The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-06-05

IL must be obvious TO every one, however, that the
subscription to the Nashville road is not like debt
uaced tor public Improvements, which cannot be re-
called IL is rather like debt incurred for the purchase
OF an available and improving property, which will be
dollar OF the money subscribed can be realized by sale
OF the stock whenever the road is put in operation for
il is admitted by every that the stock will always be
worth its par is clear, then, that equal Of
assets may be considered in hand 10 pay the debt.
leaving The funded debt OF the city really at 1914 s67 GO
and the question u.s. whether we can safely add S250000
10 thus making The whole debt S924s67 II seems 10
us that the real question is, whether The city afford 10
pay annually the interest of this $3.50 900 until the road
s pu, in operation. Our subscription would be made by
the OF per cent stock, and the whole charge upon
the city finances would be $4,000 per annum, and that
only until The road should be put in operation for after
that the dividends OF the road would pay the interest
In other words, II il advance of credit by city
for about five years. and il the whole interest for that
period finally lost, would amount merely to 875,-
oooa sum al which the advantages proposed would be
a cheap purchase.
But even this sacrifice is not required for the Mem
pbis company willing tina, our subscription should
not be called for Tor considerable period and not until
ns,almen, are called in. Blu, we think this would be
demanding than justice permits and that the airest
would be that 1t should be paid whenever
they are ready TO construct the road at this end As
any portion OF this 10 completed, II would at
produce revenue.
We are Of opinion, then, that the city safely. and
with advantage, subscribe the sum OF S230ooo. No
other conditions would be necessary TO the sub
scupon, il not that the state OF things a, the Az
gusia bridge depves us at present OF equal participation
any trade TO the OF that city Our subscription
cannot realize for Charleston the benefits which may
Justly claim. 10 long barrier stands at the Savannah
ver TO prevent the trade from reaching which il
the thing so long TAX the trade Is levied at
the expense OF those who carry We have no sort
OF objection free compe,,on and perfectly ready
10 share the benefits oil the trade with sister
cities Of the South We believe that this trade will soon
be large enough TO build up all cities But before
apply more OF our TO extend the trade further
West, would seem but reasonable that should ask
removal OF the distractions crossing the Savannah
river al Augusta Such demand is nothing than
request tina, ourselves and the people OF Georgia Tennes
see, Alabama, and Mississippi should enjoy the rights
allowed TO American citizens everywhere else, and have
the OF free nunicaton. We are happy TO learn
that the citizens Of Augusta are themselves disposed TO
remove the difficulty and that negotiation s on foot
with the South Carolina Railroad Company which Will
probably lead to an adjustment This is the proper
mode OF settling the matter and have no doubt but
that all the roads interested will contribute indemnify
make The town of Macon has already consented TO re-
move similar obstruction. and we cannot doub, but that
Augusta will exhibit equal public spirit. II would be a
handsome removal OF the difficulty she would sobscrbe
it's price to the OF the railroad Memphis and
thus convert what has 80 long been burden into fu
ture auxiliary OF western trade.
However earnest in our desire to construct the
Memphis road Immediately, yet we feel constrained TO
advise our fellow citizens 10 make their subscription de-
pend upon another earnest effort get the Savan
nah river. While, therefore, we wosld recommend and
advise subscription for the amount required justice to
ourselves requires that should make the subscription
depend upon being admitted To participate fairly
the trade beyond Augusta In order to bring the whole
matter before the proper authorities, we wonld recon
mend ths, the mayor be requested TO call apubc meet
ing OF the citizens and that Mt such meeting resolution
the following effect be proposed for their consideration
Rop,d That the city council Of Charleston be requested
they informed hst arrangements have been
made satisfactory the South Carons Railroad Company
for crossing the savannsh river at Augusta subscribe to