, and all vest of it, to the Union,
and by so limiting the area of their meditated
separate Confederacy, as to render it politically
and geographically impracticable,