The independent press. (Abbeville C.H., S.C.) 1853-1860, 1858-12-10
Tho Blue Ridge Railroad.

The friends of tins road have been forced |
again TO APPLY to the Legislature for aid to
complete their great enterprise. BY the Act
of,lS5i, the Legislature engaged to subscribe
the sum Of S!.OO0,O00 and also to endorse the
bonds "fthc Company, to the ainoun: Of 81 ,oOO,-
900 if the Company would furnish satisfactory
proof of their ability to complete the road.
Owing to the failure Of Anson Banks 4 Co.,
the contractors, who dad engaged to furnish
one half Of the necessary Capital, the Company
are unable to comply with the condition an
ncxcl to the guarantee Of the State aud desire
its removal, and to this cn.l ssign in their me.
mortal divers strong reusons-to wit, the FEAST
'blity Of a great enterprise, with the'ndditonnl
aid desired, or other ise' the total loss to the
State of 81 ,0U0. 900 already expended, ifthe as.
sistance be withheld.
The cost Of the work, the resources Of the
Company, and the policy of extending the aiI
desired, are clearly set forth. in the following
extract from the speech Of Geo. a. Trenhol In
ESQ., in support ofthe memorial
The estimated cost q: the road is I'm
round numbers q. SITES 900
or this amount. there hns al
ready been expended OIL
the .r, work. -. s2'l2e,ooo
Ahe remaining cnsh resources
are. -. $4,000
The State aid from Teunes.
see Is. $4,000
The guarantee now asked
from South Carolina is, 100000. All 900
Leaving deficiency OF. S3,0I4,0oO
1t must be frankly adm tted that there is no
hopo Of obtaining any part Of this sum from
any other source than from the Statc. The
company entertain the hope that with sl,0nO.-
900 more ofSiate subscriptions, reducing the
deficiency to 81 ,000,nDO, they will be enubled
to procure the remaining s2.000.0OO on their
mortgage bonds without the Stnte's endorse.
ment. 1t would be contrary to tho experience
Of the whole country that they should fail in
such M effort. But, suppose they did ! Sup.
pose they had to return to the Slate for its Ell.
lorsement1 The State would then acquire the
road for S2,000,000 Of stock aud 100000 of
endorsement. Would this be too much to pay
for this great work If accompany presented
itscfhere day, offering toconstruct this great
highway of commerce and bond Of political
union, the grand, desideratum of the State for
the Inst thirty years, Mt o cost of S7,00O.00O,
and transfer it to tho State for the sum . S..
100000, could this Legislature hesitate mo-
ment in closing with such n proposnl7 For il
it is insisted, contrary to the experience of
Georgia. that this road will not be profitable,
that it will pay dividends to the stockl,ol.
ders then it follows that it will full into the
hands OF the State, in satisfaction Of the mort
gage. Nobody can doubt that, in this cnse, it
would certainly pay the interest on the 3D.
Gao, 900 advanced by South Carolina and Ten
ncssce, and the cost to this Stnte W ould simply
be the annual interest on the $4,000 ,0O1 Of sub
scribed capital.
Mr.. Trenholm in his remarks before the Com-
mittee of the House, goes on to show shat the
resources Of the State, fully justify the exten
-, orsl, .s. l. ~.
State excluding the bonds recently issued for
tl}e Blue Ridge Road and the State Capitol doc.
not exceed sl.330nO3. to meet which, tho
State has in the Capital ofLhe Bank nnd the sink,
ing Fund, the sum of 81. 100000 so that after
the payment of this debt, she will still have in
Bank capital e.soo,ooO and Railroad shares to
the amount Of 81, ,342 900.
If it be supposed necessary to complete the
Road, to raise the additional sum Of :, 1000, 900
with the aid os the Stnte the yestly interest
upon this sum will be only sl2o.0oo or Z cents
on 800 Of propcrty-an inconsiderable tax.
It is the policy to keep clear Of debt yet
South Carolina with nobleanher;tance, va!u.
ed ut $3.50. 100000, and yielding au ANIMAL in
come ofS2o. 900, 900, many we'll impose small
debt upon posteri,y for the sake of enhancing
the value Of the State
The Roa'l is rot designed to benefit section
but will enure to the general good and the
history of these enterprises show their stimu,
lifting effect in enhancing the value of proper
| ty, and promoting the general welfare.
Better we think would it be to suspend the
work upon the State Capitol, than to suffer this
great work to fail for want Of Legislative aid.
| Report Ct the President of:the Bank Of the
| State.
| Avery important error says the Carolinian,
was made in the report of Mr. Fnrman, the
President of the Bank,of tire State. It will l."
found on the focrtI, page of the pamphlet copy
of the report, in the paragraph relating to the