New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-03-18
RAILROAD LEGISLATION.

| HAIIshOAD
The n. Y. Times somewhat surprises US by
taking ground, at this late day, for relaxation
rather than removal of the restriction on Cen
trail Railroad fares. 1t says Of tho casualties
now SO frequent and so destructive on our rail-
roads:
Their excuse is the lsot Of to perfect the
management Of their roads. Those in this State which
are restricted by Law TO two cents q mile asge that
II is impossible nt TIA. rate to make fhc1 rOfs yhat
they ought TO be- and they are nov apply ng tot Leg
islaive for aremoysl Of this restriction
We do not understand il to be admitted that
those Railroads whose fare is limited by law are
one whit more dilapidated and dangerous than
others, nor do We believe such to be the fact
And, if not, why this conjunction of railroad
accidents with the limitation OF fares DO not
the former plainly appear az trum ped-up pre-
text rather than as an excuse iorthe overthrow
of the former
! The Tnts continues
There is a way Of reconcihng both these clams and
Of serving the public interest at the same time. Lei
the Legislature the restriction a. 10 rSes and
impose restriction as 20 dfridfHdf Permit the central
Railroad Cor example, ~ charge fTo and half ceHI
mile and restrict them 20 efSh per et dividends 10 any
wear Whatever they earn over this should be put INTO
81 rails e rebuilding Of bridges the improvement Of
cars the ~ rolling stock and the general ac
connodaiion Of the travelling ard heihting pqblie
far thoroughly accommodated than by 81 enforced
reduction OF fare.
As no one proposes "an enforced reduction
of fare" why talk of one in the premises ;
What use has the phrase but to darken counsel
and cover designs that cannot abide avowal
and scrutiny
Our reasons for opposing o removal of the ex-
isting restriction have already been set forth in
these columns. Since The Times does not con-
trovert, we need not restate them. The Central
Railroad has fairly contracted with our State TO
carry passengers at rates in no case exceeding
two cents per mile. This undertaking was
part of bargain between the State and the
combined Railroads since composing the
Central-a bargain which put not less
than Ten Millions Of Dollars into the pockets
of their stockholders. II, now, the latter
seek release from this bargain, We
will consider what they have to offer; but
while they ask to be released from the only stipu-
lation which favors the people while they retain
sll by which that stipulation was counter.
balanced, we can hardly deem them serious in
making the proposal. Let them pay into the
State Treasury the Ten Millions OF Dollars that
the act of consolidation put into their pockets,
and they may then plausibly ask relief from the
countervaling restriction.
But the suggestion Of new counterpoise in
the shape Of restriction OF dividends to eight
per cent. per annum is in every view exception
able. We object that it is
|. WusOry.-If the Central should ever be so
prosperous that IFS managers should wish 10
override this new restriction, they would easily
find journals TO advocate and Legislators to en-.
from that which exists
| III. Unjusf.--lf a railroad fairly earns money
by serving the public in obedience to the terms
Of its construction, that money justly belongs
to its stockholders and should be divided
among them. They must lose if the enterprise
does not pay; if it does pay, they should have
the benefit Not till the State protects them
against loss will i, have any right to limit their
gains.
III. Contrary TO Public Poliey-Profit is the
natural and fit reward OF judicous investment
and good management. To limit the former is
10 discourage the latter. To say that no more
than eight per cent. shall ever be divided among
stockholders gives no assurance of additional
expenditure in improving either track or rolling
stock. while it virtually shields managers from
all responsibility. So long as they shall continue
to pay the dividend aforesaid, stockholders will
have no further interest in the business, and
will leave it to run itself Thus, three or four