The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-09-05
IFoR THE CHARLESTON DAILY NEWS.
The South Carolina Railroad and Its
Management.

rantably tardy in putting the road in order and re-
pairing the damages sustained by the war; is OF 30
vague character that it does not admit OF q
specific reply. There is no attempt to do justice
by setting forth any facts, and no disposition is
eyinced to accompany the charge made by any
reasons which go to support it. 1t takes all the
advantage OF broad assertion, which is intended
to pass for argument, and demands OF the Dl-
rcctors the proof of q negative, it they should
undertake its refutation.
What matters it, Dir. Editor, to the great body
of men who road your well conducted journal, that
the President and Supcrnscndentof the South
Carolina Railroad have, months ago, set forth
plaiuly. accurately and fully the immense damage
which the Company sustained, and the difficult
ties with which they had to contend tho fact
that eighty miles of track were torn up, that four
hundred cars were burnt, that locomotives, build
ngs, machine shops and machinery were de-
stroyed; the sweeping away at a blow OF more
than one million aud si1 hundred thousand dollars
of substantial property, and the loss OF more than
Aree.and- half millions Of assets, in Confederate
bonds, securities and Indebtedness? What mat
ters it that they have shown the impossibility of
obtaining money by assessment from the ruined
stockholders, and the impolicy, as well as impos-
sibility, Of borrowing it upon any securities in
their possession? All that they have said and all
the explanation they have made arc of no avail
against the merest squib, or the most reckless
newspaper assertion. The reports and exhibits
made to the stockholders, constituting the only
true sources of information, rarely read or
;lao ont ftuol hn nj n
paper is widely circulated, and gencrai'y remains
unanswered. It is time that in the affairs OF this
road, the value of facts should begin to be ap-
preciated. It would bo fair dealing il any ono
would take up the reports Of the President and
Superintendent and expose any errors in their
stateme ents, point out the misappcation of any
means at their command or show how they could
have overcome sooner than they did, the difficult
ties which they allege were the serious nbstruc-
tion to more rapid progress in the work OF re-
storing the road. But this course has not been
pursued. 1t was entirely too faar, and besides, it
would compel some knowledge Of facts which stand
stubbornly in the way OF intrepid assertion and
loose accusation.
The military authorities turned the road over
to the Directors in the latter part of June 1865,
with express instructions to 'ccmplete the road
to Columbia, before undertaking any other work
on the road.
Without borrowing dollar, they completed the
work in he subsequent six months. They would
for the interference OF the military at Camden,
who forced them to desist from withdrawing the
iron from the Camden branch, though they had
been peremptOrily ordered to do so by Gen. GILL
MORE. In three months after, they completed the
connection with Augusta, the work on both
branches being paid for out of the current earn
ings Of the road Is this tardy work?
i he Directors have been condemned because
they did not bort'o,o money, and hurry the work on
faster. Could they have borrowed money, with
out laying stress on the heavy losses in property
and assets which they had just sustained? The
Company at that very time owed two and quar-
ter million dollars of matured foreign and do,nes-
tic debt, and an arrearage OF interest," amounting
to half million more-not one cent Of aoh1ch they
aoere able to pay. Could they, in such condition
of their affairs, have obtained a loan except at
ruinous rates? And, in fact, would it not have
taken longer time to obtain an adjustment of
their matured debt and The interest III arrear-in
other words, to put their indebtedness in ship
shape. as necessary preliminary to any further
attempt to borrow money than was employed by
them in constructing and refurnishing the road ?
The abuse of the Directors would have been
more lavish and more deserved If they had ap
piled themselves to the tardy and hopeless work
Of borrowing money, instead OF bringing to bear
with promptuess, as they did, all their energieso
develop the capacities Df the road to supply itself
with the means necessary to its restoration.
The Directors did mike the attempt to borrow,
and failed. They believed that to pursue the at
tempt further would be to retard the execution OF
the work They were satisfied, too, that it was
impracticable without other security than the
road; and they, moreover, had good rcasonVo be-
lieve that it it were both practicable and OF speedy
accomplishment, it was not only np0litic in itself
(because of the ruinous interest demanded) but it
was even doubtful if it would add anything to the
rapid execution of the work, inasmuch as the sums
which the road could be made to earn would, III all
probability, be as much as could be proftabiy ex-
pended through the worthless and unreliable labor
which they were compelled to employ. The roads
in this State found difficulty in getting the ordila-
ry labor necessary for Il running road, performed
by tho vagrant population which had been then
recently turned adrift. They could not be relied
upon tor more than desutory work for few days
together. And all experience proved that the
larger the force employed the greater the danger
OF frequent and extensive arrangement OF tho
labor.
Our reply, therefore, to the charge made, is
inst what the President ard Superintendent have
set forth in their elaborate Reports. We claim
cepted or successfully controversial They were
accessible to all, and would have claimed atten-
ton, had it not been convenient to assail the Di-
rectors by assuming abuses to exist, rather than
attempting to disprove the statement which they
have made in their vindication
In concluding this article, it will not be amiss to
add that, IN spite OF all the losses which this road
hiss sustained, and the difficulties which it had to en-
COUNTER the Directors have entitled themselves to
the credit OF having completed the two branches
to Columbia and Augusta at an earlier day than
the 'Central Road" of Georgia, ,c|ticl sustained
much less damage, was enabled to restore its