The New York herald., 1869-05-11
the Paciac RaiirOnd-Its Rings and Its
Financial Middle.

We published yesterday letter from cor
respondent giving a graphic account OF the
progress of the Pacific Railroad, the
character of the country through which
it passes, the disposition of its alb
original inhabitants and the queer style of
civilization that has followed the great work
as 1t has steadily advanced toward the COM
pletiOn of the vast steam belt that girdles the
globe. To-day the electric telegraph furnishes
us with the particulars Of the ceremonies of
the final Inauguration of the business of the
road, the jubilant displays in various sections
of the country on the occasion, and our local
columns chronicle what occurred in this city
in honor of the event. That it was worthy OF
celebration equal in magnifcence to that
which attended the laying of the Atlantic cable
no one, we think, who reflects upon the mag
nitude of the wOrk-a continuous line OF rail
three thousand miles across our own Cont
nent-will deny 1t may be asked why this,
the greatest marvel of enterprise in the nine
teenth century, should not have elected more
of DEMONSTRATION than that which marked its
triumph in this city yesterday The same old
flags that have honored such events as the
anniversary of the birthday of Tom Paine
were flung to the genial May breeze from the
City Hall, and few hotels hoisted their ban
ners on their outer walls but beyond this and
the firing of few guns in the Park and
semi-solemn 2e Deum by the chimes of Old
Trinity, there was nothing to strike the
stranger or our own citizens with the fact
that momentOus event had occurred in
the history of our country-that giant
child had been born in Israel. We think
we can explain the reason for this extra
ordinary lukewarmness on the part Of our
usually demonstratve citizens. AS the great
work approached completion it became the
magnet of attraction in Congressional and out
side jobbing rings and spectators, in the en-
deavor to grasp the management of the road
and shape it to suit personal and speculative
purposes. At first there was mud
die about the payment of the workmen,
in which mythical financial bubble
called the Credit Mobilier figured, with that
ingenious, rattle-pated twistifier, George Fran
els Train, as the figurehead. Then the Massa-
chusetts Congressional ring, with Mr.. Oakes
Ames as the inspiring genius, claimed the
lions share of the management, and a hubbub
and the usual amount of jealousy and heart
burnings were created among outsiders by the
modest demands and snug little private inan-
cal arrangements Of that most modest and
self-sacriicing of all jobbng rings-one COM
posed of New England political and financial
capitalists and general stockholders. Anon
strides in the rotund and unconquerable Fisk,
Jr., who entangles the company in the meshes
of the law, smashes into its safes with iron
sledges and official jimmies and cold steel
chisels, both literally and in the shape of or
ders from the court, notices from a receiver,
and so on; and, finally, what with the wrang
ling among inside and outside rings for the
control of the vast resources and prospectively
enormous emoluments Of the company, the
entanglements among the lawyers, the Oppo-
sition of the advocates of rival lines and
other troubles that have environed the under
taking, even in its cradle, as if it were the
determination of certain rings to smother it
there rather than to allow 1t to be raised by
the hands of other jobbing nurses, 1t is no
wonder, we say, in view of all these things,
that the completion of the great enterprise was
it was in this city yesterday, or rather that
the event should not have been commemoratcd
at all in the commercial metropolis OF the
nation.
In the midst of these bitter ring fights and
financial heartaches Uncle Samuel stands
quietly by without power to say word, and
all the while he sees his rich mineral and
agricultural lands lying at the mercy of specu-
lators, his natural rights of way across his
own domain gradually falling within the magic
circle Of Congressional plotters and Wall
street spectators and stock gamblers, and
the advantages Of the great work, the en-
gineering wonder and admiration of the world,
built with his own muniicent donations, be-
coming absorbed by private capitalists and
monopolsts, who will, if they be not carefully
long time a national by-way and by-word in
stead of a worldwide blessing. Let us, how
ever, hope for the best. Let our authorities
and our people throw these monopolists and
jobbers aside and come ont for a grand jubilee
and jollification-a splendid illumination and
a grand good time all around-in honor of the
completion of this miraculous work, and then
prepare for another magnificent continental
achievement-the construction of '1ongitu-
dinaI railroad" bisecting the Continent from
one end to the other
Coon FOR MIssrssrPPI.-A number of Mis-
sissippi gentlemen are out in an address, urg.
ing great prudence, both in words and in con-
duct, upon the people of the State, in view of |