« ForrigeFortsett »
Permanent and prospective mode of regulating our
In connexion with these remarks, relative to the controversy into which this State has been so unfortunately drawn by the recusancy of some of her banking institutions, it may not be improper for you to direct your views to the consideration of some permanent and prospective mode, of regulating our currency. I assume, of course, that this State can never acquiesce in the existence of a National Corporation, or admit the necessity of subjecting its monetary affairs to the arbitrary and exclusive control of such an institution.
litical anomally of the public treasury, (with which it is practically identified,) and the people's money, subjected to the capricious and selfish domination of private corporations which, however beneficently exercised heretofore, is always liable to abuse. That its present resources are inadequate to this object, is but too apparent from the inconvenience and restrictions, to which, in all times of great pressure and difficulty, it has been subjected.
Whether it may not be expedient, in the event of increasing its capital, to associate private interests, which may always exercise a salutary vigilance on its operations; or, by merging, as their charters expire, the whole banking capital Much of the pressure and difficulty under which our com- of the State into one system, proportionately controlled by munity has labored, has arisen from the constraint imposed the Stockholders and Representatives of the people, are meaupon the operations of our banking institutions, by the dissures which I would suggest as worthy of your considerasensions, necessarily incident to an inequality of banking tion. Such a system of finance, if uniformly adopted by the capital. There is probably no fact in the economy of bank-States, regulated and modified by the influence of a nationing operations more incontrovertible, than that the business of a moderate capital, under ordinary circumstances, is usually productive of the highest rates of profits. And if, in our experience, there exists any exception to this rule, in favor of the larger banking institutions, it is because the late policy of the State, in creating so vast a disproportion of capital as now exists, has substituted the dominion of the few, for the honorable competition of all, and thereby produced strife and discord, where nothing but a generous emulation of profit and usefulness, should prevail.
The greater profits of the banking system are presumed to be derived from its operations in exchanges. In proportion to the exorbitancy of the rates produced by the derangement of the currency, and the pressure and difficulty of the times; and in proportion to the advantages of the capital by which an institution may monopolize that branch of business, so may its interest and tendencies be directed to protract, and even to increase that State of disorder, from which it acquires its greatest gains. It cannot, therefore, be a wise policy which supplies to private corporations, in excessive capital, the power, motives, and inducements to profit by the embarrassments, or to extort from the necessities and inconveniences, of the people.
Bank of the State.
I do not mean by these general propositions, to imply a censure on the conduct, or illustrate the abuses of any one of our own institutions. The example of one of them, at least, during the late suspension, so far from manifesting such a policy, cannot be too highly commended for its forbearance in the use of its advantages, as well as its wisdom and firmness, in maintaining the faith and credit of the South. Still, an undue and dangerous power over our currency, is necessarily incident to the position of financial autocracy which it occupies. And if that power has not been tyrannically or corruptly used to its injury, or the detriment of the public, it has been owing solely to the discreet forbearance of those who wielded it, and not to any safeguards provided by the laws to restrain it.
A reduction of the capitals of the several banking institutions of this State, (were their charters to be renewed,) to some common and moderate standard, less than that of our State institution, would probably prevent the recurrence of future evils arising from this cause. But in the meantime, to strengthen the influence of our State Bank, either by an increase of capital or of immunities, is perhaps at present, the most efficacious, and the only means, of correcting existing ills, which legislative action cannot otherwise reach, without violating the charters which sanction them. Whether this State should participate in banking operations at all, cannot now be regarded as an open or a practical question. But whether she should not use her institution, in the language of a distinguished statesman, to "unbank" the abuses of the system, is a policy that deserves to be well considered. Such a position it is presumed the Bank of the State would occupy, with a most dignified, salutary and judicious effect. Certain it is, in my estimation, that so long as the State engages and competes in banking operations, her institution should at least exercise a controlling influence on her monetary affairs; or else present the strange po
al sub-treasury system, it is believed would furnish the best and soundest currency in the world.
