Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1866-07-04

=
Again the State is stockholder and indorscr
to the extent of several millions dollars in her
Railroads and in the Georgia, North Carolina
and Tennessee Railroad, known as the Z" Rabun
Cap or ";Bluo Ridge" AT the last Session of
the Legislature, by concerted action among all
these Railroads, mainly through the stockholders
and officers of tho Roads, (who' best know fo-
what special purpose they became members Of
the Legislaturc,) the State Mortgage and first
lien upon the Roads was postponed to aseeond
lien, so as to enable the Roads to raise funds
from other sources by giving the new creditors
first lien. It was idle for the few disintcrested
and faithful Representatives of the people to
oppose the concerted scheme. They were easily
out-vcted, and all their attempts to have the
Railroads sold, :, os that they could bo rebuilt
honestly without taxing the already overbur-
dened ard ruined people, were of no avail. In
the late Convention an effort WIS made to throw
some safeguards around the State Treasury, ci.i
to fix some restraints upon the previous all-con-
trolling influence of Corporation in the Lcgisla
ture, but all to no purpose. Bat few eonli lie
found to sustain such propositions. There ware
tco many stockholders and friends Of Tie Corpo-
ratcnc even in the Coprention.
As the only mi ms of avoiding Bankruptcy,
or the disgrace of reputation, our people will yet
have to arise in their strength, and incorporate
provision in their Constitution that all Charters
of Incorporation shall 10 subject to repeal or al
teration by the Legislature at any time, or that
no officer or stockholder beyond small specified
amount of any industrial Incorporation shall be
eligible to seat in either branch Of General As
sembly, or that the Legislature shall never use,
or lend the credit Of the State above limited
sum- either to build Railroads in other States, or
i to erect new Capitols mt cost of undefucd mil
lions. The Constitution of almost every State in
the Union has one, or two, and in some cases,
even MI three of tIsse provisions. If our people
delay much lengcr to establish similar organic
laws, they will have become incxtricably involved
in debt, not to promote the public good, but SIM
ply to advance private interests. Unless some
thing be speedily done to protect the Treasury of
the State our public debt is bound to increase
more rapidly and largely than ever,-our taxes to
swell and multiply until We will have become the
best taxed and worst governed State in America.
Corporate privileges and State aid to Corporations,
or Contracts with the Stale to do SONS iueighii-
cant, or foolish thing, are the favorte means cm-
ploycl to plumber the State by those who think
they have dirine right to be quartercd en- the
public.
A Constitutional Convention would doubtless be
the best way to effect the desired reforms and the
writer respectfully suggests to his fellow citizens,
at the October elections in 1867, to make tho
question throughout The State Of Convention, or
no Convention" test among candidates for both
Houses This recommendation may not be heed
eds not expected TO be heedcd-but sooner
or later, Convention must be assembled TO make
the reforms indicated, rs certain as night follows
the day, and rs sure as human nature works by
fixed laws in reproducing like resal.s. Oar Banks
have been accustomed TO suspend specie payments,
or to expand or contract their paper issue at WILL
to tho ruin of thousands Of the people at largo,
yet the Legislature has never been able either to
afford any relief to the injured parties, to pun
ish the Banks, because too many interested stock
holders and officers of the Banks have always
managed to represent themselves in Columbia, at
the sacrifice of their constituents. Our Railroads
have charged what freight or fare they pleased,
have carried the mnil or not rs they liked,-
and have got State aid rs they wanted it, simply
for the reason that We have no constitutional
checks like those above mentioned.
But let US return from this depression. Pay
day will como some time for interest and even the
principal Of the Railroad Bonds indorsed by the
State, ms we'll rs for assessments upon State sub
scribcd stock, and where is most CT the money to
come from, except out of the State Treasury /?
Even the South Carolina Railroad has not paid
one dollar of the two millions Of its Bonds in
lorsed hy the State, although by the terms Of
the Endorsement the raole principal of the Bonds
was to have been paid In January last. IF thi:
great Road, which is the wealthcst in the State,
has failed to meet its debt. by dir;ding oN Mc
profits arony he stoeAAotiers, what better can be
expected Gf the poorer and shorter Roads, espe.
cial!y rs they all 'orc or leas have to be rebuilt
siuce tho war: Large amounts Ct both principal
and interest already due upon the Bonds Of the
State and those she has indorscd, remain unpaid,
and her credit is even nov ii.honorel, because
neither she, nor the CORPORATE us for whom she
has indorscl, have tn, whcrewith to meet the
obligations True, the State has issued half
ni'ion of Treasury Notes toward liluidating
present Indebtedness, bat those Treasury Notes
themselves will have 10 be redeemed.
Moreover, the Blue Ridge Railroad will cost
other and further millions to complete i, most of
which will have to be subscribed by the State, MS
| no one else will lend that monument of folly
money except upon good security. Then, us the
State Hlll hayo to subscribe the needed money,
either out of her treasury, or by Issuing her
Bonds, or by indorsing the Bonds Of the compa-
ny, upon other Of which tho interest will have
10 ic paid by the State until the Road eau be
completed so rs itself to be able TO pay the inter-
est upon its Bonded debt, whence is the money
to be derived with which to do this except by
additional heayy Taxation2 Still further: the
New State Capitol, which has already cost about
three millions dollars in gold, by gross misman-
agcmeut must he finished by the expenditure Of
several hundred thousands dollars more; over
twonty Court Houses and Jails, burnt By the
Yankees, must bo rebuilt; nearly every public
Bridge IN :he State must be reconstructed; our
largely increased number of Paupers must be
provided for; thousands of poor orphans, whose
gallant fathers pcrished in the wor, must be edu-
Gated; the widowed mothers of those orphans,
and the numerous heroic poor men who were per-
mancntly disabled in the service of tho State,
must be pcnsioncl ;-and where, let II be asked
again, is the money to come from except by
Taxation.
To como to the point, if sambo is not made to