Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-12-28
THE BALTIMORE AND OHIO RAIL
FAkn

L
York and the placing in that city of al |
the greenbacks required for the re-
demption Of National Bank notes, gives
the Jay Cookies the material for gigan-
tic gambling, while at the same time
any arrangement there immediately
affects the condition of the whole coun-
try. Other serious disadvantages re-
suit from the country's beng content
with only one grand commercial empo-
rum. The merchant who wishes, be-
fore purchasing, to inspect all the nov
elites of the season in whatever line of
business, is now compelled to go to New
York. After he purchases there, he
finds himself at the mercy of the rail-
road combination, which regularly
raises its rates with the approach Of
the busy season. The more business
railroad does, the cheaper it
can afford to do it; but at present
this most natural rule is completely re-
versed, and the more freights in pros
pect, the higher the tariff is raised.
This single anomaly proves that the
commerce Of the country needs more
than one New York. With two or more
rival emporiums, and Prerequisite trans
portation facilities, the inland mer-
ab,,,+ ,,d 10 ,,,. :, :, xr,olI nc 4ba
producers of grain, etc., would reap the
advantages of competition. Rival en-
poriums would sell goods on better
terms, while rival railroads would abol-
ISL the outrageous winter tariff. 1t is
with keen appreciation of the monop-
olies they now enjoy, that all the inAu-
ence of Eastern capital has been
brought to bear against the resuscita-
ton of New Orleans since the war
That city is the natural emporium of
the larger portion of the Mississippi
basin. Eastern capital knows this fact,
and hence every obstacle has been
thrown in its path. The present
deplorable condition of Louisiana
has been brought about by the
aYaricious greed OF the East
rather than its political antipathies.
Money is at the bottom of this outrage
on ali principles of free government
this Poland of the last half Of the nine
teenth century.
These reflections are suggested by
our heading, the Baltimore and Ohio
Railroad, and by the able and untiring
efforts Of It's President, Col. Jno. w.
Garrett, to develop the commercial I'M
portance Of Baltimore. That his servi-
ces are appreciated is evidenced by his
reelection recently for the fifteenth
time. This road was the first to essay
crossing the mountains, and has more
curves, heavier grades and a larger
mileage Of tunneling than any other
road in the country. And yet its freight
tariff has always been lower than any
of its trans-Allegheny rivals. That its
low rates have given ample compensa-
| ton is shown in the last annual report
of its President. The gross earnings
of the road and branches for the year
were fifteen and half millions, while
| its expenses were only ten mil
lions. Two semi-annuai diyi-
bends Of five per cent. upon the
capital stock were made and paid in
cash, and the balance Of net earnings
Of the year carried to the surplus reven-
ue capital account, which now amounts
to upwards Of twenty-nine millions,
composed entirely Of undivided net
earnings. This creditable showing is
unpara ,lcd in the history Of our rail
roads, and explains why this company
has not been affected in the least by
the panic. 1t has found no occasion
to discharge workmen or cwtail sala-
RES, because it has always been run on
Il sound business basis. Approaching
the fact that this road afforded the
shortest and quickest transit from the
Ohio basin to the coast, Col. Garrett
first extended his lines to Pittsburg,
Cincinnati, ST. Louis and Chicago, and
then established line of Clyde steam
ers to Liverpool, to carry further the
products Of West and South which his
road brought to the Atlantic. Already
six frst-class steamers receive all the
traffic they can handle, and this is
but the beginning of better
things. With the disappearance
of political asperities, and the radiance
of Western debts contracted in the
East when gold was 240, and not al
paid off yet in greenbacks worth twice
as much, we may expect Western pro-
duce to seek this short route to the sea-
board until ten or twenty times as
many vessels will be needed to carry |
1t off.
The vast combination Of railway IA
cilities at the command of the Balti-
more and Ohio Company were of essen
tial service t. the Postofice Depart
ment during the season just past.
When the Northern companies COM
'bined together TO strike Tor higher rates
for hauling postal cars, the sagacity
and patriotism of Col. Garrett and his
associates prevented them from joining
in the arrangement. But, learning that
the Postmaster General could not illegal
" accedc to the demands Of the combi-
nation without the authority of Con-
gress, they at once placed their entire
facilities at the disposal Of the depart
ment, leaving the question Of remmer-
alton for future equitable adjustment
by Congo ss and the Postmaster Cen
eral. This prompt action Of the COM
pany broke the back Of the corner,
and the people were allowed to enjoy