Sale Of The Rail Roads

Iú will be seen ihat the Comrnittee on Ways and Means have reponed a bil! to in corporute the Michigan Rail Road Company. The biir provides for the incorporation of a Raiíroad Company, and anthorizcF and direcls the State Treasurer, in the name of the State of Michigan, to deed 10 said Company the Central and Southern Railroads3 togetber wilh all their apputenanoes, in fee 6Ímple forever, upon the paym-ent by the said company, lo the State at any time within eighteen months from the first day of' January, A. D. 1844, of the sum of two inplions five hundred and eighly eigbt thouaiid seven hundred and ninety-six dollars, tvge.ther with such further sum as the books of the proper offices shall show to have been exper.'ded upon the Central Railroad between Mai.=[n''ll and Kalamozoo, and in the increase of stock and fixtnres on both Roads eince tho Ist ay of December lu.SC The estimaled cost of the two Roads on the first of July, 1844, is $2,776,206 Sí, The total amount of our acknowledged indbtednoss on the Five Million loan at the .ea:TieUrne wij] bJ $S,ISl,9CS 96. Tliis wuld leave a balance of $355,607 15, to be otherwise provided for, nnd our Stafe debt woald then be a üttle more than half a million of dol - ars. Tlje Commitlee (hink there could be no quc3tion but the roads would be complelec by the Company in a short time for their owi pecuniary interest. Ano) her reason why the sale 6hould be made i?. that the business of a cornalón carrier is not the proper function of n State Government, but itscareshould be confined to the proiection of the citizens from foreign acrjrression and iuterruption at home in their lawful and peaceful pursuits. A third reason is found in the fact that a Company would transact business with more economy, and could make many minor arrangements for and extending' business, which the dignity of the State would not permit. The committee further state that they have guod reason to beliove that the State works can be solo atcost, if paymentscon be made in State bonds. This is a question of much interest to the citizens of this State. So far as the sale tvould cancel the public debt, it meets our views. A state debt is and alvvays rill be, onhe whole, a State curse. Tt opens continu] opportunitiesfor peculation. fraud, knavery and evor' contrivance by which any portion of the public funds can be obsíractcd from the reasury. Beíidep, a heavy State debt infallily brings heavv taxation, and requiros a great mount of time and expense for the necessarv egislation and for agencies. But care íioulíl e taken on making the transfer not t'o gr&iú ny monopolizing or exclusive privileges to he Company to the detriment of the citizens f the State.