text_original: Not on the absurd ground (which to any one acquainted with the elements of the subject needs no confutation) that railway expenditure is a mere transfer of capital from hand to hand, by which nothing is lost or destroyed.
text_transcription: NOT ON THE ABSURD GROUND WHICH TO ANY ONE ACQUAINTED WITH THE ELEMENTS OF THE SUBJECT NEEDS NO CONFUTATION THAT RAILWAY EXPENDITURE IS A MERE TRANSFER OF CAPITAL FROM HAND TO HAND BY WHICH NOTHING IS LOST OR DESTROYED
phonemes: nˌɑːt ɔnðɪ ɐbsˈɜːd ɡɹˈaʊnd (wˌɪtʃ tʊ ˌɛni wˈʌn ɐkwˈeɪntᵻd wɪððɪ ˈɛlɪmənts ʌvðə sˈʌbdʒɛkt nˈiːdz nˈoʊ kɑːnfjuːtˈeɪʃən) ðæt ɹˈeɪlweɪ ɛkspˈɛndɪtʃɚɹ ɪz ɐ mˈɪɹ tɹˈænsfɜːɹ ʌv kˈæpɪɾəl fɹʌm hˈænd tə hˈænd, baɪ wˌɪtʃ nˈʌθɪŋ ɪz lˈɔst ɔːɹ dᵻstɹˈɔɪd.