Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1860-02-18
The District Snhsorintinn.

In the further investigation of this subject
we propose to inquire into and examine more
particularly the provisions of the recent act of
the Legislature, authorizing certain districts to
subscribe stock to the Blue Ridge and French
Broad railroads.
The act provides that the Board of Commits
sioners of Roads are authorized bv resolution of
said board to propose the subscription, fixing tho
sum to be subscribed. That the question of
subscription" mo subscription" shall he
submitted to "thc legal voters of the district
VINO are tax payers" 3 If majority are for
subscription" then the Chairman of tho Board
OF commissioners is required to subscribe the
amount to the capitol stock of the company and
to issue coupon bonds, bearing seven per cent
interest and rodcemablc in thirty wears or nj
such time as the Board of Commissioners shall
think advsable--the company to take the bonds
ut par. i The Board of Commissioners are then
required to assess n tax each year to pay the in
tefGSt, In the same manner they are required
Dy law now to raise tax for road and bridge
purposes. The tax collector is to receive tho
taxes and give scperatc receipt therefor, to he
known rs railroad tax and, whenever anv
person can present to the Blue Ridge company
tax receipts either in his own name or rs as
signee OF others to an amount equal to share.
the company is oissue TO such person certif-
cate OF stock to that amount. The said Board
the end of the thirty years, or when the bonds
fall due, for their payment
VIII the principal have to be paid by ytaxation?
we think not, and proceed to give our reasons
Tor that belief; In the first place we urgc the
subscription upon the condition that the State
grants further aid to the Bluo Ridge railroad.
one OF the greatest enterprises of the age This
road, when completed, will be 200 miles LONG.
1t runs through four States, connecting the great
Wost-the commercial Importance of which can
hardly be estimated--wth the Atlantic sea-
ports, Charleston directly. VIII it be n paving
road? We are firmly of this opinion. and rive
g few facts, out of many, for the support there.
OF; Every road in the country, long or short
with ONE exception, has IL surplus income
and many them are very profitable. For in
stance, South Carolina railroad stock the shares
OF winch are SlOO, are now selling Mt $3.50 per
share! Again: the Gcorgia State road, run
nIng from Atlanta to Chattanooga was built by
our sister State at n cost of Sc 600, 000 It's net
income is $4,000 per month being an annual
income of $5l6, 900, or S0G 900 more than seven
per cent on the six million This is evidence,
jncontrovertible, that railroads do paw. Besides
the Blue Ridge will be more profitable road
than that Of Georgia, because it picrces the same
fertile region, and is a more direct and shorter
route to the seaboard Then, at the end of four
to be subscribed is at or above par, it could be
sold and the district relieved, or be held as an
investment profitable to us. And lust here we
would remark, that, should the income of the
Blue Ridge road be in proportion to that relped
by the Georgia State road, the amount would he
greater than the whole of our State taxes Mt the
present time? Will we do that which our more
onterprisng neighbors have already accomplish
cd for themselves? Our interest, State pride,
and patriotism eagerly answer the question
The advantage derived from the district sub
Fcripton, over that of private individuals is
this; The private stockholder receives no inter
ost on his investment. The tax PAYERS. in pro-
vldlng for the payment of the interest, receive
IN stock annually So, 500 or, at the end offour-
teen years, the sum of $4,000 in stock, which
Is the interest on the proposed district subscrip-
tion of $4,000 for that time So, at most. your
taxes each year is but loan to the road, or a
private subscription to that amount
The Commissioners of Roads of Spartanburo
rc-assombIed on saleday, and submitted q sub.
scription of SlO0,00 to the French Broad road
to the people there. Messrs FARRow and Ep-
WARDS, members of the Legislature, warmly adj
vocated it, Rev. j. G. LANDRUM, a pure and
wise man, eagerly seconded the subscription,
tho avowed object of himself and others being
to kill the Blue Ridge road by the success of the
French Broad enterprise Shall they do it
Let the friends OF the Blue Ridge answer.
We shall recur to the subject next week.
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