h has pursued since the dawn of civilization, when not
prevented by the wisdom and strength of a good government.

THE CAMDEN AND AMBOY RAILROAD COMPANY.

For almost forty years the Camden and Amboy Railroad was the only direct
route between the cities of New York and Philadelphia. It is doubtful
whether previous to the war a more important or a more remunerative road
existed in the United States, for, besides connecting the two largest
cities in the Union, it formed part of the direct land route from the
East to the South.

The efforts to open a direct through route between New York and
Philadelphia date back to the year 1812, when the construction of a
canal between the Hudson and the Delaware was proposed, but an
ill-advised jealousy of the State of Pennsylvania delayed for many years
the realization of the project. When this obstacle was finally overcome,
a change of sentiment had taken place in New Jersey. Railroads had just
made their appearance in the United States, and a large number of the
people of New Jersey preferred a railroad to a canal.

The matter was finally compromised in the legislature of New Jersey,
which on the 4th of February, 1830, simultaneously granted charters to
the Delaware and Raritan Canal Company and the Camden and Amboy
Transportation Company, fixing the capital stock of each company at
$1,000,000, with the right to increase it to $1,500,000. The charter
further stipulated what taxes should be paid to the State, and also
contained the provision that within five miles of the starting-point and
within three miles of the terminus of each line no other railroad or
canal should be built. It was believed the existence of both a water and
a land route would be sufficient to maintain competition on this
important thoroughfare of interstate traffic. The construction of the
railroad, which had been surveyed in almost a straight line between its
termini, was at once commenced. A number of well-to-do and practical men
took hold of the enterprise, among them one John Stevens, who together
with his three sons took one-half of the capital stock. The canal
project did not do so well at first. At the middle of the year 1830 only
about one-twelfth of its capital stock had been sold, and there was
great danger that the company might forfeit its charter, as the time
allowed for the subscription of its stock was nearing its end. At this
juncture Robert Field Stockton, a young man of ability, enthusiasm