The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-08-03
ORR RAILROAD SUBSCRIPTIONS.

~
A number of years ago-we cannot tell this
present moment how many-the city oi
Charleston subscribed five hundred thousand
dollars toward the building of the Nashville
and Chattanooga Railroad. She also, about
the same time, subscribed two hundred and
fftv thousand dollars to the Memphis and
sCbarleston Railroad. In the days of our faith
ers when these investments were made, we
thought ourselves rich, and million, more or
less, was a mere bagatelle. But now these
same subscriptions cost the taxpayers of the
dity of Charleston .forty:fre thousand dollars
annually, very sensible addition to burden
already felt grievously heavy.
At the time these subscriptions were made,
it was supposed by the men who then ruled
Charleston, that we would derive vast benefits
from both these roads. But the result, Us is
we'll known, has shown that these anticipations
were not warranted At the time these roads
were projected, there were five or six large
cotton houses here from North Alabama and from
the part of the Valley of the Tennessee River,
along the line of the Memphis and Charleston
Railroad These houses brought at least 3O,-
1000 bales of cotton from those sections to our
mort. There were other houses and agencies
here, whose influence not only brought cotton
and grain here from those parts, but also trade
to our Haync and Meeting street merchants.
But no sooner were these two railroads built,
than every house and every agent. represent
ing North Alabama, Middle and East Tennes-
see, in our city, left here and established them
selves in Memphis, Nashville and New Orleans.
Our wise city fathers and their financial coun-
sellors themselves feathered the arrow that
lamed our commerce.
Some time after this, as if determined to
make our city debt large as that of any of
our mammoth sisters at the North or West-as
if city's prosperity was guaged by the size
of her debt-our city fathers subscribed one
million dollars toward building the Blue Ridge
Railroad, for which brilliant enterprise we
have for years been paying, and now pay $780,
900 annually; while Of benefit we have derived
absolutely nothing; and worse than that, the
stock itself can scarcely be considered as re-
presenting any present value. We notice by
the last proceedings Of Council that an ordi-
nance was passed ftf reference to the Blue
Ridge Railroad, to the Acffect that the city of
Charleston will waive her right, and become
the second preferred stockholders in this road,
together with the State, which also has mil
lion, and authorized the city to act for it, pro-
vided the President and Directors of the said
railroad can procure subscriptions enough to
build the balance.
We hope the President and Directors will
at once set actively to work, and leave no
stone unturned in order to procure the means
necessary for the continuance and completion
of this work. 1t is due to our grievously over
burdened city and State, that every effort
should be made, to prosecute this work, and
thus bring value to the stock, that now is bare
ly more than so much worthless paper.
Of the two hundred and fifty thousand dol
lars the city lost in the late demise of the
Charleston and Savannah Railroad Company,
we need not speak here. The bereavement is
too recent and too sore, to admit Of being
touched upon, except in most delicate allu-
sion. Enough for us to know We shall ne'er
see that S25O,OO0 again.
But it was our purpose more especially to
speak of the Nashville and Chattanooga Il. r..
At the last meeting Of Council, the Chairman
of the Committee on Railroads introduced n
resolution, by the adoption of which Mcssrs.
HENRY CoBIA and w. j. MAGRATn were ap-
pointed as proxies TO represent the city of
Charleston in the approaching election for
president and directors of the said road, to be
held at Nashville on the 14th instant. Messrs.
E. w. MARSHALL and L. WILLIS, were by q
subsequent motion, added to this delegation.
If we may judge by our Nashville exchanges,
the affairs of this road pusI bc i'll very bad
hands. A fierce and activew war has been carried
on there for some time between two rival fac
tions Uhe one IN, the other trying to get in),
charging each other with corruption and all
manner of bad things. Very much in Tennes-
see style. BRowNLow and ETHERIDGE are
represented on this field by BURNS and STEVEN
son, the leaders of the two factions. If the half
or the 1.-THE is true Of the corruption or mis-
alleged against the incumbents, or
of the incapacity the latter charge upon the
it is very clear that neither party
is fit to be in charge of vast trust and inter
est, such as the Railroad in question.
As already remarked, we know nothing of
the subject under dispute, or of the qualitica-
tions of the two asprants for dominion. We
therefore urge upon the gentlemen who have
been appointed by Council TO represent the
city of Charleston, that they will vote for those
who, they may have reason to believe, will
the road in such manner as will en-
brace the value of the stock, and at the same
time bring trade to our city. This is the spcci
fic object for which Charleston subscribed her
money to this road, and the citizens and tax
payers of Charleston have right to demand
that her delegates shall so act We have full
confidence in the gentlemen elected as her
proxies, and do not believe that they would
allow themselves to be swayed in favor of
either of the contestants.