Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1857-01-21
VOL. XxII..-.NO. O.,
that kind is made which will. commit the State
10 tho exnendiinra of miIIiona Of dollars-

bonds are resorted TO now, that there is scarcely
enterprise, however useless and unnecessary,
that may not be forced upon the State, city,
village, county, or any other corporaion-gas
works, water works, in fact any thing, that in.
genious arguments may make it appear to be
for the public good. If this State House were
to burn down Tomorrow, such thing as taxa
tion to build temporary house would, in all
probability, shrink before the convenient system
Of issuing six per cent bonds.
The bond debts of all the States and corpo-
rations in the United States have sweed to
nearly if not over, thousand millions, and the
system must end, sooner or later, in overwhem-
ing disaster.
Such has become the reliance of all project
ors Of public works on State and corporation
subscriptions, that private capitalists, our only
security for good management, are not regarded
to be at all essential. Indeed tho capitalists,
who are the bone and sinew of our country,
avoid most studiously any act which will bring
their capital in reach of such crazy men.
The State was reluctant to 90 into the Blue
Ridge enterprise, and threwthc only shield she
could get around her, and sprovided that the
management should be in The hands of interest
ed men; and this bil if it passes, will take that
only security from US.
1t is said that South Carolina has done little
or nothing for railroads, while all the other
States are going ahead with gigantic steps. So :
much the better for us. Our railroads have
kept fully up with our other improvements We
can csunl mile for mile in proportion to terrific.
ry, with many, if not oil the States Let US fin.
ish those We have started, which feel a conf.
dent hope will all work themselves into perma.
nent and profitable establishments. We want
rest aud repose from this eternal ding.done on
the State for aid. and what we and the whole
people OF the United States want, above all 9th.
er things, is, that the idea that railroads are nat
in future to look to private capital for their
erection. The States will continue to sauander
and missappy, but will finally tire, as Pennsyl. .
vana has done. Private capital will then come
TO the rescue, and the day is not distant when
you will see Charleston capital set in motion
which will not stop at millions to break through :
the barrier which lies between that city and lie !;
back country. -
The exc lusivc right to construct railroads to
Columbia, Camden, Augusta and the waters of y
the Savannah River, does not clash with road
directly from Charleston, or Beaufort, 10 Apder-
son. Why was the Blue Ridge Railroad mot !
commenced at Chareston? With proper men
at the head of such an enterprise, it would have
commanded the wealth of that city,
Charleston has the capital. If a charter
could be obtained with an unrestricted RIGHT, to =
build another road 10 Augusta, Iwould venture
my reputation upon it, that the people of: Char.
lest0a Wonld take.the stock add PA. tho S.ate a.
Charleston has ten millions. .of b1nking capi:
tai, besides the Bank of the State-twice as
much as the legitimate business of that CITY re.
quires hence you find that large portion of
her capital is in Wall street, NJ y, and still
larger portion in New Orleans, Mobile, Memphis,
Montgomery, Ala, Columbus, Ca, and other
commercial towns in the southwest Charles.
ton has. besides bonds no one can say how
much. And will it be said that the people of
Charleston would refuse to take 3.5 of the stock
in road which they believed would bring TO
that city one:half or one.fourth of the trade
which the friends of the Blue Ridge look for?
The proposition is absurd, and the truth is,
that they had not the slightest faith in the Blue
Ridge enterprise, or of the practical ability of
the gentlemen who were at the head Of it, who
had Just completed very wastefn1 expenditure
of about million Of dollars for the South ca.
roina Railroad Company, TO build new inclined
plane, and other expensive works almost as bad,
and had turned upside down the affairs of that
company. They were not the men 10 lead
forth at that time the capital of Charleston.
Private capital is always shy, some men can
command 1t rs with a magic wand, but such
men are few and seldom to be found.
In order to show how capital has been dis
posed 10 seek railroad and other country invest.
ments from Charleston, if. The same disposition
does not exist now, | will relate some facts
which may illustrate the case
In lS45 an enterprise was started to build
manufacturing town in the interior, and although
such projects had but little of Inc confidence Of
the public mind, upwards of two hundred thou
sand dollars were without any difficulty raised
for that purpose. Some years after that three
gentlemen of that city, one in particular. u yery
wealthy gentleman, started project to make M
nearly al air line railroad as could be made
from the city Of Charleston to Macon in Georgia.
In order to accomplish that object, application
was made TO the Georgia Legislature for char
ter. The first application was rejected. There
were, however, strong expectations held out
that another application would be successful.
A second was made and simultaneously with it.
an application for charter from this State, with
pledge that the company would not ask the
State for dollar Of aid. The bill was lost in
this Legislature, on the ground that it would be-
acting in bad faith towards the South Carolina
Railroad Company, which enjoyed monopoly
from this State-the constitulionaity of which,
We intended to lest. News went to Georpia
that we had failed 10 get charter here, and
caused failure there by four votes in the lower
house. the Senate having passed the bill.
The Whole capital necessary to build the road
was promised. The principal mover in the mat.
ter was pledged to furnish Il haf-miIlion, another
gentleman Sl50,0O0, another 100000: and
those three gentlemen would have supplied, a
million and half rather than permit the work
10 stop. One Of those gentlemen has since died,
and IL was found that j million Of his capital
was located in New York; another has recently
died in New York, to which place he had trans
ferred 100000 of his caplal-bcth native born
sons of South Carolina They were both living
when the Blue Ridge was started; neither would
take single dollar in it.
have in my mind another individual, who
was an apprentice COY when went to Charles.
ton in 1888, He has retired from Charleston
with &oout one hundred thousand dollars, and ia
now building village in New England.
Mr.. Speaker, if have been abe to unfold
my views on this vastly important subject, |
have shown that the State will have to expend
very large sum Of money in this enterprise, and
add enormously to her debt. How far she will
be compensated, time only can dereope.
will now close by a few brief remarks on
the general prospects, and the probable working
operations Of the road, in reference to advancing
the commerce of Charleston, and promoting The :
welfare and wealth of the State.
Now, it not. my object to sci forth the doc