The report of the President of the Bank will apprize you of the profits which have accrued from the transactions of this institution for the past year; and for a review of the circumstances and embarrassments pervading the community under which they have been realized, you need not be referred to a monitor more faithful than your own experience. Satisfactory as those profits are, considering the character of the times, they have been derived from accommodations as beneficent in their effects, as they have been safely and judiciously administered, for the benefit of the institution itself. Without resorting to any of the usurious expedients of the times, its resources have, I believe, been as faithfully and humanely directed to protect the property of the citizen, as patriotically to subserve the interests of the State.
Financial Affairs of the State.
From the aspect of the financial affairs of the State, as you will find presented in the Comptroller's Report, you will perceive the expediency of exercising the same rigid and judicious economy, in the disbursements of the revenue, which has hitherto prevented the necessity of increased taxation.Additional burdens upon the labor and property of the people, should not be imposed in times of such embarrassment and distress, except for objects of such primary necessity and importance, as affect the permanent weal and safety of the State, or any of the great principles of constitutional liberty, Improved as our resources are, in comparison to the aspect presented at the last session, the treasury is still far from having obtained a redundant and overflowing condition. It will be found, I trust, however, adequate to meet all such necessary exigencies as cannot be neglected without consequences more ruinous than the most wasteful and inconsiderate extravagance.
Public Works and Improvements.
The condition of the public works and improvements effected at so much cost to the State-some of which are still unfinished, others unprofitable, and many falling into decay -will demand your attention, either to abandon, repair, or otherwise dispose of them. The sale or ease of many of them, under the supervision of commissioners appointed in the several communities in which they are located, at a price not less than the value, (estimated by the Comptroller or Superintendent,) would perhaps be one of the most efficacious and satisfactory modes of relieving the State from farther embarrassment and expense.
The impracticable condition of the road through Vance's Swamp, and its great importance, as the ordinary, and I believe, the only channel of intercourse with Charleston, to more than three districts in this State, as well as a large, portion of North Carolina, makes it highly desirable that the liberal appropriations already made to improve it, should not be utterly lost, by the ruinous and incomplete condition in which it now remains. More than twenty thousand dollars were expended by the State, in constructing the original road; from which it has derived neither benefit nor improvement. Ten thousand dollars were afterwards received by a contractor, for erecting the skeleton of a bridge which having
been rejected as perishable and dangerous, was abandoned and removed. Of the last appropriation of twenty thousand dollars to embank the swamp, the contractor has received the first instalment, and after accomplishing a very considerable portion of the work, at a ruinous expense to himself, has been compelled to abandon it, from the exhaustion of his resources, the influence of recurring freshets, and an inability to complete a contract so far exceeding the estimated cost and labor. The balance of the appropriation still remains in the treasury; and if diverted from the object first contemplated by the Legislature, will leave the State with out a single corresponding benefit, to compensate for all the sacrifices of treasure, which have been so ruinously sustained by both State and individuals.
System of road working.
gradually diminished, under the influence of time and circum
humanity. The effects of time and circumstances, have produced so many modifications in the character of some crimes, that it is difficult, in many instances, either to procure convictions or enforce punishment. Where the penalalty exceeds the sense of public justice or where the feelings of commiseration for the culprit overpower the apprehension of consequences to the safety or interests of the community, neither the wisdom of the Judiciary, nor the firmness of the Executive, can prevent a law from becoming as absolute as it is odious. Of this class of cases may perhaps be enumerated some of the lesser grades of forgery, the punishment of which as a capital offence, has gradually been ameliorated, even by the policy of those nations, from whose commercial exigencies, they were originated. Were it even necessary to have exceeded, in this instance, the inflictions of the diNo portion of the police or statistics of the State, is pre-death, it is to be hoped that the force of that necessity has vine command, in the enumerated offences to be expiated by sumed to require more radical reform, than our system of road working. There is no object upon which so much labor and expense is so unprofitably bestowed, or so unequally contributed, by the different classes of society. Notwithstanding the annual impositions upon the time, labor, and purses of our citizens, the condition of our roads is far from manifesting a corresponding degree of improvement. Nor is it less obvious, that much the greater portion of the burden which the present system devolves upon the people, is sustained, almost exclusively by the agricultural interest.— The labor or profits of the capitalists, or of the professions, (no matter how productive or enormous,) are practically exempt from these assessments, which always recur, and which sometimes fall with much inconvenient force upon the interests of the planter. Nor are the objections arising from principle, less cogent than those which are so amply illustrated, by the experience of its inefliciency and inequality. The sovereign power of taxing, even within a limited discretion, the property and labor of the people, as possessed by the
Board of Commissioners, now established in the several dis
ers of the same character and extent, were conferred in a
Trial of slaves for capital offences.
