could steal from its neighbors. The general opinion of the community, after
the crash of 1857, was, that all our railways approximated more or less
closely to these unhappy conditions, and it was merely a question of time
as to their final bankruptcy and ruin. Even now, when they have recovered
themselves considerably, and are paying dividends again, capitalists are
very shy of them.

It is our belief, contrary to the current opinion, that during the next
decade such a change will have taken place in the condition of our
railways, that we shall see them averaging eight to ten per cent, dividends
on their legitimate cost. We propose in the present article to give the
reasons which have led us to this conclusion.

The causes to which may be traced the languishing condition of our railways
may be stated as follows:--Financial mismanagement; imperfect construction;
and want of individual responsibility in their operation.

The financial mismanagement of our railways has arisen from precisely the
opposite cause to that which has made British railways cost from two to
three times as much as they should have done. Their excess of cost was
owing to their having too much money; ours to our having too little. They
were robbed right and left for Parliamentary expenses, land-damages,
etc. The Great Northern, from London to York, three hundred and fourteen
miles, expended five millions of dollars in getting its charter.
Mr. E. Stephenson says that the cost of land and compensation on British
railways has averaged forty-three thousand dollars per mile, or as much as
the total cost of the railways of Massachusetts.

American railway-companies have never been troubled with too much money.
They have usually commenced with a great desire for economy, selecting a