This cry of political corruption against State management is but the resurrection of the old party ghost which has always been retained in the service of all political parties to frighten people that are naturally timid and conservative; and this terrible spectre has often been the means of delaying and defeating enterprises that were for the best interests of the people. I remember, Mr. President, when this ghost was exhibited by the Democratic party in every town in this State; and the people were made to believe that the loan made by the State to the Boston and Albany (Western) Railroad would ruin the State; that every man's farm was mortgaged at nine dollars per acre; and men believed it, for that was in times when the people followed party leaders through faith; when it was said that the true test of the political faith of a New Hampshire Democrat was to wake him up with the inquiry, "Who made you?" and if he answered promptly, "Isaac Hill, sir," he was to be trusted as one of the faithful. The effect of this great outcry was to destroy confidence in the enterprise and the stock at one time could not be _given_ away for fear of assessments. And if the people at that time could have been guaranteed that the loss of the State should not exceed the four million loaned, they would have gladly given another million as a guarantee. But they could not rid themselves of the supposed burden, and the result has been the development of a great enterprise in the interests of the State in spite of their fears. This was in a measure to the credit of State management. As to the efficiency of the plan, it remains to be tried; but in the language of the minority report we believe such a management would be efficient and reliable beyond that of ordinary railroad corporations. It combines State control with corporate management. The Governor and Council could be depended upon to appoint suitable persons as trustees. The railroad corporations would naturally appoint their most efficient agents as trustees. Such a board could find no difficulty in securing the services of the ablest railroad officers to direct and aid in the management. As the plan has no precedent it cannot be judged from the record, and the prejudice existing against State management cannot fairly apply to this plan; but if it could have a fair trial we have no doubt of its efficiency and success; and we are not alone in this opinion, for this plan has received the full endorsement of eminent railroad managers, successful and prominent manufacturers and merchants, and the Chairman of the Railroad Commissioners, together with many of our most enterprising and conservative citizens. STATE PENSIONERS.