The trial of slaves for capital offences, in the ordinarily summary mode of process, and in the midst of all those circunstances of excitement in which feeling of partiality or of prejudice are so apt to predominate, must be admitted to be capable of producing those perversions in the administration of justice, from which the rights of humanity and the interests of property should be protected. Within the small circle of neighborhood communities, so easily swayed by passion or feeling, vindictive motives to the master, may sometimes conduce to the punishment of the slave, while the influence of a popular favorite, on the other hand, may be successfully exercised to extenuate the crimes of the culprit. The result of my reflection and experience, therefore, induces me to reiterate the recommendation of one of my predecessors to alter the present mode of trial to a jury of twelve freeholders, to be assembled at the court house; and the prosecution in all cases (and the defence when practicable) to be conducted by counsel. The convenience of the Parishes, remote as some of them are from the seat of justice, may readily be accommodated by special provisions. If, in making this recommendation, I have said little more than to repeat the suggestions of some of my predecessors, it is perhaps for that very reason entitled to your more serious consideration, as the result of the matured and accumulated and of succession. The instances of awakened regret and experience of this department, in all its stages of occupancy contrition, on the part of many of those judicial tribunals,
Free School Fund.
tricts of the State, can never be safely or wisely reposed in any body of men, however virtuous or discreet, not elected by the people themselves, and wholly irresponsible to any of the penalties of the law, or even to the consequences of impeachment, for any of the ordinary abuses of the trust. The powers entrusted to the Board of Commissioners, are not only of a ministerial, but, to the extent to which they are vested, of a legislative character; and if they have not been hitherto abused, to the oppression of the citizen, it is because the forbearance and justice of the officers have imposed more salutary restraints, than the provisions of the law. If powmilitary or any other tribunal, accompanied with the self-invoking the interposition of executive clemency, to modify perpetuating prerogative of electing its own members, the or arrest their own hasty and often illegal convictions, are liberties of the people, and the authority of the government of frequent and ordinary occurrence. would be regarded as deeply endangered or subverted. I do not know whether the effects of the present system are most to be deprecated, in the execrable condition of most of our been productive of no benefit, to correspond with the most The present mode of applying the Free School Fund has high-ways, or in the capricious, partial, and oppressive exercise, in numerous instances, of the most despotically and unificent of all the benefactions of our State Government, obnoxiously admnistered power, in the State. If, therefore to improve the moral condition of her people. The experithe present system must necessarily be continued, from a ment of many years, not only presents us with the result of a large proportion of our indigent citizens, who have grown supposed impracticability of devising any other, I would reup without the encouragement or the opportunity to particommend that the appointment of the members of the several boards, should devolve upon the people, at the same time, cipate in its advantages, but at the same time forces upon us and under the same restrictions, as appertain to the election the conviction, that these opportunities, when enjoyed, have of their Representatives. If it cannot be inspired with a in many instances been accompanied by a standard of morspirit and energy for usefulness, let it at least be shorn and als, as well as of tuition, as vitiated, and perhaps more injudivested of its power and tendency to evil. I cannot I trust rious, than the worst consequences of the most profound too impressively invite your attention to a subject of so much naries have advanced and improved in proportion to the ignorance. While our grammar schools and literary semipractical importance; and while the improvement of roads, increasing intelligence of the age, and to the higher requireas one of the indispensable means of advancing commerce, has justly been regarded in all ages of the world, as the evi- ments of our colleges, the character of our free schools has dence of increasing prosperity and civilization, the patriotic dicious course of education. Where are their beneficial depreciated in all the essential requisites of a sound and juemulation which I am sure you are always ready to mani-effects to be witnessed, in any of their influences on society? fest in promoting the weal, will direct your most sedulous exertion to the improvement of our own.
