Instead of directly purchasing the railroads constituting the direct line, provision is made for leasing these railroads by the new corporation upon terms which are fair and equitable for all parties. The returns to the railroad commissioners show that the average expense of operating the railroads of this State is seventy-five per cent. of the gross income. We therefore propose to set apart for the benefit of each of these corporations twenty-five per cent. of the gross income of its railroad, out of which shall be paid a yearly rental; and that they may not in any event be losers by the experiment, it is proposed to guarantee to them an amount sufficient to pay to their stockholders the dividends they are now paying, with liberty to increase to the maximum which law or custom permits our railroad corporations to pay. That such a lease would receive the assent of the companies interested, we have strong reasons to believe. It secures to the stockholders the dividends they are now receiving. It secures also to them the benefit of any increase of business likely to accrue from the completion of the tunnel, to as full an extent as they can hope to benefit by it. No railroad corporation ought ever to pay more than ten per cent. dividends, and the legislature would undoubtedly, under its power to regulate tolls, interfere to prevent greater dividends. While these corporations are thus interested in the earnings of the roads, the bill provides that they should be represented in their management. We shall thus secure the services of persons familiar with the local business and history of the separate roads, and although forming only a minority of the board of management, they must have an important influence in the direction of its affairs. The benefits to be gained by the State by this arrangement are obvious and manifold. It retains state ownership and management of the tunnel. It secures to all corporations desiring to use the tunnel equal rights. It secures to the Commonwealth the full value of its investment, whatever future developments of business shall prove that value to be. It assumes the establishment of a strong corporation, able to provide all equipment and terminal facilities which any future increase of business may render necessary or advisable. It meets all the presumed advantages of state acquisition of the railroads, without that disturbance and removal of capital which must follow the purchase of the railroads by the State. It can furnish capital for 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. It enables the State to try fairly and fully the experiment of cheap transportation.