The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1883-09-27

introduction to ''Poor's Railway Man
uar' for 1888: The construction of
railroads in this country seems to pro-
ceed in great waves. In recurring per-
iods it becomes the absorbing passion
of our people. ALI this is very natural.
No enterprise is 80 seductive as rail-
road for the influence it exerts, the
power it gives, and the hope of gain it
offers. Every community, no matter
how well supplied, equally welcomes.a a
it and the promise it offers of lower
rates of transportation. When there
has been n considerable pause in the
| construction of railroads and the traffic
of old lines when without rivals keeps
pace with the progress of the country,
their success Is predicted of every new
line wherever situated, no matter how
wanting in real merit 1t may be. In
highly excited state of the public mind
tho promoters of new enterprises have,
for time, everything their own way;
for the argument on the other side can
only be presented by the result itself.
There never was period in our history
in which, in the construction and con-
solidation of railroads, the good sense
of our people was SO thoroughly at
fault as in the period from 1879 up to
and including 1882. There can be no
doubt that tho country is vastly richer
and stronger than it was in 1873, and
that there is no reason to apprehend the
terrible disasters that followed that
year; but confidence in our vast strength
has probably led to excesses wholly dis
proportionate to our needs or means.
These remarks are to be received not
as discouraging the construction of new
lines in new territory, nor in the older
states when called for in the develop
ment of mining industries capable ofun-
limited expansion, but to put an end to
those purely speculative schemes the
only object of which Is the manufacture
of securities for the purpose of imposing
them upon the public. Attention should
also be called to the enormous increase,
for the same object, of stock and bonds
of old companies, of which culpable ex-
amples might be given. While it is not
probable that we shall ever again wit
ness the construction, in single year, of
II, 800 miles of railroad, such construct
ion will continue steadily and rapidly
until our present mileage is doubled in
extent There are now. or soon will be,
four great lines traversing the conti-
nent from ocean to ocean. These lines
render every portion of it accessible,
and will serve AS trunks from which
branch lines will radiate in every di-
rection, Included in the available area
of the United States are 8, 900, 900 square
miles. A ratio of l mile of railroad to
10 square miles of area will give 800, 900
miles of line. Construction will pro-
coed uninterruptedly until such an ex-
tent of mileage is reached.
1t Is to the credit of the railway in
terest that, SO far, there have been but
very few defaults in the payment of the
bonds of railroad companies. Their
floating debts, though large in the ag-
gregate, create no embarrassment 1t
is also a remarkable evidence of the
wealth of the country that the eXpendi-
ture of more than 81 900, 900 for everyday
for three consecutive years-money al
most wholly supplied by our own peo-
ple-has created no strain in our money
markets. This, perhaps, Is not so
much to be wondered at, as nations of
the old world, having much less wealth
than our own, spend annually upon
military and naval establishments-ex-
ia poihS Va NlCW
productive-sums greater than are ex-
pended annually in this country upon
railroads. 1t is greatly in our favor
that by far the greater extent of mile
age constructed within the last three
years has been in the new territory, so
that, should the investment in them be
wholly sunk, the loss would be more
than compensated by the advantage
resulting from opening up vast tracts
of fertile territory to settlement. The
construction of railroads, no matter the
scale on which, within the past three
years, it has proceeded, is not likely to
create anything like widespread dis
asters that followed the breakdown of
1873, however much individuals may
suffer. Many of the greater interests
of the country are in a sound condition.
There has been no undue speculation in
real estate, that sure precursor of tinan-
cial disaster. The embarrassments of
railroads, whatever they may be will be
that of single, powerful interest, and
will not, as they did in 1873, include
every other in the country.