New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-01-09
the REASON WHY.

we oppose, S3 is hiOWn, any lHCredbe OF on
cial salaries or Of railroad fares by act or author
ization Of Congress or Legislature. Let US
briefly say why, with direct reference to railroad
fares, more especially that Central, though
what We say applies also 10 the various City or
Horse Railroads.
The Central Railroad mas received and now
enjoys valuable franchises. which it obtained on
certain conditions. virtually prescribed by it.
self One Of these is q restriction or limitation
Of its passenger fare 10 two cents per mile. This
restriction it now seeks 10 escape under the
plea that two cents are considerably lees now
than they were when the bargain wa made.
We admit the fact broadly and fully. The
two cents per mile nov received are not equal
in real value to the two cents contemplated in
the act. To this extent, thcn. the Central has
made out its case.
But suppose the change lad been in the OPP
posite drectiOn--thst our Currency had some
how been appreciated ia value. that Corn
was but 80 cenis per ouShel, Oats %. Wheat
81. Coal SO per tun, Wood 81 per cord, &c,
&c, does any one imagine that the Central
would hav. consented to Legal reduction Of its
passenger iare TO cent per mlsi Would 1t
not manifestly have stood upon its bond, and
insisted that the State should keep It's plighted
faith The question answers itself And, as
the Railroad would have held tho State to its
bargain, so the State should do the same By the
Railroad.
This is no case Of hardship to he rcdressed.
The Central is worth to-day all it has cost
Economically run, il will pay good interest
on that cost Its stock aud bonds have been
largely 'watered'--were so OF the time Of the
consolidation-so that the nominal capital of
the road, represented by its stock and bonds,
far exceeds its actual cost, but on that cost 1t
would to-day pay fair interest. If it can earn
according to law generous dividends on its
watered stock, very well; but it has no claim
to have the Law altered 10 secure that end. It's
bargain with the State is still . good one,
though not so good rs 10 would have been had
there been 10 currency depreciation.
II happens that, while the general eticct Of such
depreciation is bad, in this Que particular the
public derives advantage from i at tho expense
of the Railroad. The Legislature will do gross
wrong if it divests the public Of this advantage
and leaves i, to bear the evils without even par.
tial compensation.
As 20 the preteIsc th', passengers are no"
carried at loss, il is TOO impudent. We ride
over the Central quite often. and we estimate
that its trains throughout the post year have
averaged fully 900 passengers each, giving
81. 900, clear Of Goceynment TAX, for twelve
hours run Of 800 mi!os i.c,l Albany to Buffalo.
If any one imaeincs tia! il can cost 500 per
hour, o, even half that sum, 10 nun an engine
and ak or eight cara over the usually easy grades
argument.
Any reader who Will can apply The above
considerations 10 the case OF the City Railroads
Most of them ~ero co11ptly chartered; their
stock wa.ered TO degree that would have
shocked the conscience oi ynilkman; rich pro-
vision made therein for faYorites and wireworE-
ers: and vet there is cot nllch Of it TO bo had at
OAR to.dsy-not even where it VIGOROUSLY repre-
sents thrice the honest co Of construction and
equipment. Relief TO corporations so con.
ditioned would DO grieYous oppression 80 the
masses. Messrs. Legislators! yoa must not
think Of il, unless you aspire TO an ignOminiou,
fame that you viii gladly exchange for oblivion.
There 10 a gave consideration in favor Of
letting this matter alone that must not be disrc-
esrdsd. w koas fos "a sarly pssas, sD4 ~