of practical experience, in the best sense of the term, who have intelligence enough to know and apply all those vital reforms upon which depends the future success of their undertakings,—­the men of the workshop, the track, and the locomotive.  And we shall yet see the more intelligent of them taking the place, at the directors’ board, of the retired merchants, physicians, and other respectable gentlemen, who now lend only the names of their respectability to perpetuate a system of folly that has reduced our railroad-management below contempt.  As at present constituted, our boards are a very showy, but very useless piece of mechanism.  The members attend at meetings when they feel just like it, and sign their names to documents and statements which have been prepared for them by others, without much knowledge of what the contents are; their other duties consisting chiefly in riding over their own and connecting roads, free of charge.

Why should railway-directors work for nothing for the stockholders?  Ah, Messrs. Stockholders, you little know in reality how fat a salary your directors make to themselves, by nice little commissions, by patronizing their favorite builders of locomotives and cars, and by buying the thousand and one patents that are so urgently recommended!  Do you carry your broken watch to a blacksmith or to a stone-mason to be mended?  Neither, we think.  Why, then, do you leave the management of a work which engineers, machinists, carpenters, masons, and men of almost every trade, have spent time and care upon to build, to the respectable merchant, lawyer, or banker, who thinks the best road that which has the softest cushions and the most comfortable seats on which to ride?

Railroad-building, remarks a late writer, (Mr. Whiton,) may be divided into three periods,—­the first, the introductory, in which roads were a sort of experimental enterprise, where the men who labored expected to be paid for their time or money, and were willing to wait a reasonable time for the expected profit.  Second, the speculative period, when men were possessed with an unhealthy desire for fortune-making, and, not content to wait the natural harvest of the seed sown, departed from the sound and honest principles of construction and management; trying, at first, by all sorts of pretence and misrepresentation, to conceal, and last by legislation to counterbalance, the results of their ignorance and of their insane desires.  Railroads were compared, as an investment, to banks; and it was even supposed that the more they cost the more they would divide; and tunnels, rock-cuts, and viaducts were then as much sought after as they are now avoided.  Shrewd and intelligent business-men, who had made for themselves fortunes, embraced these ridiculous opinions, and seemed at once, upon taking hold of railroad-enterprises, to lose whatever of common sense they before might have possessed; and even at the present day these same