The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-12-28
THE STATE IND OUR RAILRO1D
SYSTEM.
TO THE EDITOR OF THE NEWS.

T have read, with great care, your several
editorials in favor of the State granting further
aid to the present stockholders of the Savan-
nah and Charleston Railroad, and must con-
fess that I have failed TO see any claim that
they have to any further contribution from the
already heavily taxed citizens of the city CT
Charleston ard the rest Of the State.
| Twill h.re remark that at least onc-half OF
the debt due by the city Of Charleston and the
State Of South Carolina has been incurred by
subscribing to railroads, and as taxpayer, l
must utter my protest against any further in
crease of even contingent taoAily of the tax
PAYERS to further the private interests OF nldi-
viduals.
What are the facts il regard to the Savan-
nah and Charleston Rlilroai? The second
mortgage bonds OF tho road werc one OF tho
MANY iayorlte Investments OF parties IN ne
CITY. who during the war had largo amounts of
Confederate money at tl.elr disposal. AT the
end of the war the road was sold to pay ludg-
ments obtained against it. The second mort
garo bondholders combined and bought i'll the
Road for q small sum to save their second
mortsarc bonds, and obtained the passage OF
nm act by the Legislature OF the State. to Or
ranizc az the Savannah and Charleston Rail
road Company. They have had possession OF
the road for three years, and during that time
they have neither advanced the money amo- e
themselves to finish the road, nor Eave they
had the management or tact to get other capi-
tniists to join them. Some of .ncm at least
are large capitalists. and 4 subscription
of from $4,000 to $40, 900 from each would
have enabled them, with judiclous manage
ment OF their credit, TO nave long SINCE nii.sI-
ed the road to Savannah. They have done no
thing of Tho kind, but have whinel through
the newspapers, asking the State to come lor-
ward and help them. It ls the cid story or
Hercules and the WAGNER. Now, Mr. Editor.
am tired of all this, and if the respectable
gentlemen and capitalists who bough. IN tEc
Savannah Railroad, TO save tllelr lnyeatmcnts
mp lie in Confederate money, cannot finish the
roat. let it be sold by the State for what it is
worth to parties who arc able and Wiling to
finlah it to Savannah.
There arc great many Oh US VINO lnVesteu
Confederate money that would be glad u the
State would only como forward and give us as
sistance to raise moro capital to make sucn ll-
yestments profitable. But as this canEot be
done, we must all take our chauc:5 and do the
best We can. So must the present stockhol0-
ers of the Savannah and Charleston Railroad.
It is time that the parties holding control Oh
our railroads, which cannot pay their deDts,
should come down to the facts OF the case. Ii
thev cannot carry on tho railroad under thcir
charge, according to their cnarter, let thohi
step aside. like all other parties who cannot
nav their debts, AMI let their property be sold
TO the highest bidder; and the property sold
will brin.. it's full value, and pass lnto the
hands of parties who can use the RAILROADS
according to their original purpose, ana VIII
| 90 so as soon as they get possession OF the
SINE.
Railroad owncr, or rather those who now w
| Eod the Offices appcrtalnlpS TO the controi OF
the same are not entitled to any moro lenienc;
tban thousands OF others who are compelled
to sec their property sacrificed to pay their
debts. Ii NC can ever get into our midst what
all are CRYING out fUr-Northcrn capita.-it
| will only be done by Offering capitalists prop
crty at such prices as will offer them induce-
mCnts 10 invest.
All onr raj lroads wnlcr are delinquent in
| paving their debts, for which tic State ~ re-
| sponslb,c, shonld b: offered tor sale to the
| highest bidder, and they Will bring their tull
value duriaS the present spring, II then pue OH
the market.
Now, I would propose that tho legislature
pass q bill authorizing the sale to the highest
bidder !of the Savannah and Charleston Ial.
road. the GrcenviIlc Railroad the Union and
Sparlanbulg Railroad, the Laurens Rlllroad,
and in fact all railroads or canals for whose
Adebts the State is responsible.
N There can be 10 doubt, under tho present
| constitution, of the power OF the Legislature
|
the better for the interests OF the State and all
taxpayers.
While on the subject of the responsibility oil
The State Tor railroad liabilities, &C., allow me
to cxDlcss the thanks OF the taxpayers OF the
| State for the noble and manly stand taken by
Governor Scott in their defence, III refusing to
i-suc bonds for tho notes OF tho Sank OF the
State. I. is question whether the State is
liable beyond the capital put aside Tor the
creation of that corporation and until that
| question is decided by The UnLcd States Courts
| these bonds should not be issued.
There are other questions connected Win
the ISSUE of these bonds, but the mere date OF
the notes is no prim .tacte evidence that they
were issued bv the bank previous to the var,
or after the war had commenced, lor it Is q
we'll known fact that the date of Il note Is no
evidence of the day it was issued t. the pub
i;c. The returns 10 the Comptroller OF the
STatc up to January, 1861, will show what tho
circulation of the bank was, and the rccerGs
of the bank will also show what the issues were
after that date. Had these bonds been issued
by Governor Scott they would have been
struck at us !labio TO be repudatcd bya future
Legislature, and 50 have affected the credit OF
the State and OF all her securities. The
stand taken by the Governor Should therefore
be upheld hy all the taX-paying cltiZeus OF the
State.
1t is time that wc Should all look to or true
! interest, and not allow unlawful legislation to
be enforced against us by lobby mc.:bcrs
| from Cincinnati, Savannah aud New York.
II is our interest and duty to support those III
Office who arc honest, and are cndeavorinS to
save us from being plundcrcd.