Revision of the Criminal Law.
The revision of our criminal law, in many essential particulars, is required by the dictates of policy, as well as of
Where are the monuments of their usefulness to be seen in any new illuminations of science, or improvements in the arts? What signal example can be adduced, to illustrate a solitary instance of moral or intellectual reclamation, for the expenditure of more than thirty-six thousand dollars annu
still confidently hope that his character and example are so indelibly impressed upon the institution, and its successive generations of youth, that its lingering influences will continue to guide and to actuate it, in the same honorable course of virtue and success. I need not, I trust, recommend to your continued favor and patronage, an institution, whose enlightened contributions have extended to every pursuit and avocation-every art and science, as cultivated in our State-and whose influences have been diffused through all the walks and vocations of life, occupying every station in society, pervading every profession, and adorning the bench, the bar, the pulpit, and our legislative councils. The moral weight and influence which South Carolina has so long exercised, through the talents and usefulness of her statesmen, on the affairs of this Union, and which this institution has so largely contributed to preserve, is of itself an over-ruling inducement to foster and improve it.
ally? Better would it be to leave the mind entirely to nature's influences, and Heaven's inspiration, than to pervert the understanding, and corrupt the heart by a depraved and injudicious course of education. The result of so many years experience, is enough to dissatisfy your hopes, in the present mode of applying the liberality of the State, but not I trust, to discourage your efforts to improve it. When the State assumes to become the guardian of the education of any portion of her citizens, the character of that education should be of a kind not inferior to the most useful and improved standard of tuition. I am inclined to the conviction, that if elevated to the condition of the highest order of English grammar schools-one to be established in each district, county, or parish-the course of instruction being chiefly directed to the acquisition of some of those scientific attainments so necessary to success in the useful and mechanic art-and associated with a system of manual labor, to invigorate the body, as well as to enlighten the understanding Encouragement to Agricultural Improvements. -they would attain to a much more permanent and extended sphere of usefulness. But a very necessary arrangement, Encouragement to promote agricultural improvements, in my view, to any radical reformation in the system, would have never received that consideration which their imporbe the appointment of a general Superintendent, whose prac- tance merits, from the representatives of a people so entirely tical observation and experience, would furnish many valua- absorbed in the pursuit, and dependent upon the success of ble suggestions for your future action; as well as introduce that branch of industry, as are the citizens of this State. It in the meantime, salutary improvements, in the present mode would not be so much a matter of surprise (however improvof instruction. If the expense of a salary should be thought ident it might be regarded) if its interests had been so ento constitute an objection to this experiment, the amount ne- tirely neglected or overlooked, by the government of a nessary to compensate such an officer, might be beneficially community purely pastoral or commercial. But in South abstracted from the fund itself; and I have no doubt will be Carolina, it is admitted to be the great, the absorbing, and found to contribute to the economy, as well as the improving almost the only productive interest; and our daily experience eflects arising from the distribution of the balance. proves, that it is the constant aspiration of every other employment, to vest its accumulated earnings in its pursuit.-Treaty to extinguish the Title of the Catawba Indians. In the economy of this State, it is the aliment of every other In pursuance of an act of the Legislature, to carry into business and vocation. Its productions supply the traffic of effect a treaty, to extinguish the title of the Catawba Indians, the merchants; its requirements give employment to the proto land in the districts of York and Lancastar, and to pur-fessions; and its patriotism and industry contribute the larchase other territory for their residence and subsistence, an ger portion of our revenue. Our statute books furnish amagent, in whose intelligence and fidelity the greatest confi- ple evidence of a wise and provident regard to protect, as dence is reposed by the proprietors and chiefs, was appointed well as to promote, the interests of other classes and pursuits, by this department, with such specific instructions as were by the limited partnerships, commercial regulations, and cordeemed best comporting with the wise and benevolent views porate privileges and franchises, which they have so libe of the Legislature. By the report of the agent herewith rally established. In the benefits of legislation, either par transmitted, it will be perceived, that the objections urged tial or discriminative, to advance its peculiar interests, it by the Executive of North Carolina, to the purchase of land does not comport with the independent character of the agriin that State, precludes the possibility of gratifying the wish cultural community, to desire to paricipate. But in the deexpressed by some of their chiefs, to unite their declining velopment of the wealth of the State-in the improvement tribe with the remains of the Cherokee Nation, now resident of objects common to the enterprise and the interests of all there. It is hoped, however, that the acquisition of other lands, within the limits of our own domain, may be advantageously made for them; and the faith of the State, as well as the exigency of this now homeless and landless people, require that the necessary appropriation should be made during the present session, to comply with this important condition of the treaty. The proprietors having on their part conformed to all the stipulations and requirements of the law and the treaty, the taxes imposed by the Legislature, having been received into the Treasury-and the annuities which have hitherto constituted the ordinary means of subsistence to the Indians, being accordingly abstracted-the fulfilment of the obligations assumed by the State, is now imperative, to relieve this improvident people, from a state of utter destitution, and dependence on the charity and benevolence of the community.
