men have not the manly honesty to acknowledge their errors, but endeavor to cover them up with greater.—­The third period is that of reaction, which embraces the present time.  To a person unacquainted with the management of railroads, to see a body of men, no one of whom has ever before had anything to do with mechanical operations, assembled to decide upon the relative merits of the different plans of bridges or of locomotives or cars, upon the best means of reducing the working-expenses of a machine of whose component parts they have not the slightest idea, of the most complicated and elaborate piece of mechanism that men have ever designed, might at first seem absurd; but custom has made it right.  It is generally supposed that the moment a man, be he lawyer, doctor, or merchant, is chosen director in a railroad enterprise, immediately he becomes possessed of all knowledge of mechanics, finance, and commerce; but, judging from past experience, it appears in reality that he leaves behind at such time whatever common sense he perchance possessed before; otherwise why does he not follow the same correct business-rules, when managing the property of others, as when he accumulated his own?  A man who should show as much carelessness and ignorance, when operating for himself, as railway-directors do when operating for others, would be considered as a fit subject for an insane asylum.

When railroads are built where they are needed, at the time they are wanted, in a country able to support them, by permanent investors, and not by speculators, and are well made by good engineers, and well managed by competent men, whose interest is really connected with the success of the enterprise, then they will pay, and be railroads indeed.  But so long as money is obtained on false pretences, to be played for by State and Wall Street gamblers on the one hand, and ravenous contractors on the other hand, they will be what they are,—­worthless monuments of extravagance and folly.

“Experience keeps a dear school,” says poor Richard, “but fools will learn in no other.”

Let not the reader think for a single moment that we have no appreciation of the labors of a De Witt Clinton, or of a Livingston, —­that we at all underrate the services of the Eastern capitalists who render available the public-land grants of the West, whether to build ship-canals or railroads.  We have the highest respect for that talent without which our Western lands would still be left to the buffalo and the deer, and the gold and silver of Europe would remain on the other side of the Atlantic.  These capitalists are the mainsprings of the system; but we should no more apply their energy and skill to the detailed operation of so mechanical a structure as a railroad, than we should attach the mainspring of a watch to the hands directly, without the intermediate connecting chains and wheels.