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Sale Of The Central Railroad

Sale Of The Central Railroad image
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As this nieasure is oneoftlio most important that has evor come before the LegislaLure, and as there isa prospect that it will very eoon bo sold, or the sale defeated till inotber ycur, we have devoted a considerable share of our paper ofto day to ils consideratíOD. Firsí, wo ímvc nserted from tho state pnpcr o full synopsis oftho provision3 of the bilí. - Wc imve tire bilt itself; bul we have not had leisure even to read it. Second, we publish a commnnication in fnvor of the enle from a very intelligent genllemnn. It will be secn tlnt he ropresents the grcate6t obsticle lo the sale, to be the opposition of the warchoiisemen, no:'only in Detroit but elsewhcre. The bilí provides ihat no stornge charges 6ha!l he rnnde by the Coiiipauy on property traníported, if cailed for in four dnys, (exceptin Detroit.) Thiá provisión i intended to benefit the public, but is tlionght to be very injurious to the interesls of the warchousemen, and henee, risee their hostility to a 6nle. They enn do far better business note than they could if a Company owned the road. Of this hoslility, however ns mentioned by our, correspondenl, we Iiave no personal knowledge. We have also inserted pretty fully what debates in the Legielature we have found on this subject. On thfi propriety of feiling the Railroad, as a gfrtrraquestion, we lio ve expressed ourselves from the begining without reserve. - We werc at first nfuvorahly disposed; but;tibseqnent observation of Ihelr management - he utter inability ofthe state to finish tliem- he experience of other states - nnd the prosect (we might nlmost eny absolute ccrtainty) hat in the hands of the State they would lot poy any interest whatever, have induced js to think a sale on ony reasonoble terms not inly expedieiit but highly depirable. Slarting with this conclusion,wo are fnvoribly disposed towarda a sale of the Central Rond to ihe compnny now applying for t.- The priee'offered, (two millions) would liqui date nearly one htlf of our State debt, and of course diminish taxation. The price is moro than can be obtained one year henee for the Road: for it will be conslantly grow ing worse. Ench Board that lakes chnrge of it will make as few repairs as potsible, consistent with kcepincthfi care runuing; wlnle tho inctisnnt and exppnsive breakdowns (nlready mimerou?,) will inórense os tlic road grows older, give it a bad reputalion, and destroy its vclue in the market. We have another reaeon for an immediale sale - a reason weighty with us, althougli our readers mny think lightly of it. When the Five M Ilion Loan waa cflecled, a porlion ofit passed tHrougri the hands of eertain financial gentlemen of Detroit of verv great ekil! - as wa9 manifested by the fnci that abotit Half a Milüon of the State funda was kept in such strict. custody that aftcr it went int o their hands, it entirely disappeared. Now we are well assured that there are gen tlemen in ihat city of the same or equal financial skill who would like to have the fingcring of this Railrcad in some shape or other - in fact, in any shape that they can make a fortune out of it. A rejectinn of the present, offer will open the door for offers of various kinds from our own citizens. Heneehese financiar land sharks nro dispof-eu to ; !tnv3 ofF a sale for thc presen?, if possible, in íope of" making a ppoculation out f the State by acting herenfter us agenta for its ' jale, or otherwise; and henee, for ih is rcason, ve are disposed lo go for a tale to the pres ?nt Compony, If the Rfirtfl be nor solt! now,what sholl ht1 done with il? The State is absolutely unab!e to buy iron to repair it: for wont of repair?, the cars break doivn or run oiTllie track every weck, cnusing enormons expenses; and whát ia worst of oll, none of those concernid in the management of l lic Road have or UI have any per man ml interest in ils prosperity. The policy will bo to Iet it go (o ruin as fast as may be; and when the pcople become disgusted Wjtli it - as they will be - and determined to dispose of it, at all events, the same class of flnancinl sharpers who havf herelofore speculnted out nf tho State, will 6tcnd rcady to bid it oíf for n mere trifle with the view of making their fortunes through the public calamity. This is not a mere fancy sketch. It is a real history of a plan already in progresa. Nor is the daner of the mnchinations of these men irmginary. The number of Legis Iator8 is smnll - twice as émüll as il should be. The Scnnte has but eightcen members: and of tlicse, not nll of ihem re proof against all kinds of influences: o:id when greot ond momentous peconiary interest are ot Stnkc, and about to be determined by the votes of threo or four Jogislators, enoujh of them ccn usunlly be liad in somc way by those who havo eufficient inducements to offer. See how Texas was brought into this Union by the help cf two or three Senators. So of the disposition of the Central Railrond. Our appiehension is, that if we do not accept this offr, froni the dibpidation of the Road, & the influence of interesled speculators wio are waiting to take advantogo of its dep'eciation, ve may hereafier be compelled to do far worse . It may not be amifs to state, that na ve leorn, the reason why tlio charter makes the west end of the road "nm to the Lake," s becausc the survey of the western portion of the route has been lost, and the Conipany are not willing to be placed under a penalty for not making a road where it may bc impossible to niake one. Hcnce the St. Joseph inicrest is also opposed to the contcmplated sale.