Resignation of the late President of our College.
it might reasonably solicit and expect, the aid and patronage of our State Government. A Geological Survey of our mineral resources, (which chance and accident are every day so wonderfully developing,) a scientific analysis of the dif ferent soils, so important to their profitable and judicious culture, may I presume be considered among the general and legitimate objects to which legislative encouragement should be directed. The beneficial influence of the productive corporations and other new investments of capital, so usefully and successfully operating to promote the prosperity of the interior and upper portions of the State, are illustrative of the policy of instituting scientific researches, to en lighten and stimulate their labors. In diversifying the pursuits of industry-in extracting, as well as diffusing, the permanent sources of wealth from the valuable ores and products of the earth-they have increased and multiplied the means of national prosperity, added to the comforts and conveniences of society, distributed new employments, and infused life, energy and enterprise, into the habits and charac
I regret to communicate to you the resignation of the late President of our College, whose sphere of usefulness, in thatter of our people. A small annual appropriation to establish high and dignified station, has been occupied with such decided and distinguished benefit to the institution, and to the State. Under his wise and judicious control, its literary character has not only been more than fully sustained, both in the acquirements of the students, and the ability of the professors, but its morals have at the same time advanced to a state of purity and improvement, which it is believed has never been surpassed, in the experience of this or any other seminary. Deeply regretting the loss, as well as the circumstances which have deprived us of his services, we may
premiums, promotive of the objects to which the State Agricultural Society has so patriotically devoted its attention, would greatly contribute to aid its laudable exertions, to inspire the emulation, as well as to enlighten the experience, of our citizens. The beneficial influence of legislative patronage, in such instances, may be illustrated by the successful example of those States, by whose experience it has been tested; and while it must necessarily tend to dignify, as well as to encourage, the great and important interest, upon the success of which the prosperity of this State so
mainly depends, it is at the same time, exempt in my view, from those objections which may reasonably be urged, on principle, to the practice of conferring privileges, protection, immunities, or franchises, on particular classes or associations of citizens.
Dilapidated and ruinous condition of the State House.
Statistics of Methodism in the U. S.
25 1,873 9
6,968 36 2,047 11
The last but not the least interesting topic to which I would invite your attention, is the dilapidated and ruinous condition of the State House, and its appendages; the offices and basement apartments of which, are in a most cheerless and uncomfortable state of inconvenience, and decay.Venerable for the purposes it has subserved-associated with 1777 the most important events, and the proudest recollections of the past-consecrated by the eloquence and the patriotism of which it has often been the scene and the occasion, it is well worthy of the pride and fostering care of those, into whose guardianship it has now descended. The moral influence of a high State example, exercised in the wise economy of improving, as well as protecting, the property of the people and of the State, and in delighting to honor and embellish the ancient Halls of our ancestors and predecessor, is practically more effective to fix the attachment of our citizens on our institutions, and to stimulate the enterprise and emulation of the people to improve their individual comforts and resources, than all the speculative inducements, which either philosophy or legislation can proffer. We should therefore regard the mouldering effects of time, upon the venerable walls of our Capitol, with the same sedulous care, and reverential solicitude, to remove them, as we would defend and build up the breaches and innovations of lawless and ambitious encroachments, on the sacred barriers that surround the sovereignty and independence of the State. JOHN P. RICHARDSON.
