A few years ago it was impossible to compare the results of the working of one railway with those of another. The returns were so ingeniously made out, that only one thing was certain,--the amount of dividend that it pleased the Board of Directors to declare. If this was three or four per cent. for the half-year, the stockholders were delighted, and passed a vote of thanks to those worthy gentlemen for devoting so much valuable time to their interests gratuitously. What if a dividend was not earned? it was easy enough to raise money in Wall Street on the Company's paper, until some excuse could be found for a new issue of bonds or stock. But those benefactors of the human race, Tuckerman and Schuyler, put a stop to all this. After their proceedings became public, and still more certainly after the crash of 1857, if railways did not earn a dividend, they had to say so. This led to investigations, and stockholders became "posted," as the phrase is. Chiefly by the exertions of one newspaper, the "Boston Railway Times," railway companies were shamed into giving their reports in such form as to distinguish the expenses per mile run, for fuel, oil, repairs of road, machines, etc., etc. This gave a common standard of comparison; and, as we have seen, it was made use of to discover in what particular departments English railways were worked more economically than our own. This has led, as we have also seen, to a great reduction in the cost of operating; and the revival of railways, as an investment, dates from that time, 1857-8.
But there is something more wanted yet. As we have said, railway men are not out of the reach of temptation. Let the various officers of a railway manage it so as not to exceed the average expense of other roads of their State, and their reputation stands high. Let them reduce their expenses below the average, and their power is despotic. If they are men of ability, they can do all this,--operate their road for less than many others, run their trains regularly and without accident, even treat the public with civility, and make themselves rich, in a few years, by percentages and commissions on the cost of supplies, and by other modes, which, perhaps, had better not be referred to here. If any one doubt this, let him take pains to inquire how large a proportion of railway-men get rich in a few years on salaries of from one to two thousand dollars per annum. Nor can this be prevented; for every new check is only a transfer of power from intelligent to ignorant hands; and ignorance, however honest, is a more expensive manager and easier victim than knavery. There is but one remedy. Make it for men's interest to reduce the expenses of operating to a minimum. Make it for their interest to do so, by allowing them to share in the profits, and then the question is solved, and you have a thousand vigilant guardians of your property day and night. Let all supplies be furnished by public competition under sealed tender, as is done in the army and navy, and on the large railways of Great Britain.