, 1869-04-23

FRIDAY, APRIL %, 1869.
STATE AID TO RAILROADS,

GoverreS Hoffman, Of New York, has
vetoed BIZ granting the aid Of the State
credit 10 completing the Whitehall l. Flatts-
burg Railroad. In his veto message be dis
cusses the general subject with much ability.
This question has become one Of direct iu-
,..ast to the State Of Illinois. The
last Leg7slatura, overriding all con-
sldcrations Of prudence md JUS
t:ce, passed bill pledging the State rev.
enues for number Of years to pay the
principal and interest Of from ten to fifteen
millions Of dollars contributed by counties,
towns and cities to aid in the
Completion of number Of railways. This
debt, and as much mora Of a like lind
as nany be ~-.--rted hereafter, has been
virtually assumed by .n- r..+a and tha
,,onas iii ~. I-.- A2Ae 1lands ot purchasers
With that irrepealable pledge FOR their pay
uent by the State recorded on the statute
book. Governor Hoffman, in his veto
message, acknowledged that there were
portions of the State of New York full Of
urdeyeloped riches, yet SO sparsely settled
that individual effort and home capital are
Inadequate to open for them avenues Of
transportation; and that to open such re-
Eiocs to nctivc traffic, and give them the
ne:ns .; transportation to other parts OF
Tie State. is often Of great importance to
tie whole State. But granting such aid in
one mer7torious case becomes precedent
fur Ill other cases, and begets q ruinous
system Of speculation. The proper rule for
tie State is TO take no part in any such
measures. because, says the Governor:
tta win ,e quick to See where railroads are needed,
Nllert tllts can h made 70 pay, and where they
vi! ada to is Public "e1!th. II Is hatdty possible
tH!L:s ,yclf s c bt done ly The keen saSaclty.
ths Wi.!nc enterprise, and the careful scrutiny Of
lT1ate caIilt2l.st6-
He ill.ls
Statr viii as!d 'lu approve Of these enormous ap-
IT,91,i21lul.s, anil nre willing 10 hare imposed
L;'u them these new burdens for the sake Of AID
III. ,1.tcN's.sts the direct r7otts Of which Will
,:r III the tsuent Of private capitalists. do not
:e.ltre it. Hut even II IT were so, am confident
lst hereafter when the teyerish period Of speca-
t:in shall have 1asset! away, AMI sU1n'leT pub
lie sentiment shall prevail, they would, II Sane
I!rEr'l the legislation 10 which object hold nc
HEM :ratnsr great expenditures, IN regard to
v!uftl the probability OF waste anu extEavAEance
!. 1n':c! greater than the possibility Of prudence
Every wurd of this reasoning applies with
even greater force to the action OF our Leg
is!.sllre. Unless the judiciary shall decide
the Railroad Tax bill OF our Legislature to
lie unconstitutional, the people Of Illinois
viii ind themselves, five years hence, Grip
Piled and burleued with twenty millions Of
dollars uf these railroad bonds, made q first
mortgage on the revenues Of the State. Not
eue Of these railways can find private
capitalists foolish enough to engage in
them. Even the county, town and city
lands. given without any consideration,
have no sufficient v:lue to induce men to
build the roads. Endorsed ly the State to
the amount Of twenty millions Of dollars,
with Il" limit upon future additions to that
amount, their value vii, s,,on sink SO low
Is to Ire Of no avail Nevertheless, the
debt will lie created. md the people Of Iii
n"is. a af.w years hence, will reap the bite
frnits Of this outrageous Legislation. and
ii.:t. the people Of large portion Of Iowa
will have learned the terrible consequence
# giving public credit to ALL private COZ
/ 'zatious ind rro,aote private interests.