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Our conviction is that |
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Our conviction is, that neither exist to any thing like the extent which would be required were the present mania allowed to run its course unchecked. But, on the other hand, a total stoppage of improvement might be equally dangerous; and it will therefore be necessary to steer a middle course, and to regulate the movement according to certain principles. Let us, then, first consider what lines ought _not_ to be granted.
At the head of these we should place the whole bundle of rival companies to railways already completed or in progress. We are not of the number of those who stand up for exclusive commercial monopoly; but we do think that there is a tacit or implied contract between the state and the proprietors of the sanctioned lines, which ought to shield the latter against rash and invidious competition. The older railways are the parents of the system; without them, it never could have been discovered what gradients were requisite, what works indispensable, what savings practicable.
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