MR. MIDGLEY S ARTICLE. CONTINUED. 449 



orado, and Indian Territories with a population of 14,080,- 

 000 souls, have 28,778 miles of railway, constructed at an 

 average cost of $50,550 per mile. For the year ending 

 with 1872, the gross earnings were $13.76 per head of pop 

 ulation. The net earnings were $67,317,083, which allowed 

 an average dividend of 2-^j- per cent, on the capital stock 

 $724 ; 686,046. These results are not very encouraging to 

 investors, neither are they calculated to divert capital west 

 ward. True, there has been much extravagance and un 

 wisdom in construction, and great recklessness and knavery 

 in individual management; not more so, however, than is 

 incident to the growth of every mammoth system or enter 

 prise. In such cases history repeats itself. But, granting 

 all and more than has ever been charged, the bright fact 

 remains, clear and undeniable, that railroads have been the 

 pioneers of Western civilization. They may be pushed out 

 into new Territories before there is business enough to yield 

 running expenses. That is the stockholders loss the peo 

 ple only gain. During such time the public can afford to 

 be generous ; but when the railroads populate the vast dis 

 tricts and swell the State revenues, then the cry is raised, 

 &quot;Down with the railroads!&quot; and the infuriated multitude 

 would destroy the agency that has made their homes hab 

 itable and their produce marketable. 



This subject has been thoroughly discussed during the 

 past decade. British statesmen have studied it in all its 

 bearings, and Americans, too, have given it forced consid 

 eration. Their published reports have largely affected the 

 tenor of this article ; for it is by the far-reaching light of 

 experience that we are best enabled to comprehend present 

 necessities and speculate upon future possibilities. What 

 we want is, not a continuance of random firing in the hope 

 of a chance shot hitting the mark, but a skillful adjustment 



