The national Republican., 1869-02-12
RRCKPTIoNs.
THE PACIFIC aAILnoAD OMNIBUS
Id. ut n. BILL .....

This hill IL likely TO fall by its own weight.
1t undertakes TO carry too much, and has
alienated even some OF the warmest friends
Of government aid to Pacinc roads. Tho
lines to which II proposes to give more sub
aides are estimated at 5000 miles, In the
adverse report Of the minority Of the railroad
committee. Tho friends Of tho measure
themselves do not estimate them at less than
$500 miles, involving government guaran.
tee Of bonds TO the extent Of one hundred
and forty-four millions Of dollars. It Is no,
limited to northern and southern Pacih,
road, but covers multiplicity Of branches,
not omiting to do something very liberal for
that amiable corporation, known as the
Union Pacific railroad, Eastern Division,
which had lts origin In charter obtained
from the border-rufinn Legislature Of Kansas
and has passed through the hands Of success
sivc sots Of manipulators, who have shirked
their obligations and feathered their meats
at every new transmutation Of the form OF
the company.
The subject 10 large and we only propose
to-day TO touch uTon one Of its aspects.
The Investments now being made In rail-
road construction In all parts Of the country
are erroneous. Tho motives to them are
multiplied and urgent. Resources on every
hand, inviting development, and private
wealth and State and municipal and corpo-
rate credit are strained TO the utmost point
Of extension to afford the necessary means.
Wishing well to every public enterprise, we
cannot but see that this movement In the
direction of railroads may be excessive, and
that Il needs restraint rather than stimula-
tion.
1t certainly is absorbing its full share Of
the labor and capital Of tho country. The
high rates Of interest for money which pre-.
vail arc largely due to the premiums for
capital offered by railroad enterprise.
These high rates of interest tar all other
forms Of industry most oppressively. They
are really more burdensome than the imposts
which the Government Is obliged 10 levy to
meet the debt Incurred In suppressing the
rebellion.
While VIC would do nothing to discourage
legitimate railroad enterprise, 1t Is quite an
other thing when we arc called upon to sup
port scheme which proposes at one single
blow to absorb one hundred and forty-fonr
millions of capital, by the issue of bonds to
that amount, guaranteed by the United
States, and half as much more by bonds not
SO guaranteed, but resting upon q second
mortgage Of the proposed roads. No scheme
Of such magnitude can be carried through In
a mass and at one impulse, In addition to all
the roads being built at the same time by
private and corporate means, without dis
turbing the markets for capital aud labor,
swelling the cost Of everything used In rail-
road construction and equipment, and tend
ing to bring on a general financial crisis.
In this case, as In others, the way to pasture
Is to pasture slowly. Most Of the roads, II
not all the roads, provided for In this omui-
bus scheme are needed and will be built.
But If we attempt them all at once, and by
such violent expedient as n Government
guarantee for one hundred and forty -four
millions Of dollars, we shall obtain valuabl,
works at too great cost Of Injury TO othe
interests and other industries.