The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1847-12-15
walk and I'D sor two Swill carry you
from ono xtremity Of the Stats to the

walk--and asQuya or two tAp1il carry you
from ono extremity Of the Stats to theEl
other. i;5 q S,s's
Il conclude, therefore, that in an agri-
cultural, commercial, political and social
view. Rail Roads, when they can be
maintained, are fraught with unmixed
blessings to the community in! which they
arol found, and the only remaining ques.
tion.is, whether the State ought to partiei.d
pate with individuals, and to what extent,
In the expense of their constructions
E Iset out with the principle, that if the
saving to the community by the construc-
ton Of q Rail Roid was equal to The in
terest of the sum which it costs, the ex-
penditure would be wise and justiiable,,
and when it is in old Of Individual enter
prise. I feel confident that the promp-
tings Of self interest would be a safe
guard against an improvident Investment
or prodigal expenditure. IF tho. actual
benefit derived by each individual could
be asccrtained, that would supply q rule;
by which to apportion the amount oftheir5
contributions. That is inapracticable, and
the alternative is the adoption Of some ar
bitrary rule by which it may be approxi-s
mated. Two-fifths of the entire sum
seems to have been generally regarded AS
the proper. ratio, md was at one time a..
dopfed by this State US principle but
other counsels have since prevailed, and
each case is left to provide fer itself.
This ought not to be so. The spirit of
improvement is abroad, and our people
ought to know what aid they arc to de-
rive from the common stock in the prose-
cutton of enterprises calculated mainly to
promote our common welfare. 1 If two
fifths be thought too much, adopt the pro
portion of one-third, or even less; but let
it be fixed and permanent.
We are met here with the objection
that it is inexpedient and improvident to
increase the public debt, and I agree that
it ought not to be done without some pres
sing and obvious public necessity. But
it is believed that the fund generally de-
signated Us the surplus revenue, now ex-
listing for the most part in the form of
Stocks in the Rail Road Company and
debts due by them might be safely relied
on for the mcansssoi raising an AMOUNT
sufficient to mcetFt present emergency,
at least to reasonable extent, without in
creasing the public debt.
1t mny be that some difficulty may be
found in raising money on the credit of
these securities alone. But, if, as sup
pose the present investment is secure, I
am not able to see what risk the State will
run, or what the public debt will be in
creased, if the State, Us the means Of in
suring ready market for the securities,
were to guarantee their payment. An in
dividual, having sum of money secure
ly invested ,twould not feel that he ran any
risk in raising money upon its credit, even
to the full amount, for a further invest
ment, and having securely invested that,
where would be the objection, in an eco
nomical view, OF borrowing a like sum, if,
by SO doing. reasonable profit might be
expected from it2 But go further-all
works OF this character are intended, and
ought to be permanent, and the experience
of the world is, that if we'll and Judi
ciously located, and faithfully executed,
their usefulness and value are progressive.
and each succeeding year dcvelopes more
and more the wisdom of the design. It
is posterlty, then, who are to reap the full
fruits, and it is fit that they should contri-
butte at least portion Of the expense of
rearing them, and upon the principle be-
fore stated, hoidthat it would be safe and
wise, even to incur debt in the construc-
tion Of any work, from which the saving
to the community at large would be equal
to the amount Of the interest on the sum
borrowed, with the addition of small
sum, which would opcratc as a sinking
fund, and thus divide the expense between
the present and future generations-pro-
vided it did not impose unreasonable bur.
thens on either.
IT you should entertain these views,
and determine to- aid the construction Of
all or any of the projected Roads, care
ought to be taken that they are SO located
saslto be productive Of tho creates com
mon beneit-that the sums subscribed by
individuals, with what the State shall CON
tribute, be sufficient to pay the expenses
of the projected work, and that it will be
performed in good faith. The payment
of the contributions Of the State should
be made in the ratio to be adopted, and
follow the disbursements Of the sums sub
scribed by individuals in that ratio.
Large sums have been from time 10 time
appropriated to improve the navigation
of our water courses, between a line ex.
tending from Cheraw to Hamburg, and
the sea-coast; and | can only account for
the utter neglect Of the rivers above that
line, by the entire failure Of tho attempt
to improve the navigation of them some
thirty years ago, by the construction of
canals around the rapids at an immense
expense, which have proved entirely USE
less, with one solitary exception. We
had not then any experience in works of
that description, and thern is No doubt wae