EXECUTIVE DEPARTMENT, 2 Columbia, November 23d, 1841. S
This noble structure-one of the greatest in the worldshows forth now in its fair proportions. It is now completed, excepting the railings.
The whole length is about eight hundred and fifty (850) feet-including the wings. The height, from the rocky bed of the river, is 27 feet to the top of the coping. The width of the structure, or rather the length of each pier on its foundation, is 75 feet. The width of the water-way is 45 feet; and the thickness of the walls about ten feet-the coping on the top of the walls serving on one side as a tow-path, and on the other as a passage way for pedestrians crossing the river.
The iron railings to secure horses and passengers on cach side, are now in progress; and will be erected next spring. The whole work, constructed in the most solid manner, of Onondaga cut stone, (filled in with stone quarried in the bed of the Genesee at the foundation of the Aqueduct,) is one of the noblest of the age.
The cost of the whole structure is probably about a half a million of dollars.-Rochester Evening Post.
It has been discovered recently that the pebbles on the shores of the four lakes in Wisconsin furnish a line equal to the best Louisville pebble lime for any kind of finish or cement, and is not surpassed in point of whiteness, gloss and beauty for the finish of the finest work. Mr. Wilcox intended plastering the Capitol at Madison with this beautiful article. This lime is a valuable discovery, and is exceedingly important, as the pebbles can be obtained at almost any point of the shores of these beautiful lakes.
Are swarming in the woods of the South-West-the Arkansas Gazette mentions, that a friend killed 110 at a single shot with a musket. They are also in immense numbers in the neighborhood of Nashville.
65,980 266 2,711 16
61,351 272 1,182 5
64,894 287 3,543 15
1801 29th. 72,874 307 7,980 29
1802 30th. 86,734
358 13,860 51
452 10,625 19
516 14,020 64
297,632 1,106 15,876 129
312,540 1,226 15,518 120
447,743 1,817 29,305 175
548,593 2,200 35,479 190
599,736 2,400 50,978 200
Description of the Cast Iron Light House. Messrs. Editors: The Light House was undertaken at the suggestion of the leading Merchants of St. Jago de Cuba, who obtained the approval of the superior authorities of the Island. Mr. Verbrugghe, the Belgian Consul, on a late visit to his country entered into an agreement with the subscriber to make the whole complete, and at the suggestion of William Kemble, Esq. it was built of cast iron. It is to be placed on the Moro Castle at the entrance of the Harbor of St. Jago de Cuba. The form of the tower is octagon, the diameter of the base is ten feet, under the top seven and a half feet, the height eighteen feet. It is built in three sections, the top not included; each section contains eight pannels. The weight of the lowest section is 7821 lbs., the second 5633 lbs., the third 4543 lbs., the top or cap 2617 lbs. The weight of the whole, the lantern included, will be about 30,000 lbs. Over the door is the arms of Spain, with the maker's name, and "New York, 1841." It is a revolving light. Some of the advantages of a cast iron Light House are, 1st, durability; 2d, being portable; 3d, the room obtained inside; 4th its easy erection on places that would cost from 2 to 300 per cent. more to build of stone or brick. The Light House can be seen in North Moore street near Varick. JOHN ROGERS, 410 Broadway.
N. Y. Journal of Commerce.
On page 343, is an article taken from a St. Louis paper, relating to the mounds. We find in another paper, the following explanation in part:
One of the large mounds on the north of St. Louis, Mo. was lately opened and the skeleton of an Indian warrior found in it. This fact was thought to settle conclusively that the mounds were artificial, a point on which some doubt has been entertained. The following from the St. Louis Republican shows the danger of drawing conclusions from such premises :
A gentleman who has long been a resident in this city, called upon us and informed us that he entertained no doubt that the coffin dug out of the Big Mound, to which we al luded, was one of the Osages, buried there about 1820; that he remembers distinctly, that five of this tribe died in the city about that time, of small pox, and were buried there at the request of their companies. This being so, the question of the purpose of these mounds and by whom made, still remains as far from solution as ever.
