The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-23

..~S' W. 90 tutiI tasteFu tCTmluus, anu,
70 SCI aside each year after the road is opened ior
service sinking Iund OF S1,00).OOo, and that 10
case o. iorietute or failure OF any OF these condl.
stons tus uniteu states may enter upon anu take
tne entire property. The entire proposition and
the reasoning BY which 1t is supper ed are fuiy
SCI iortn Ia the memorial attached hereto, as are
appended. Your committee desire to state, in re.
kaiu 20 TINS proposition that 1t be deemed sound
poncy 70 gave the aid ofthe credit OF the govern.
Ment 70 any corporation Tor any purpose, thaI ia
their Judgment, the provisions to secure the
United States against loss and to secure the pune.
tual repayment oil such money as snail De palo OUT
are sufficient for that purpose and only DC de-
ieated Dy tue failure OF the project ITSELF ~ as Is
this road shall be built In TOUR years and snail begin
20 pay IN anything like the manner calculated by
ss promoters the government OF the United STATES
win only nave paid out upon the interest account
guarantee l, about $1o,O0ooOo, sum when
WIN, WIN Dc speedily repaid BY the 81, SINKING KIN,
and Importance OF the measure itsefit Is evident
upon the inspection Of any railroad map OF the
vided In the bi, WIN Be to inuencs nearly $1,000
OF the $4,000 miles OF railways in the nation; to
render certain cheap ocean reghts to Europe; 70
increase the value OF Agricultural labor over vast
area; to render possible the speedy subjugation.
settlement and cultivation Of new territory, now
ton; to bring cheap 1000 to all the dense manu-.
featuring, commercial, mining and mechanicai
population; TO give the nation large Increase OF
exports ana facilitate, BY cheapness ana regular.
lty. the return to agricultural population IN ex.
change OF the products OF mechanic arts aud
means forget that the voice OF the people OF the
United States has been very distinctly
uttered against subsidies either in money,
lands or guarantee OF interest, to railroad
corporations, and they DO not propose 10 act ~
and recommend to the House the passage OF this
bill at this time. Your committee believe that
there are and will always be exceptional cases,
slderatlon OF the people themselves, to give them
time and opportunity to gather information, to ex-
termine whether the good sought 70 be accom-
piished Is worth the risk involved and the means
py which lt Is sought to ne secured are the right
means. Having made up their decision, they can
find means to instruct their representatives, aud
the money Of the people can then properly be used
under the direction or the legitimate owners. I'm
I'll some such voice is heard from those most deeply
Interested your committee will not hold them
selves at liberty to grant any considerable aid at
the pubic expense to any private undertaking.
CERTAIN CONSIDERATIONS.
IN oruer however. TO place before the intelli.
gent criticism OF the American people the real
points involved in the proposed undertaking, and
TO AID IN forming Just popular verdict, your CON-
]. The line proposed, with its authorized
branches and connections will reach and affect
large masses OF population now separated by dis
lance AND excessive charges, each Of which masses
OF population Is the necessary supplement OF the
otner. BY line to be constructed, Of egnty-seven
miles, the main trunk OF the Continental road VIII
be connected with the lines OF road which seek
their western passage through the Hocsac Tunnel,
the Hudson River at Peekskill. Thus the
population OF the Eastern States, dependant
ior ia upon tine Yess VIII oe
Snort and easy connections already exist with the
great cities, as Baltimore and Philadelphia which
are now competing with great activity for the
western trade. No such masses OF population and
industry can be accommodated and brought into
close relations by any other projected improve
2. The road proposed Is not an attempt to force
o line OF railway through new and undeveloped
country. Every mile OF Its whole course passes
through territory closely settled fairly improved,
capable Of great production, and supplying along
the entire line that local business without wnicn
no railway can be . success. It passes through
the heart OF the anthracite coal region OF Penn
increased throughout the West West and Which viii
greatly help to NIL up the existing difference
between tonnage from the East and that bound
West. 1t passes directly through the richest and
most productive zone-Ohio Indiana, Illinois and
Iowa-at such distance rom tue Ohio River
that zone to transportation by the railway at
Its liked price rather than by lake or river.
currents OF commerce-currents which owe their
existence to permanent causes-and which, In
the Judgment OF your committee, are not likely to
That course Is decidedly from west to east tending
to centre in some one or more great commercial
limits. 1t is not in the power OF any Legislation
to control or materially alter this set OF the
mercial current. The main body and volume OF 1t
southward, attracted definitely Dy many causes
not the least OF which is the great preponderance
ern AJlanrc and the Developments OF population
along the same parallel OF latitude across the Con-
4 1t Is reasonably certain that no private corpo-
ration can be formed IN this country which will
undertake and perform the same work and ope-
rate the road at the low rates liked By the bill,
simply as private enterprise And upon their
own risk without Endorsement from the United
States. The amount. OF capital required is
heavy, more 30 than any project heretofore
presented, and the difference between bonds
Of private Is vas
considerable, both as to the rate OF interest and
the rate below par al winch they would be nego-
q nj h0 fAA hat
capital already invested In existing roads would
favor the construction OF o line whose right to
existing vicious system. The means to build TINS
road must come from the capital engaged in the
great cities IN businesses which feel the existing
burdens, and from the agricultural and other pro-
ducing interests, Ior whose relief it is intended,
and It Is for them to say whether the experiment
g. Not the least among the meritorious propo.
sitions involved In this enterprise Is the remodel
ing the present cumbrous, clumsy, antiquated and
useless expensIye manner oI handllnT grain and
other products In New York clty-a manner SO iul
OF delay and cost as to have driven already .
great portion OF the grain trade to Boston, Phlla
deiphla and Baltimore, where proper mechanical
facilities Tor receiving. discharging and loading
enable those cities successfully to compete with
the great commercial emporium in this line OF
business. The whole existing system in New York
Is disgrace and burden upon commerce that
cannot long continue without forcing that line OF
business to other ports, and IN strong contrast
with the pradsnt and wis, economy in machinery
Philadelphia and Baltimore.
THE
IS necessarily long and contains many details not
necessary to be considered, and Tor the purpose OF
popular review your committee submit con-
densation OF its main features
The first section organizes the corporation,
likes Its termini and imposes condition that no
grade eastward shall exceed forty ieet to the mile
and requires the construction to be commenced
within one year from the passage OF the act and
Its completion within three years thereafter.
The second, third fourth, NTH and sixth sections
are on mat tiers OF DETAIL
The sixth section provides for surveys and that
the road shall be constructed as nearly as pos
Stbe, on an air line.
Section nxes the character OF rails and con-
structlOn.
Section 8 requires double track branch to
Chicago and ST. Louis and gives authority to con-
struct other branches, not exceeding two, on each
side OF the mai1 line in each state.
Section permits the purchase OF other railways,
but requires the consent OF the states cnartering
SAID road before such purchase or consolidation
shall 90 into effect.
Sections 10, H. IL and 10 contain provisions for
condemnation OF the right OF way.
Section IA contains details Tor organization OF