Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1874-10-28
9latrimaR d .0onrHaI.
Railroad IegislaIion.


roads The roads are pursuing the even
tenor of their way, struggling with the diff
cultics which always beset such costly en-
terpriscs in a region Of long distances and |
scauty population. New York city has
population Of more than a million souls, and 1
is surrounded by large towns and cities in
close proNimity. Boston has population |
larger than Vermont. and is connected at |
short distances with large cities Of an ag- |
grcgaie population equal to her own. There /
is not much difficulty in making connecting |
roads between these cities and the large man |
ufacturing towns ia the vicinity pay more
than expenses.
But in Vermont we have to sustain ten |
times as many miles Of railroad to accomo.
date half or quarter as much population. /
Consequently milroading in this state has
always been a bushes. that has not paid cS. I
panses much less dividends. TO any extent /
Anew road, while its rolling stock and iron |
are new, manages to make a little in the |
FIRST two or three years, but when the equip |
ment has TO be repcnished and the iron re- |
newed. then farewell to all hope Of dividends. /
The expenses attending the operation OF /
railroads over long distances and through |
thinly settled country invariably consume all |
the profits, and it is often necessary to in |
crease the capital over and over again in or
der to maintain the roadway and keep up
the business. This has had to Ice done even
in the case Of the Pennsylvania read, and the
New York Central The New York Central
has been compelled TO increase its capital
from twenty millions 10 one hundred and
fifty millions in twenty five years. The
Pennsylvania has been obliged to make
still larger increase, and this has been done
simply to maintain roadway and equipment
sufficient 10 do their business and 10 pau dir
dsnds 1t could not be expected that our
Vermont roads would meet with any better.
or even so good success. And yet they have
done better. They have maintained them
selves, paid large dividends and rent. in
and into consequent increase Of capital in
anything like the proportion Of the great
thoroughiares connecting New York with
the West. This fact speaks more than vol
umes for the faithful, prudent and honest
management of our Vermont roads. En-
barassed with difficulties, contendng against
local jealousies, with growing business be-
yond theirmeans andcapacity to meet; with
enormous expenditures necessary to their
growth and the development of business and
If
there have been no roads in the country, of
equal extent, which can make so fine a finan-
cial exhibit. There have been no roads so
sagacously and economically managed We
are not paid for stating this fact, hut that it
is fact, can be incontcstably demonstrated
by comparison Of the statistics of the diff
fercnt roads we have named, in all the
particulars of business, capital, dividends
and expenses.
1t is the fashion in some quarters to decry
the management of the railroads because OF
difficulties that are incidental and insuper-
able. Men without experience in railroad
matters find the balance sheet to be against
the road and make haste to condemn it.
And yet it would be difficult for the most
passionate fool in the world to tell the most
competent railroad manager how he is to
keep up five hundred miles of road in
thinly settled state. meet the public demands
in the way of accommodation, and make the
earnings larger than the expenses. 1tmight
be easy for him to complain, but very hard
to solve the problem which the railroad man
ayers Of all our Vermont roads have before
them. If the legislature is to NEEDLE with
the management of our roads at all, it ought
to be done only after the most careful in
quiry by able and experienced men, and ON
suggestions which the most skilfull and hon
orable railway managers are able TO give.
country politician is hardly equal to
the task which tries beyond all computation,
the brains Of those who have most experience
in railroad matters. The elements which
enter into railroad tariffs and opera
tons, are SO varied and obscure and compli-
Gated, that TO fix and determine them is al
ways an experimental process, and is one'of
the most difficult of modern occupations
And how is it possible that it should be
done off hand by men, who whatever their
excellence in manufacturing, or farming, or
pleading, or preaching, or editing country
newspapers, have had no means of inform
ing themselves Of the nature of a business.
to master which, is the work Of lifetime.
And, especially vindictive legislation
against railroads Is utterly discreditable
II their managers are the knaves they are
often unjustly represented to be, public
interests would be no better served in the
hands Of the ignorant fools who denounce
them. For all practical purposes our prop
erty may as wen be in the hands of design.
ing men as in the hands Of incompetent
men. man may as well invest his money
with one as with the other But the clanor
about corruption is puerie and furnishes no
just basis for legislation. Nobody believes
in the corruption Of the leading railroad
men OF our State. Inability TO work mira
cles, inability to meet the public demands
upon the railroads and make them pay divi
dends to the stockholders and bond-holders
also, is very far from corruption. They
have been made magnificent highways OF
commerce, but they are a very poor invest
mcnt. The practical business men of the
country have long since given up the idea Of
getting back directly the money they have
put into them, as preposterous. Aud yet
they continue to put their money into them
in order to keep and develop, their OF her
business that they may get back in one way
what they lose in another. And when they
lose their money they do not begin to
weep and call names" If the road turns
the commerce Of the country into their doors
they are willing to pay the charges which
the highway costs. 4 sensible man does
not grumble that he has to pay ten dollars
to construct means Of transportation for his
products, when he makes fifty dollars by the
transfer He is willing to spend his money
on highways if he can get it all back and
more too, in the value of his products and
IN the facility of transportation.
II would be a great curse to Vermont
if crude or passionate legislation on the
subject of railroads, should get upon our