Fires in Mobile.
During the year ending 1st November, there were thirtythree fires and alarms at Mobile; five were extinguished before the arrival of the engines. One brick and eighteen frame buildings have been destroyed, at a loss of about $15,000. Nine fires, in which is included the bulk of the loss, were supposed to be the work of incendiaries. The amount of insurance on the above buildings was trifling.
The Mendi Negroes.
The 35 surviving Africans of the Amistad embarked at New York for Africa, in the bark Gentleman, bound to Sierra Leone, which was towed down the harbor by a steamer. They are accompanied by Rev. Messrs. Steele and Raymond and Mrs. Raymond, Missionaries, and Mr. Wilson and wife, teachers. Before their departure several public meetings were held in New York, which were attended by many persons, particularly by friends of the missionary enterprise, connected with the return of the Mendians. VOL. V.-46
Railway Profits in Massachusetts. To the Editor of the Courier & Enquirer:
Having been much gratified with your table of receipts on British Railways, compiled by Mr. E. Williams from the London Railway Magazine of October, I present you with the returns of nine railways in Mass, in use in 1849. Also a comparative table of the cost, receipts, income and dividends for four years, of the Boston and Lowell, the Providence and the Worcester Railways. These several roads present a success with the railway system, that is not exceeded on exceeds that of Massachusetts to the square mile. the best lines in England, where the population, so much If we add to the cost of the nine enumerated
The cost of the Boston and Portland road, up to 1840..
And the estimated cost of the Albany and West Stockbridge Railroad, (a part of the Western)....
We find expended by Massachusetts....... $17,265,023 with an average annual nett income of 7 per cent.
The main line from Boston to Worcester is 44 miles; from Worcester to West Stockbridge, 117, and from Stock. bridge to Albany, 384-in all 200 miles.
The cost of this road, with the depots, locomotives and cars for a freighting business, will exceed nine millions of dollars, being a sum much greater than the first cost of both the Erie and the Champlain Canals. This great cost has been incurred by Massachusetts, in running a railway at right angles, with a succession of rocky ridges, crossing numerous streams to tap our Western trade, during the suspension of navigation on the Hudson.
It cannot be supposed for a moment, that the enterprising and intelligent citizens of Boston have not calculated the cost and the chances of success of this great undertaking.
The application of art, in the construction of an iron avenue, to the outlet of the Erie Canal from Boston, will do as much for that city, as the Erie Canal did for the city of New York, after its completion. Not content with making her own railways, at an expense of $15,000,000, Massachusetts has come into this State and purchased from Albany her right to make a railway to West Stockbridge. She has done more; she has furnished the main part of the capital (90 cents on the dollar,) to make the 78 miles between Auburn and Rochester, which stock went a begging in Wall street when offered to our capitalists. It is now worth 110 per cent. and will soon be up to 130; thus giving our enterprising neighbors a sufficient profit to help us out, as they are now doing, with the remaining link of some 38 miles of railroad between Attica and Buffalo.
It is true that our capitalists have suffered by experimental investments, in short and bad managed railways. This, however, should not prevent them investigating railways, judiciously constructed, between desirable points, for general transportation. It will be perceived that it has cost in Massachusetts $1,732,353, to earn...... $3,634,980 The receipts from freight and the mails was 1,248,874 From passengers.. 2,386,106
The expenses are 47 per cent. of the receipts, and the freight as compared with the receipts from passengers as one to two. On the Boston and Lowell Railroad the receipts from freight nearly equals that of the passengers. The average nett income for four years as observed on all the roads, is equal to 7 per cent. with a steady increase in the item of freight and diminution of expenses in their management. It is ascertained that there are 3,300 miles of railway completed and now in use in the United States, on which about $100,000,000 have been expended. These several roads now yield on an average, according to returns made by the Cavalier de Gerstner, a nett income of 5 per cent. There are 1700 miles of railway in the course of construction, that will be constructed, and 2000 miles in addition, that has been projected and surveyed.