The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-10-20
The Augusta IL s,t Hamburg Railroad:

Ait NSNS sfttE INslkIrOstU
We extract the subjoined remarks
from the Augusta Chronicle and .Se,ti-
>tei. 1t seems that the committee of
the City Council have reported
against lending the credit of the
city to the road, on the ground that
the Council do not think it right to
burden the taxpayers by an addi
tional tax for this purpose. The
Chronicle and Sentinel argues the
question very strongly, and demands
that the question be submitted to
the citizens, feeling confident of the
success Of the proposition:
We, :, common with the great mass
OF our citizens, regret the action of
our City Council i'll relation to the
aid asked for by this. company. We
do not believe that there is respect
able minority of our people who are
unwilling for the city to lend its ere
dit to secure the completion Of this
important work. The comrnttce of
the Council, to whom was. referred
the application OF the Officers Of the
road for aid, have maze q report
against the measure, which has been
adopted as the acton of Council.
The committee base their opposition
to the city's taking stock in the road
upon the ground that cit is inexpe-
dent to subjec6 the citizens to any
additional b11rthens, and to place any
additional obstacles i'll the way to an
early restoration of the public credit. )"
We deny that the aid asked for in
wolves either alternative alleged by
this committee. The people of Au-
gusta fail to perceive any additional
burthens imposed upon them by the
issuing of bonds payable at long
dates, the interest OF which is qua
ranteed by the company The most
intelligent of our business men fail
also to find any obstacles to the early
restoration of the public credit in
the plan proposed by the railroad
company to secure the city's aid
Ii the refusal of Council is based
upon the grounds given by the COM
mlttee, we have no hesitation in saw
ing that their course is not justified
either by reason OF the facts in
volved. Our people understand this
question; and the adroit manner in
which the Committee seek to produce
the impression that Il subscription by
the city would entail hurthcns upon
them. or lose the credit Of the city,
fails to convince them that Council is
right
The proposition, stripped OF its
verbiagc, is simply this: The Au-
gusta and Columbia Railroad asks
the city to subscribe for 500. 600 of
the stock in their road, and they
offer to receive in payment therefor
the bonds of the city. payable at the
convenience Of the latter, say in
twenty, thirty or forty years. The
railroad company, we learn, obligates
itself to meet promptly the ,ayment
of the interest rs it falls due on the
bonds.
Will the City Council please inform
us how it is possible for the city's
credit to suffer by such an operation
or how our people have an additional
burthen imposed upon them by it?
The Committee say that .'they are
properly impressed with the impor-
tance of the worl1" they do not saw
or believe thatit will not be, upon its
completion, a paying road DO they
believe that the stock of the road,
when it is finished, will not pay par?
Certainly not. 1t is, in their Ian
guaSe, an important road," and,
with proper management, must pay a
handsome dividend upon the capital
invested. Then, how is il possible
for the city to lose by Il subscription
to the stock in the manner now ask
ed for? When, or before the bonds
fall due, the stock OF the city in the
road could be sold at par, or perhaps
a premium, rs it is IN ''important
road, and the proceeds applied to
the cxtinguishment of tic bonds.
Does the city lose anything by such
an operation? Will Council explain
how such a transaction would entail
additional burden upon our people, or
obstruct the restoration of the public
credit?
SOMETHING OF THE OLD FEELING.
The Wilmington .Joumm has an arti-
Gle on the ne0rO from, which ,,.o ov