Minority Report of the Committee on Railways in Relation to the Hoosac Tunnel and the Railroads Leading Thereto: With a bill to incorporate the State Board of Trustees of the Hoosac Tunnel Railroad; also the speech delivered by Hon. E. P. Carpenter in the Senate of Massachusetts, June 3, 1873, in support of the same — John Shaqi
Minority Report of the Committee on Railways in Relation to the Hoosac Tunnel and the Railroads Leading Thereto: With a bill to incorporate the State Board of Trustees of the Hoosac Tunnel Railroad; also the speech delivered by Hon. E. P. Carpenter in the Senate of Massachusetts, June 3, 1873, in support of the sameMassachusetts. General Court. Committee on Railways and Canals
History
Minority Report of the Committee on Railways in Relation to the Hoosac Tunnel and the Railroads Leading Thereto: With a bill to incorporate the State Board of Trustees of the Hoosac Tunnel Railroad; also the speech delivered by Hon. E. P. Carpenter in the Senate of Massachusetts, June 3, 1873, in support of the same
Massachusetts. General Court. Committee on Railways and Canals
Why, Mr. President, if I had the ability to manage this enterprise, I
should hold the _honor_ of making this enterprise in the interest of
the State a success of more importance than the honor of being the
governor of Massachusetts. And when a man's reputation is thus at
stake, he cannot afford to cheat himself by withholding from the State
his best talents and energies. It has another and still greater
advantage,--the endorsement of the Commonwealth of Massachusetts,
which furnishes power and capital for terminal facilities, equipment
and the improvement of the line at a cheaper rate than any
consolidated company can procure it; and cheap capital in
disinterested hands secures _cheap_ transportation.
Can there be any doubt that a corporation thus formed and managed will
prove a financial success? If not a success, then we have great reason
to distrust a private corporation; with far less advantages, and a
larger capital, for doing the same business must prove a financial
failure.
To demonstrate this point in a more practical manner, we will assume a
proposition and verify this proposition by figures.
Judging from the present local business now done on the several
roads--forming what is anticipated as the Tunnel line, and the
testimony of eminent railroad men of the business that is sure to come
to this great through route to the West--it is fair to assume that the
whole will do a business that will average six millions a year for the
first five years; twenty-five per cent. of the gross earnings of the
leased roads, and property are reserved to provide for settlement of
the conditions of the said leases; and as they are not guaranteed the
payment of any amount beyond what their present business pays, can
there be any doubt but what the twenty-five per cent. on the increased
business will pay the six per cent. interest on the capital loaned to
increase the facilities for extending the business over the line?
Public-domain text, read in full here on John Shaqi.
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