New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-03-21
RAILROAD LEGIsLATION.

The n. \. Times urges that the Railroads OF
this country are far inferior in solidity, dura-
hilitv end safety to those OF the Old World
which is quite true-and argues that our Legs
latures NAV secure q remedy for this by allow
ing them to increase their rates OF fare. we
meet this by the undeniable fact that those roads
which charge highest arc decidedly the most
rckety and perilous. To this, The Times re-
spends that
1.-The restriction imposed By law upon one srea'
nc'tion with il How can the Erie Road charge three
cents per mile while the Central charges but gro
The law operates npon e The roads OF me statg ,
are al restricted IN point Of fact TO Substantially tue
same rates Of fare. -
We appeal from this naked assertion to the
printed tariffs of the severall companies The
Erie now charges on all its way travel from
three to three and half cents per mile. So
with nearly all the branch and cross roads.
Even tho Harlem, though virtually owned and
controlled by the same persons "a the Hudson
River, charges at least fifty per cent. more
on its way fares-the rates of the former
being limited by law, while those Of the latter
are rot. Yet no one will grayely contend that
the Harlem is better built or stocked than tho
Hudson.
The Times says:
1--WE hope the question Of relieving the State rail.
roads from existing legal restrictions a. 10 fares may DC
diseu sed before il Is decided on come higher grounds
than those thus fnr generally assumed Whether the
NewYork Central Road is or is not party machine
whether its directors and managers get too much OF too
III lie for their scryices-whethcr IL divides among ns
stockholders less than its legitimate earnings
whether It pays too much or too little Tor me ine or
&C. which 1t uses nav be important questions; but
they have very little do with the only point we have
presented for public onsideration-nanely the general
policy by which the State can best serve the public in.
teres as that interest is involved IN the safety and
good management Of our railroads
We certainly think it was q mistake for
the Central to have AT one time its President
AID Superintendent Democratic Members of
Congress, and its Vice-President and most
influential Director Chairman Of the Democratic
State Committee. We hold that the chief
officers of so great and important work can
not fifty discharge the responsibilities of their
trusts and simultaneously serve in Congress or
run the Democratic machinery Of State. But
let this stand aside, while we insist that it is
essential to know that the earnings OF the road
ore or are not sguandered or Incorporated.
The MANAGERS ask to be released from the per-
Torrance of contract fairly made by them with
the State, alleging that they cannot otherwise
keep their road in good working order and pay
fair dividends TO their stockholders. Now it be-
hooyes them to show that the income hitherto
received by them under this contract has been
honestly and frugally expended or divided
that it has not been diverted into the pockets Of
their managers and their fayorites, but has all
been applied to repairing, keeping up and
running their road, or else paid out in interest
and dividends. To bar inquiry on this
head is to confess judgment Oh the main
ouestion at issue. And if it be fact that
the Railroads Of Massachusetts, carried their
passengers throughout 1864 at cost OF cent
and small fraction each per mile, then it be.
comes the managers Of our chief roads to show
why they cannot dc at least as well; they hay
ing to contend with far less rugged topogra-
phy. and having much larger business, cheaper
fuel. &C., &c. If the Massachusetts Western
Road can carry its passengers for one cent and
one.seventh per mile, the New-York Central
might surely carry its passengers for one cent
per mile. If not, will some one be good enough
to tell us ,chy mott
Finally, The Times fails TO notice our demur
to its proposed restriction Of dividends based on
the fact that the stock and bonds Of the Central,
as of many ii not most other railroads, do not
honestly represent the actual cost of construc-
ton and equipment, but have been "watered'
to the extent of millions. Is it not trans
parent mockery to make show Of limiting divi-
dends to eight per cent, while the managers
make their stock and bonds wherein dividends
and interest are TO be paid, whatever they
please