FINANCIAL RESULTS. 



unexampled in Europe, we have the gigantic stream of the Missis- 

 sippi, intersecting the immense valley to which it gives its name, 

 with innumerable tributaries, navigable by steam-boats having a 

 tonnage of first-rate ships for many thousands of miles, and tra- 

 versing territories which present immense tracts of soil, of the 

 highest degree of fertility, as well as sources of mineral wealth 

 which are as yet unexplored. 



13. On the American railways, passengers are not differently 

 classed, or admitted at different rates of fare, as on those in 

 Europe. There is but one class of passengers and one fare. In 

 one or two instances, second and third-class carriages were 

 attempted to- be established, but it was found that the number of 

 passengers availing themselves of the lower fares and inferior 

 accommodation was so small that they were discontinued. The only 

 distinction observable among passengers on railways is that which 

 arises from colour. The coloured population, whether emancipated 

 or not, are generally excluded from the vehicles provided for the 

 whites. Such travellers are but few ; and they are usually accom- 

 modated either in the luggage van or in the carriage in which the 

 guard or conductor travels. 



14. We take the following observations on the financial con- 

 dition of the railways of the United States from the report already 

 quoted from the " Times." Although it emanates evidently from 

 a partisan, it is from an intelligent, well-informed, and honest 

 partisan, and is well deserving of attention. 



"1. In all instances the railroads of the United States have 

 received their charters from the governments of the several States 

 through which their routes extend. I am not aware, with a few 

 exceptions, of an instance in which the application of a company 

 for a charter for a railway has been refused, provided the responsi- 

 bility of the applicants, or the amount of capital stock subscribed, 

 has afforded a satisfactory guarantee for the execution of their 

 designs. The powers and privileges conferred by these State 

 charters are very similar to those conferred by the British Par- 

 liament. Railroad property in the United States occupies the 

 same relations to State Governments as the property of individuals. 

 The companies are independent in their action, and responsible to 

 the State authorities as private citizens. 



"2. I shall dwell more particularly upon the western railroads, 

 because their history, condition, and prospects more materially 

 concern European readers, their bonds being those now most 

 frequently in the market. A very large number of the western 

 railroads have obtained their charters under what are termed 

 general railroad laws, in distinction from special statutes enacted 

 for the incorporation of companies named within the Acts. 



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