The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-28


on the Oath by an overwhelming majority.
This ambitious experiment of initiating what
has been accomplished in the United States
will probably cost the British government an
enormous sum. OF course q Dominion Pa
cifc Railroad could not pay, and, probably,
would be continual cost to keep it going
for there is not the population, the settle
ments or the progress in British America to
give it employment. But the English govern
ment wishes to conciliate and fatter the Do
minion colonists, and is looking also, per-
haps, to the future trade across the Pacific
Ocean with China, Japan and the East gener-
ally, and may be willing to sink large sum
Of money for these collateral objects. How
ever, that is all in the way Of railroad prog
ress on the American Continent and this
Republic will gain by it in the end.
With all the drawbacks to more extended
usefulness and cheaper transportation by the
railroads, arising from INSCRIPTIONS monopo-
lies, overstocking and overbonding, and
plundering by projectors and managers. they
are, in an economical point of view, great
blessing to the people, While justly COM
planning of high rates for freight and passage
to pay interest on inflated stock or overissues
of bonds and on q capital sometimes double
or more the actual cost Of constructing tho
railroads, it should not be forgotten that these
improvements have done much in bringing
farm products to market, III enhancing
the value of farming property and
in developing surprisingly the wealth
and progress of the country. Capital has its
rights, and enterprise should be rewarded.
The question is, how are these and the inter-
ests Of the farmers, producing classes and
public generally to be harmonizedP That is
the problem at the bottom of the ant-railroad
agitation now in the West. No doubt solu-
ton will be found through either the State
governments or federal government, or through
both. These great railroad highways through
the several States are the arteries Of commerce,
and Congress is empowered by the constitu-
ton to regulate that commerce. The federal
government has power over them, too, as
postal routes. The first step should be to pre-
vent undue consolidation of the railroad in
terests, SO as to keep as many competing lines
as possible. This would tend to moderate
charges for freight and passengers. Then the
issue of stock and bonds should be limited by
low to the actual capital invested. Bogus
construction accounts or watered stock should
not be allowed. Nor should exorbitant inter-
est on the actual capital be forced from the
public through high rates for transportation.
Were all the railroads thus regulated the peo-
pie would not have to pay on the aggregate
over two-thirds the present charges for trans
portation, and the original bona tide investors
would receive ample interest on their money.
We see no way of checking the railroad mo-
nopoly, or of finding a remedy for the evils
complained Of by the Western farmers and
producing classes generally, but through the
action of the federal government The differ
ent States might do something to that end,
but nothing short of general and comprehen-
sive legislation and supervision will meet the
difficulty ess..;-.. Is ..ss--.,,...,