The Carolina Spartan. [volume] (Spartanburg, S.C.) 1852-1896, 1857-12-24
Spartanburg and Union Railroad.
To BE Continued

pPui'ohoulS dHu UHlUH hdllTUdQ.
The following debate took place in the
State Senate, on the 4th instant, upon the
bill granting aid to the Spar,anburg and
Un0n Railroad. 1t will be seen that the
plain and common sense statements of Col.
Cannon dissipated the opposition, and led
TO the passage Of the bill through his branch
oi the Legislature, whatever may be its ul
timate fate:
heport OF the Committee on Finance and
Banks, on Bill by Mr.. Cannon, to afford
ald to The Spar,anburg and Union Railroad
Company. The Committee recommended
| a substitute.
Upon the question of agreeing to the
substitute, Mr.. Dudley said Are we in a
condition to afford any more aid to the
railroads of the State-to add 20 the l;abili
ties OF the State: He could see little dis.
JUNCTION between paying money and endors-
ing for any railroad. When The bonds be
come due, 1t is the uniform course to appeal
TO the Legislature for sympathy. The
question then Is, are we willing 10 pay the
amounts secured by the endorsement of the
State! Are We IN condition TO do this?
1t IS unjust to the people. They know
nothing OF the debt incurred. 1t is entail.
ed upon poslerity. The fair way is to tax
the people in aid of enterprises of this char
acter. II is bad principle to conrac, n
debt, either principal or endorser, which is
to be paid twenty years hence
This road has his sympathy. All the
roads in the State have his sympathy. But
how long must we continue 10 give them
aid! The Spartanburg and Union Rail.
road has already received the aid of the
State-as much as was asked for. How
long mus; we continue itl five gran, this
aid, other roads will call on us for similar
and: 1t is time this thing should stop. 1t
is time the railroads in the country stand
alone without any more assistance. We
should stop before the State is bankrupt
| We are proud Of her credit abroad. Will
it add to that credit 10 extend aid to all the
roads within our bordersl
What are the means OF this Company to
pay these bonds when they become duet
Tho friends Of the road thought they would
be able TO build Tie road with the aid al
resdy given, but they find that they were
mistaken. They may be mistaken again.
lie would prefer TO donate to the roads al!
the stock the State owns in them. rather
than endorse their bonds. They may have
all, If they will only let us alone in future.
Mr.. Cannon: Ii was due 10 the Senate
that he should make some explanation
The Senator from Marlboro had said tha,
the endorsement OF the bonds Of the Spar
;anburg and Union Railroad Company
woald be equivalent to paying the debt
which may be incurred. lie though. he
could show the Senate that The security is
ample. The whole has been graded; TWEEN.
ty miles OF IT are completed aud in running
oroer; AL the bridging masonry and tres
tehng are compieted; there are three en-
gines and eighteen cars Of classes upon the
road; the depois At Spartanburg and Union
are built; there is timber enough to build
the superstrncture TO within five miles of
Union Court House. Now we otter this
"hoie corporate property, and the private
sIock oi Tie Company, as security for the
payment OF the bonds endorsed by the State.
mn these securities, and there being no
other debt, how can the State losel Every
lien IS TO be removed, and no lien hereafter is
TO have the priority over mortgage of the
! State. We ask for the credi, of the State
for httle more than one fourth of the value
OF the road. When completed, will it not
be worth more than S35O,ooo?
faiifoads are as necessary as common
roads. The people must have them Can
dor compelled hlm 10 say, that without the
AID OF the State, this road will be lost; and
The people of his section will move off to
more favored sections of the county.
Mr.. MaAyck. This Bill proposes to do
for the Spartanburg ard Union Railroad
less than we did for the Savannah and
Charleston Railroad. Ii was provided tha,
the State should endorse the bonds of the
latter company 10 the amount of $500, 600.
as soon as 1t should appear that one half OF
the road had been graded. This Bill pro
poses that the bonds OF the Spartanburg
and Union Railroad Company be divided
in three classes, with conditions annexed 10
each class. The first class bonds are not to
be sold under par nor brought into market
before 1859. He should he unwilling that
these bonds should come into competition
with those OF the State now in the market.
II taken at par they will remove all liens
now on the road. The last class bonds can.
not come into market before 1859.
The Hon. Senator from Marlboro said 10
endorse their bonds would be equivalent to
paying the debts Of the Company. He
knew only Two instances in which the State
had endorsed the bonds OF railroads. One
Is the case of the South Carolina Railroad,
for two millions of dollars. The Stale has
not been called on 10 pay those bonds. So
far from It, the Company have been able TO
sell their own bonds nj par, although there
was n mortgage upon the road The other
instance was tha, Of the Savannah aud
Charleston Railroad. Wo have not been