Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1857-01-21

Company, in South Carolina" (BilI by the
COmmi1ee of Ways and Means.)
Mr.. SPEAKER: In 1854, the Legislature, af.
fer long struggle, passed an act which author
lied subscription of million of dollars, and
also loan of million, to the Blue Ridge Rail.
road Company Certain restrictions were i'm
posed on the Company, one of which provided
that the charter should be so amended, rs to re.
quire that each Of the Directors Of the Blue
Ridge Railroad Company should hold, in their
own right, FIVE thousand dollars of stock in the
Company. The amendment proposes to strike
out that clause.
I have serious objections to that amendment,
and as it involves principle which interweaves
itself into all my objections to the Blue Ridge
enterprise, deem it to be fit occasion to give
my views in full on the subject. In doing so,
I beg to disclaim all intention of speaking of
the South Carolina Railroad, exceptto illustrate
the subject. am stakeholder inthat Com
pany, and the gentlemen who have charge Of its
management are my personal friends. If own
ed 5000 shares, Iwould say what Sm about
to say.
believe, most sincerely, that every dollar
the State puts in it will be lost, for have not
the slightest idea that she will respond TO the
calls that will, necessarily, be made upon her
before this work will be so far completed as to
become available
There is no man who stands higher in my
estimation than Judge Frost, the President of
that establishment, and if he were to advise
with me, as a friend, rs to what he should do in
the matter, ! would, unhesitatingly, say to him,
that would suspend the whole matter; would
stop the work where it is, and let it so stand,
until the people Of the Stales of Georgia, North
Carolina and Tennessee come forward with rs.
surances that could not be doubted, that ample
means were 10 be supplied to finish and equip
the work in those States. would then require
that the people Of Charleston, and Of the State,
should give me clearly to understand where the
means were to come from to build road from
the city of Charleston to the North Carolina
line.
have no doubt but an estimate frem the
present Engineer, for such work, would reach
twelve or thirteen millions.
When this enterprise was commenced, was
n citizen of Charleston, and used my utmost ef-
forts to prevent that corporation from subscrlb-
ing Il million and forty-nine thousand dollars.
Knowing how little confidence the people of
Charleston had in the scheme, could not bring
myself to believe thut so small an amount OF
capital to commence with, could end in any
thing short of disaster and defeat.
The ground that / then took was, that Char
lesion would derive little or no benefit from
road cut through the mountains. with South
eastern terminus at Anderson. That if she were
disposed to consult her own interest, she would
require as condition 10 such subscription that
the work should commence at her own borders.
That no city can reasonably expect to thrive
and become great commercial emporium that
had but one interior outlet; that under the
control of chartered Company, and the keys
in The pocket of single individual. That her
destiny was fixed and indissoluble with the
State of South Carolina, and that mainly her
= great investments in internal improvements
should be made with 4 view 10 developing the
resources of the immediate country around her.
That certain and cheap modes OF transportation
from all quarters Of the State could not fail to
react on the general prosperity of the city
That the dormant wealth of Charleston might
be so directed as to be felt in the renotest parts
Of the Stale, in stimulating agriculture, drain
ing our great swamps and putting into renewed
culture our WORKOUT and waste lands; dirersi.
flying industry, stimulating the mechanic arts,
and increasing the population and wealth of
the State.
There is no city in the Union which has accu-
mulated more wealth 10 its size Nan Charleston
none that has shown 80 little inclination to
put forth her wealth in such way rs TO develop
the resources of the Stale. Her millionaires die
in New York. There is scarcely q day that pas.
ses over that does not send forth Charleston
capital 10 add to the growth and wealth of that
great city. There is silent and an inpercepti-
bic drain in that direction; the aggregate of
which for twenty years would more than build
a ruilroad from Charleston to Cincinnati.
In order 10 arrive ut 4 proper conclusion as
to what claims the Blue Ridge Company have
on the State, and also whether this Legislature
can by such acts benefit either the State or that
company, it will be necessary to 60 into an in
yestga,ion of the wole subject.
With that object in view will commence
with review Of the early history. 1t seems
that in the beginning there was no serious effort
made to procure individual subscriptions in the
city Of Charleston, indeed the enterprise was
commenced in u way that capitalists had no
confidence i'll it.
Long before it was known, how the parties
got any money to operate upon, engineers were
ut work in the mountains, and great flourish
of lrumpets made about contractors who were
ready to perform the whole work at unheard of
low prices, and all that was wanted in order 10
scale the mountains and carry out with modern
ingenuity the long since exploded Cincinnati
scheme, was u small subscription from the city
of Charleston, and very moderate amount from
the State.
After getting the city Of Charleston in for
million and forty mine thousand dollars, without
auy serious effort to stir up the private capital
of that place, indeed without showing DISPOSE
ton to draw even upon their own abundant
means Il certain sci Of Charleston gentlemen
came up here, with all The influences that men
can sometimes bring 10 bear, and besieged the
Legislature 10 take step WHICH would furce
the State of Sopth CAROLINA to become proprie-
tor, in COMMON with the city Of Charleston, OF
this expensive enterprise, involving ten or fifteen
millions OF capital and the building of aFailrcad
through fopr States.
hive been watching the movements of the
parlips engaged in this work FRONT commence
ment, and must say that when Saw gentle
men from Charleston on this floor, asking State
mid. wealthy gentlemen, some OF whom have
shins aonting in every sea: say when saw
surh gentlemen here, asking State aid to build
!, road which is to be purely commercial in its
character, for the accommodation OF the ship
pino interests of that city, a work which can 90
,he State at large SO little good, and those gen,
tlem.n not willing to take stock themselves, |
could not diyest myself of the apprehension
Tint NIL was not right. The gentlemen who
have been most prominent in this work hive no
peruniary interest in it, except such pallry sums
a. WINS necessary to qualify a Director, and ena-
hi. him to participate in experding The States
Ti,,.o nan tlempn inc cluding The PreSl-