certain stages of development. Few New-York Democrats now
denounce the building of "Clinton's Ditch," and the fact that a majority
approved of it as a sufficient evidence that it was a measure suited to
the period; though even an old Whig at this day could not approve of a
State canal under the auspices of Governor Seymour. Here are the two
great questions which at any time must regulate the exertion of
Governmental power: Is the enterprise vitally important? and, Will it be
accomplished by private effort?

Because the Nation in several eminent instances saw the former question
answered affirmatively and the latter negatively, it centralized a
certain amount of authority for the construction of fortresses and the
maintenance of a military force. These matters vitally concerned the
entire people, yet the ordinary _stimuli_ to private enterprise were
quite inadequate to securing their accomplishment.

The Pacific Railroad stands on precisely the same grounds. It concerns
the entire population of the United States, but no ordinary
business-organization of citizens will ever accomplish it alone. The
mere cost of its construction might stagger the most audacious
financier; but that is a minor obstacle. No doubt the city of New York
and the State of California contain capital enough for the completion of
the entire road,--would subscribe to it, too, upon sufficient
guaranties. But who is to give those guaranties? Whose credit is broad
enough to secure them? Our Atlantic capitalists have too often been
defrauded by stock-companies of moderate liabilities and immediately
under their own eyes, to feel quite comfortable about putting millions
into the hands of private operators, who shall presently have the Rocky
Mountains between them and their bondholders. In the case of almost any
other railroad-enterprise this objection might be answered by the
proposal to build the line with the subscriptions of people living on
its route. But this line must take a route without people, and bring
people to the route. Certain other roads are guarantied by the pledge of
their way-freight business. This road must be completed before such a
business exists; the business must be the product of the road. The
ordinary principle of demand and supply is reversed in its application
to this case. Supply must precede demand. Furnish the Pacific Railroad
to the continent, and the continent in ten years will give it all the
business it can do. Wait fifty