The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-16

In fact. in view of the exigencies Of correcting
railroad monopoly and extortion, of the over
charges made to pay interest on watered and
fictitious capital and of the necessity to relieve
producers and commerce, the duty is incum-
bent on Congress to do so without delay. Mr.
Josiah Quincy, the Chairman of the National
Cheap transportation Convention at Washing
ton, advocated in his opening address legis-
lative restriction on railroads in the matter of
freights, as we'll as the construction Of great
national water lines, and his remarks we're re-
ceived by the Convention with great applause
The bill submitted by Mr.. Woodwork to the
House OF Representatives, to which we have
referred, embodies this idea Of regulating rail-
road freights. Some such measure is neces-
sary, though Congress should be careful to re-
spect the legitimate rights of property and not
paralyze the enterprise OF capital while pro-
tecting the public and promoting commerce
The bill of Mr.. Holman for a double track
freight railroad from New York to the Mis-
souri, River on the most direct and practicable
route merits the serious consideration of Con-
gress and the capitalists of this city We do
not like that feature in it providing for the
guarantee of five per cent interest on portion
of the cost of construction by the United
States government 1t is proposed to issue
bonds to the amount of hundred millions of
dollars. The amount to which the United
States would be liable for interest is not stated
even approximately. After the experience
tha e. Poi toh nd Of
the financial condition of the government, we
are not disposed to favor q proposition involv-
ing the government in any such liability,
however guarded the law might be framed.
If any aid, by chartered privileges or other
wise, can be given to the enterprise by Con-
gress, short of repeating the disastrous Pacific
Railroad experiment. it ought to be given, for
such work would prove great national
benefit. If this proposed railroad could be
made to pay, and we think it could, capital
might be found, perhaps, for its construction,
provided Congress should give all the encour-
agement possible, without assuming RESPONSE
biity for interest on the debt of the company.
The city of New York is interested especially
in this question Of cheap transportation,
though it is one that concerns every section of
the country. This is the great commercial
centre While there is no reason to fear any
other place can supersede it or rival it as the
entrep6t of commerce, it might lose advan-
tages and not advance relatively with the
growth of the country from the want Of cheap
facilities of transportation and cheaper means
of handling and shipping produce and mer-
chandise. With regard to cheap transporta-
ton with the interior, and especially with the
West the freight railroad to which we have
referred, the regulation of freight charges by
legislation and due attention to our canals
would go far to accomplish the object But
the great cost of handling, shipping and re-
shipping produce and merchandise at this
port is serious drawback. Yet no city in
the world is as well or better situated
for transferring commodities to and
from vessels. We have deep water nearly all
round the island, and the island is but a mar
row strip of land. Yet the landing and ship
ping of produce and merchandise and the
carriage are most expensive. To remedy the
evil we must have better dock and storage
facilities improved slips and wharves, grain
elevators at points where vessels and the
termini of the different railways might
come together, lateral railways for freight
along the wharves and cross-town railways in
these-every facility possible, in
fact, for the cheap and rapid transfer of mer-
chandise and produce. We have not space
here to enter into the details of these neces-
sary improvements. Every one must admit,
however, the urgency of them. That con-
ceded, there is skill and means enough to
carry them out on scale worthy Of this great
and rich city. Will our merchants and CAPT
talists give their attention to this important
matter? There is no want of means, as was
said, and whatever legislation is necessary can
be obtained at Albany.