The financial mismanagement of our railways has arisen from precisely the opposite cause to that which has made British railways cost from two to three times as much as they should have done. Their excess of cost was owing to their having too much money; ours to our having too little. They were robbed right and left for Parliamentary expenses, land-damages, etc. The Great Northern, from London to York, three hundred and fourteen miles, expended five millions of dollars in getting its charter. Mr. E. Stephenson says that the cost of land and compensation on British railways has averaged forty-three thousand dollars per mile, or as much as the total cost of the railways of Massachusetts. American railway-companies have never been troubled with too much money. They have usually commenced with a great desire for economy, selecting a "cheap" engineer, and getting a low estimate of the probable cost. A portion of the amount is subscribed for in stock, and the next thing is to run in debt. "First mortgage bonds" are issued and sold. The proceeds are expended, and the road is not half done. Another issue is sold at a great discount, and yet another, if possible. As the road approaches completion, the desperate Directors raise money by the most desperate expedients, such as would bankrupt any merchant in the country in his private business. Sometimes the road has vitality enough to work itself out of its troubles; but in other cases, unfortunately too numerous, it passes into the hands of the bond-holders, and all it can earn goes to remunerate trustees, and pay legal expenses, commissions, etc. The financial mistakes of our railways have been, endeavoring to do too much with too little money, and crippling themselves with a load of debt that no project could stand under. This has led, as a matter of course, to the second evil,--Imperfect construction. The projectors of a new railway have thus reasoned with themselves:--"The average cost of our railways has been between forty and fifty thousand dollars per mile, and this one, no doubt, will reach those figures before we get through. But it will never do to talk so, or we could not get the money to build it. Mr. Transit, our engineer, says it can be opened for twenty thousand dollars per mile, and we will earn money enough to finish it by-and-by." So they go on, and, to get the road open for the small sum attainable, everything has to be "scrimped" and pared down to the lowest scale. The cuttings are taken out just wide enough for the cars to pass through, and the ends of the ties overhang the edges of the embankments. Temporary trestle-work of wood is substituted for stone bridges and culverts. Some reckless fellow tosses down the iron as fast as a horse can trot, and the road is opened.