FARMERS' INSTITUTES. 



J2a 



more than 3.'3^ pei* cent of all the railroads of the world. In respect to 

 po{)ulation, it possesses more miles of railroad than any European country. 

 In respect to area it posses-es one mile of railroad to each 51 square miles, and 

 compares favorably with most of the countries of continental Europe. 



The total stock of the railroads of the United States in 1873 was $1,94:7,638,- 

 584 total. The total capital (stock and bonds) was 83,781,5'43,03-t, or about 

 1.8 times our national debt. According to the government rejwrt on tlie inter- 

 nal commerce for the year 1876 the government has furnished $14,000,000 in 

 contributions to the various ro;ids, and the total cost of the entire railroad 

 system is 4^ billions of dollars, or more than twice our national debt. 



The following table from the report of the railroad commissioner shows the 

 growth of the railroad system in this State : 



Year. 



1838 . 

 1839. 

 1840. 

 1841 . 

 1842. 

 1843. 

 1844. 

 1845. 

 1846. 

 1847. 

 1848. 

 1849. 

 1850. 

 1851 . 

 1852. 

 1853. 

 1854 . 

 1855. 

 1856. 

 1857- 



Miles 

 Completed. 



63 



71 



104 



147 



147 



180 



220 



233 



279 



279 



. . . 326 



353 



380 



421 



425 



425 



425 



462 



530 



579 



Year. 



1858 



1859, 



1860. 



1861 



1862. 



1863 . 



1864. 



1865, 



1866 



1867 



1868 



1869 



1S70 



1871 



1872 



1873 



1874 



1875 



1876 



1877 



M 



Com 



ilea 

 pleted. 



703 



770 



770 



777 



811 



812 



891 



931 



943 



1,066 



1,124 



1,362 



1,739 



2,298 



2,822 



3,252 



3,313 



3,347 



3,410 



3,455 



Michigan, at the close of 1877, averaged one mile of railroad for 16 

 square miles in area, and for 376 inhabitants. So that, compared with the 

 whole United States, she has in proportion to area more than three times as 

 many miles of railroads, and in proportion to inhabitants about one and one- 

 half times as many miles of railroad. Michigan is, on the whole, well provided 

 with railroad facilities, though their distribution is hardly as uniform either in 

 proportion to area, population or production as might be desired. 



Although Michigan is well off so far as railroads is concerned, the same 

 cannot be said of the railroads; indeed it is hardly possible to conceive of a 

 worse financial condition than that they represent. Most of the roads were built 

 when prices were high, they were built largely by the sale of bonds which were 

 sold much below par. The original stock was sold often at a price many times 

 below its par value, and add to all these a circumstance that often existed, viz. ; 

 dishonesty of railroad officials, and it is little wonder that our railroads find 

 themselves burdened with a debt nearly equal to and sometimes exceeding their 

 actual cost. 



The total debt and stock of our railroads footed up at the end of 1870 to 

 $306,579,352.20, and at the close of 1877 to |312,':99,083.41. This shows an 

 increase of $6,210,731.21 although one road by being sold under the hammer 

 had its debt decreased by re-organizing and wiping out the local stock $1,715,- 

 430.58. Had the debt and stock of that road remained the same the increase 

 would have been $7,935,161.79. The increase in the length of the roads 



