The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-11-28
MONEY MATTERS AS AFFECTED by
RAILROAD BUILDING.

a panic may be nationally anticipated soon.
A great many reputable and cautious jour
nails take such view of the matter, and as
We look at the fact good deal o. unneces-
sary fear is being excited throughout the
country. The manner in which, and the
men by whom these ten or twelve
| thousand miles OF road per an
J mum have been built, would negative
| the idea that their construction could pro-
duce any disastrous consequences, either
that in eastern centres money has been ac-
cumulating at very rapid rate until, it is
said, or was so said a short while back, that
two or three hundred millions of dollars
were lying in eastern banks eager to see an
investment paying even 4, or at most, per
cent. The owners ofthis capital have been
the men who have stood by investors and
railroad builders, and it is this power prin-
cipally which has built the new roads of
the country, has given to railroad build
ing of late an impetus never wit
messed before. The citizens OF the
various communities in which the
lines have been built have of course done
something, but comparatively little. Cap
italists who could afford it have done this
grand work. Another fact Is overlooked.
The bonds and stock of these roads, on
which the means to construct them was OBJ
tanned, are not expected to be paid by the
company for years to come, the first bonds,
in fact, running, in nearly every instance,
for twenty to forty years. 1t is absurd to
say, with the rapid development and
growth of population to be expected in
every portion of America within the next
quarter OF a century, that the stock and
bonds of anything like fair or important
line of road will be less than they now are,
or that the companies will not be able
to pay them. These facts form the
basis on which tins wonderful extension of
the great railway system of the Union has
been based. They have been built by men
who were able to build in nearly every in
stance, and the bonds and securities have
sufficient time TO run to enable the roads TO
get fairly down TO paying business. The
apprehension, however, seems to be that
we have locked for the present too much
ready cash up in such property. If the
money had been, rs supposed, actually
locked up in the enterprise, and taken out
Of the circulation of the couatry, no harm
nnnlI rneplt no m tarinl Iaval,ntnnni nf
any character is no loss of money and inva-
riably producesa condition of things where
increased activity and prosperity soon sup
ply the means required to bring about the
happy change. But in the case in point
the money that has been required TO build
up these thousands OF miles of roads
has been thrown broadcast through the
states, and not line of business but has
benefited thereby. Money that has been
confined within bank vaults, has been lying
idle in the Golfers of capitalists, has been
turned loose and has assisted in iertili2ing
aircsll oil the channels of trade. Property
values along these new routes of road have
jumped in some instances to avery high
figure, and products and commodities
generally, by having been brought in
reach Of market that did not exist be-
fore, have become doubly valuable, or prof
liable. The veins ana arteries have begun
to pulsate strongly, and the body cXpcrien
ces new life. Advantages such as these
are mentioned only with reference to the
elect of railroad building on the business
world, not to speak of The trite theme too
familiar to elicit comment, the effect OF the
roads us ciyiliaing influences upon commu-
mites otherwise remote from the ceutors of
capital, learning and trade, But over aud
above all these considerations and more
strongly than any other fact com batting and
negatiying the idea of Il great stress in the
money market, is the reflection that the
roads remain TO show for and stand
good for the capital invested in their
construction. IL is not u case where
millions have been thrown away, and vet
the country has experienced no material
aid or development thereby, but the work
is seen of all men and is of such character
rs always to be valuable, always represent.
Ing an actual commercial value. And as
before suggested, where is the road that
will not, under anything like proper man
agemcnt, when our population and trade
are doubled and there exists twice the ne.
cessity for these great avenues of business.
be more valuable than II is now Indeed,
from any point OF Wow from which the
matter can be looked at, We Tail to see the
necessity or reason for any of tho
apprehensions or any degree of
the excitement, now, rs before
suggested, seemingly so freely entertained
in many quarters. The country is moving
on as prosperously and serenely as could
DO hoped Tor, and while stock spectators
may now and then create temporary dit.
culties, there is certainly nowhere in the
world so healthy money market as in the
United States. 1t is to be hoped, indeed,
that the coming year will witness even "A
greater physical or material development
than We have seen during the past one. So
long rs substantial improvements are be.
ing everywhere made, there need be no an
ticipations or forebodings Of evil.
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ADDITIONAL TELEGRAMS.