The Camden weekly journal. [volume] (Camden, South-Carolina) 1853-1861, 1860-07-03

million will add to the TAX on ncglUs eighteen
and tlrce-quarter cents Il head. According 10
This calculation debt of two millions will add
thir,y.scvcn cents four millions sevclty-h'e
ecuts. eight millions one dollar fifty cents, ana
,rrIn, m:Ii;ons (nv estimate for the cost cf tl'e
road) Two dollars and twenty-five cents head,
aud everything else in the same ratio
Here follows what said about the Eric Rail-
road. If had to say it over again., | GO not
sec that it would he necessary to change the
larglage, which WAS as follows:
"Aianv arc troubled about this million we
lave already invested in the Blue Ridge koad;
10 such would say, the morcy will lot u.
entirely lost. We will lavran aGditiol.al load
in South Cdrclira. But suppose II IS 10 he
lost: better SO, 1Ilam 10 60 woisc. The State
of New York loaned her onds 10 the Eric
Eailcad; that Company applied for "d1i''"n"l
aid. 1t WAS proposed TO give her lIe iour
nilliols, that Tic State might wipe her lIancs
AID he clear oil the concern. BY some means,
the amount necessary to build 1t was raisro'
The road cost ,lirtv-three millions, ard ,he
stock is now only worth five cents IN the dollar,
You will all agree with me that the State OF
New York made Il lucky escape 10y g;virg Up
rs lost Tic fist four millions she had loaned.
The State of New York gave up debt OF
three millions (rpt four, aid attached concI,
ION 10 the git, that the Erie Railroad should
he ,x;elLrd 10 The lakes. So might South
CaloIila uw Co; give up what she has put IL,
uoyiGcd that individuals and private corpora
lio. will 90 forward aid complete the cHter'
prise. a..
: | Lave it row from good authority that the
New lo.k aud Ellie Railroad cost tlnrty-hve
millions, three hul'lrcd and twenty thousand,
rine hundred ard seven l9-lC0 dollars $780,
| 32p.9G7,l9.) 1t is about double the length OF
our Euc ktgc laiIload, and passes over a
county. the surface OF which is of Il very SINH
lar character, that accounts forAlr. Trcnho!ms
apolcgv Tor its great cost, which very far eS-
crclrd the first estimates, and cost double per
mile What tie Blue Ridge is estimated 10
cost.
We at tic South, in tie estimation of Mr.. l.,
are more prone to good management ti:an the
people OF the North. Mr.. T., in speaking OF
thc New Yvk and Erie Raihoad, says: ut
is true llat The stockholders have lost lcariy
their entire capital but It is the result OF errors
aid vices that DO rot attach to the adlnlnistra-
ton OF sir gle rail road at the Souih." JIG
might ycIy correctly have added, except III oHc
instance. in tie en- rlovmcrt Of a gentleman to
locate ard lay uut tlc Blrc Ridge R"ilr'aa
wlo WAS lot Il professional scientific crgI''cer
aud tl.cn the employment OF A'son Bangs c;
Co., 10 build it.
l,1cneat that tic State Of New York acted
wisely, and 50 will our Stat" it she follows icl
example.
Mr.. Irrrholm is mistaken in suppos'ng tLa
The English Committee came eyer TO lIofte,
additional lu;l,.s 10 discml,arras the New loil
ard Eric Company. The Truth is this: Its
company weri unable TO pHy the Interest OF
4lrcir.l l6nds. Tic English bondhocldels hccam!
ALARMED. and sGnt.agcl.ts over here to ilfGS'i
Fdit Ti'iTr71;s; WIN a7.ttr5r.r:. ::
If their debt could lc secured hy it. They
found the Eric Railroad and its concerns III
rlcat confusion and embarrassment. certain
IoMdhoIdcrs having commenced proceedings
acii>t them to enforce tic mortgage trust, and
receiver Of the property WIS appointed. The
Erglsll creditors wcntaway without doing any
thiIg, and the matter is lot yet settled.
As Mr.. Trenholm las Shown himself 10 le
50 liable to crors in seitirg :orth and cliiris:Eg
my statements, ii is nothing but fair that |
sLouId examine his figures and expose the
errors into which he has falIcr.
Mr. Trclhum states, with the utmost gravl-
tv, that the Engineers estimate tur the com
plr:nn of the Blue Ridge Rail'oad is seven
millions seven hundred ard twenty-five thousand
dullars (*7,725OCr) when it Is, in fact eight
miiliul.s six hundred and nincty-onc thousand
six hundred and sevcnty-scrcn dollars (:8,G"l,
C77.)
/ ar:ote from Major Gwynn's line R1dg" Re-
port, 1850, page lG, ard iIcm Judge Frcsts
l!rIur!, 1858, #ge Is. Mr.. TrcIholm, like Il
d;sirelatr-.;lIine mar. is willing 10 gla:p at
rhal' ons lie kLows that the p.hc Lave 70
60, fdrncc in the enterprise, aud will not sup
ply rothrr dollar of Individual capital. lie
khows as well as Go that the Statc"t Tonnes
.cc Las furnished 10 substantial aid nothing
hut loan-- and, in desperation, he makes the
best exhibition of affairs he possibly can. 10
prove ll.at the STATE of South CaIo oliua can Go
vi 1t 10 ether State or set OF mrn Lave ever
Gunc; that is, build badly located railroad
tllorel mountain country, onc hundred aud
ninety five miles lorg, without money or the
risk Of loss.
In order to make rs good showing as pos
SiJIc, he SETS out with figures rot real, lut such
rs will suit his purpose. He leaves out Mr..
Gwynn's estimate Of nine hundred and siyly-sy
,housand dollars (s9G6,O0o) for machinery,
which everybody knows 10 Lc as essential an
element in raiload concern as the iron tails
Of the road, or part of the establishment that
money mll>t he provided to purchase before the
loal can wolk, and properly bc!orgs 10 the
estimate Of cost.
As it SENS In bc so necessary, III order 10
bolster TIP public confidence, to prove that
miracles are 10 he performed in this great eli
'crpisc, it is surprising that some Of its friends
have not set up the plea that it is unnecessary
10 add the cost Of i,on ,ai}s 10 the estimate.
Mr. Trenholm, in another part Of his letter,
makes the Lold assertion that up 10 the failure
of Ear rs d Co., "rot Il dollar Lad been wasted
or lost III any WAY whatever" ] have often
stated in private conversation that the BIuc
Ridge Railroad Company had lost i'll one way
and another in the first three years Of its opera
tons, ly the employment of Anson Bangs d
Co., their failure and after consequences, at
least million of dollars. In the absence of
positive information on the head, which is
Of necessity kept from the public VIC are obiig-
ell to re. orr 10 prcsunlptive evidence. No ons
h!amcs the President or Engineer Of the road
for Withholding from public view such facts,
nor am disposed to Llazon them forth III The
public Journals. But when director Of the
concern, who is presumed to be familiar with
all the facts, steps forward to hold up opinions
that have expressed to ridicuIe and contempt,
il hccrlnes nccessarv for me TO defend myself.