, 1873-10-06
RAILWAY ACCOMPLISHMENTS,

tthiAtfAf ACCOMPLISHMENTS
Z" tho Editor II Tho Chfcssao Tribune:
Sin: 10 predict speedy return to tho gon-
cra1 prosperity Of ono mouth ago would 10 to OH
courage hopca certain to bo disappointed. Vast
enterprises, baacd upon crodt, woro In progress.
Do,lbtloaH aomo Of tllom Zero visionary aud ILL
conceived, but tho money to 1naugurato tlom
was forthcoming. Tho result WIS nm influx OF
laborors beyond the normal capacity OF tho West
to support. How they are to bo maintained is
now tue perploxing probIom forced upon liz.
Europe, 1t is believed, wnnts oursurpl,ls grain,
MD will pay promptly for 1t. Tho crop il onor-
NOUS in yicd and remarkably good iu qun1ty.
Amid aoro depression no Ilayo the flattoring re-
1oction that tho world looks to III for broad.
They will come and buy plenty for themselves.
Meantime. will our unemployed bo allowed to
sEaryo?
Tho currency to nlovo tho grain viii soon be
horo business will thou royiye. Tho far1ncr
oyortaxod to forward tho produce. Still. tLo
crisis will not bo passed. At least forlner proH-
pority will not bo regn,ncd.
Thousands of mon llnve migrated westward In
the expect tation Of procuring constant employ
ment. They hayo been engaged upon olllor-
priHos requiring enormous OttllyB Of capital.
This the East furnished lavishly, without which
stago.coachos would still bo stumbling over
honentcadH. III this transformation Bcono, rail-
roads hAvo played tho leading part.
Tho timo when Illinois, Iowa, Wisconsin, and
minnesota had not mile Of railway ii within the
oratgeH then. Farmers who had to dive OK
teams 100 milo8 or more to market had only ono
cry, Which thoy piteols1y ponrod into tho oars Of
cenptalists For Gods Bnko, give lii o railroad"
coniiscate tho railways, hal they tho power. The
necessary fnads were advanced, ntld the wants
supplied. An ora of growth alt1 prosperity tlll-
surpassed III the worlds history followed. Thu
aud, aa railroads were thought to be air-liuos to
prosperity, every village community attaucd
after onc: 1nto these channels money flowed
freely until the ever-incrensng donlalids and
sion created embar1asHmcuts, aili established
tho anproiitablo condition of several lines.
somo wcro worry choaply built, get their net busi
ness would not pay Interest on their little cost.
OF railways would tetaeo transportation to u
mere nominal rate, tho onslaught upon the cor
porntionB waB begun. Iii u measure, it wau
Justified, but not in the degree assumed. lilo
whole; making no exception. Every rotecting
man knows thore arc individual corporations
tint should hnyo boon exempted from tho
aes sTaan so 'asgef Egsscrn 1t pas Ss aesard aa tt to
Lake Shoro Railways in tho same clasI
Somo distinction should hayo beou mntlc lotweeu
tho Michigan Central a1ld haif dozen protlcsa
iowa lines. Perhaps the movement gathorod il.
1orco too rapidly to bcculno manageable, Until
from nero handful it has become IN uyalauclre
Which, ~ ls rtEistlesH tcsolatillg totirAc, bears
dowu allko loaileas truths and thriving iudus-
trieH.
Tho ordeal will test our cptornrisoe. In thu
face OF tho fact that tho best railway corpora
ttons havo utterly failed to negotiate their boutls
III Europe, it il tlselesB to tnlk about recovery
OF thor 1ornor enormous traffic, sweeping away
"A }H1f tftr1r rF $t.,.
dented earnings will not el,abe tho Chicago rail-
Why's to readily meet tller liabilities. it u,ay
be that tho 1ake Shore aud tho Michigan
CeIltral undertook to furnish nB double tracla
before they wero nble TINT tho Northwestern
brought the trado of five Etatca into our la, be-.
fore we wore ready for it, md that tho Nock
lslnnd Burlington. and Altoll reached out and e.
cured uH the Kansas business When they could
better hnyo distributed tho funds in dividends.
III any cyont Illluois iu gouoral aud CAicago IN
particular Anye ruarc1 tho advantages. Thnae
enterprises could not be cnlled visionary. In
their creation fabulous cash uutlays wero .mGGe
nto them successfully, constant additions to Tho
equipment and largo removals have TO Do made.
Ile money to accomplish thiA has to be borrvw-
Gu from tue East Ihat supply cut of, no further
gle ulong with limited RESOURCES aud continue
woa1lng tho old clothes.
Tie crushing oilcct, however, falls upon Tho
weakest class, A largo army of nleu, wlo, hnd
--A~A@eS
inust 10 disluisscl. ltwould avail them nothing
to return to tho East. ThoparalyaiH las equally
affected manufactures III thnt Boction. Western |
raroads were tho largest l,atrons:of tho Eastern
locomotive, car, and iron worIa. The suspo,- |
sion Of thut doulalld bus tlIrow1l thousands of |
Skilled artisans out OF employment. Now rolling
stock and extensive purchases OF Btoel l1.ils are |
distant probabilities aud the prospect |
OF revival Of tloir trado il correspondiugly |
remote.
Tho resumption Of commercial interchange |
will not roinatate the unemployed. AL influx Of |
capital can alono afford relief. It is plentiful |
abroad, and is seeking good iuyos tnents. There |
Tho best RAILWAY bonds yield only J Or por cent,
Thllo American soc1nitios ayergo 7 and s per ]
cent. Dut faith in our eecuritles haa been lost, !
and tho full tide Of prosperity will not return to
u until this confidence has been restored. 10 |
this achievement tho panic will partially cou-
tribute by tho utter extl,lguishn,olst Of l moon-
Shine enterprises. THO roHt rou.ains with tho
people. They hayo tho power to has-
ton tho contamination. Tho conservative |
Of Europe aro alarmed ut our radical
menacings They decline to assist III creating
enterprises In the direction Of Which their voice
IL llablo at any moment to bo drowned in tho
roar Of the misguided multitude. Lot thon ouce
DO assured that might shall not trample upon
rlglt that our projects will DO tairly tr1atod and
economically ma'lased, and the capital wo need
to develop our resources and diHpel every sem
blance Of staspation will flow In abundautly. y