The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1868-09-02

and North Carolina gre surrounding as with o net
work Of railroads the object Of which is to divert
both trade and travel from our midst. They are
our competitors for Western commerce, and, if NC
are idle, they will succeed. Virginia has loaned
her credit to encourage railroad enterprises to the
extent of S12,000,000; Georgia has expended
more than S. 600, 900 upon her State road alone
North Carolina, S9,OO0,0o0; and Tennessee, To
concentrate trade within her borders, has granted
near $50 G00 900 in guaranty of the bonds of vari
Gus railroads. South Carolina has also been lib
cral in the past and yet, with all her liberality,
her credit has been 80 sacredly guarded, that her
bonded debt at this time exclusive Of the war
debt) amnunts to only 5,4J7 ,2l5. The interest
in arrears and due on this sum, on the lst OF Jan-
uary, 1869, will be only S564,1 This ~ e1clu-
sive Of the bills receivable authorized by the Act
of 1865, not more than 100000 of which are
likely to 60 into general circulation. To meet
these liabilities of the Stste-namely, the accumu-
lated interest," and to redeem the bills receivable
the Legislature has authorized loan of 81 500 900.
It will thus be seen that the total bonded debt Of
the State the Ist Of January next, after the psy
ment of interest due and the redemption Of the
bills receivable that the loan of 81 $780,,
900 recently authorized is all put upon the market,
which is not likely to- be the case-wll be the
comparatively small sum OF Sc, ,907, ,2I5-
With basis Of $500, 900 in zeal and per
sonal property, subject to taxation, 10 is evident
that with ON assessment Of only three mills upon
the dollar the interest annually accguing upon the
above debt, together with tho current expenses Of
the State, may be- promptly met. When it Is re-
membered that new and valuable enterprises arc
being developed-that capitalists from the North
and West are seeking profitable investments IN
South Carolina that our lands are being cultiva-
ted under improved system Of agriculture, which
promises to yield more abundant results than here
l;,- efv,Eo E,fn haAo
along the coast has opened new mine OF wealth,
which has already enhanced the value of surround
ing property; that an industrious and laboring
population are preparing 10 come hither from va
rious portions ofthe country, bringngne strength
and energy; that manufacturers from the North
are turning their attention to the magnificent wa
ter power which abounds in almost every portion
Of the State, and TO the extraordinary facilities
whereby cotton is manufactured fifteen per cent
cheaper than at the North that new railroads are
being projected, and there is promise Of increased
facilities for trade that the completion Of the Blue
Ridge Railroad will, of itself, open ehspneE Of
wealth, the grand results of which no human being
can fully estmate-when all these facts are brought
into review, we cannot but look with hopeful eyes
upon the future, and realize that South Carolina
sets forth in her Of progress with advantages
superior to those of any OF her sister Southern
States.
Having thus described the character of the road,
its importance to every interest in the State and
country, and made an exhibit Of the financial con-
diion of the State, and its resources, which DEM
onstrate your ability to grant further aid to the
undertaking, l NOW invite your attention to the
plan which bavc to suggest as the most feasible,
es the one which promises the speediest results,
and which will secure the sympathy and practical
cooperation of those capitalists of tho West, who
are as deeply interested in the construction Of the
road as the people of South Carolina. am con-
dent that to effect this latter result il is only ne
cessary to show that We are in earnest ourselves,
and determined to complete the road in the shere1
time that energy and skill can perform the work.
1st 1t is essential that the Legislature shall re-
move the restriction imposed upon the company
by the Act of 1854, which required the produc-
tion Of proof to the Governor Of such subscrip
tions or cid granted in the States of North Caro-
lima and Tennessee, as 20 give reasonable assu-
rance of the completion of the road. These
promises Of aid were based upon contract by
contractors, but the latter failed TO comply with
the terms of their contract, South Carolina with
held her guarantee of nry of the bonds Of the
company.
I'd. With the removal of this restriction, the
State should pass Act guaranteeing the bonds
of the company to the amount of Sl,U00000, and
authorizing the President TO hypothccate or dis
pose of said bonds in suck manner as IS best cal
culated to secure the immediate resumption of the
undertaking.
Tho engineer, Col. GEin, states that ihe entire
tunneliDg can be completed ID one year. Three
fourths Of this work has already been finished,
and there is no reason why ,he remainder may not
be completed within the time abvye spccihed.-
The rolling stock can then be put upon the rosd.-
In less than ose year and half from, this time
therefore, we may have the satisfaction of seeing
through train from the Ohio River 10 Charles
ton, and union between two sections OF our
country. which practically have been 10 each other
| as strangers.
Reference has already been mndc to- the impor-
tance Of this road in military point of view
Many leading public men have recently urged its
consrHstion on this ground, and there is no doubt
that Congress is prepared to lend willing ear to
any reasonable proposition which may promise to
result in the attainment on valuable an object.
l, therefore, respectfully suggest that your Lo1-
orable body shoil request the Senators and Repre-
sentatives Of the State in Congress, to lay this
subject before that body at the earliest practical
/ BILE moment, to the end that the General Govern
ment may be induced to render such assistance to
the road rs its Importance, in a military point of
view, may justify. Thia assistance may be grant
I ed without hazard
Bonds of the road, endorsed by the State, mny
be deposited in the United States Public Treasury,
and their equivalent in the United States currency
bo issued to the road, which will be pat in posses
sion of an active working capital. Every dollar
expended upon the road will then increase the
| value to she General Government OF the security.
And, finally, when the road 10 completed, the Gov
ernment will have lien upon property worth
nearly Ss,O0O.0OO, for which it has really adj
vanced less than half that amount while the State
will have derived the advantage Of complete
road without having been compelled to pay inter-
est on the bends Issued In few years the vast
business done upon the line will enable the COM
pany to pay oil Of its Indebtedness,
This snbjcet rs one of the grnvest with which
we have to deal, because it largely involves the
material interests of the State, and promises to
contribute moro to their future development, than
any other public enterprise that can be suggested
| submit these considerations TO your honorable