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The Atlantic Monthly, Volume 02, No. 13, November, 1858 by Various
page 32 of 309 (10%)
management of railroads, to see a body of men, no one of whom has
ever before had anything to do with mechanical operations, assembled
to decide upon the relative merits of the different plans of bridges
or of locomotives or cars, upon the best means of reducing the
working-expenses of a machine of whose component parts they have not
the slightest idea, of the most complicated and elaborate piece of
mechanism that men have ever designed, might at first seem absurd;
but custom has made it right. It is generally supposed that the
moment a man, be he lawyer, doctor, or merchant, is chosen director
in a railroad enterprise, immediately he becomes possessed of all
knowledge of mechanics, finance, and commerce; but, judging from past
experience, it appears in reality that he leaves behind at such time
whatever common sense he perchance possessed before; otherwise why
does he not follow the same correct business-rules, when managing
the property of others, as when he accumulated his own? A man who
should show as much carelessness and ignorance, when operating for
himself, as railway-directors do when operating for others, would be
considered as a fit subject for an insane asylum.

When railroads are built where they are needed, at the time they are
wanted, in a country able to support them, by permanent investors,
and not by speculators, and are well made by good engineers, and
well managed by competent men, whose interest is really connected
with the success of the enterprise, then they will pay, and be
railroads indeed. But so long as money is obtained on false pretences,
to be played for by State and Wall Street gamblers on the one hand,
and ravenous contractors on the other hand, they will be what they
are,--worthless monuments of extravagance and folly.

"Experience keeps a dear school," says poor Richard, "but fools will
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