The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-08-28

resources, which demonstrate your
ability to grant further aid to the un-
dertaking, I now invite your atten-
tion to the plan which 1 have to sug-
gest as the most feasible, as the one
which promises the speediest results,
and which will secure the sympathy
and apractical cooperation Of those
capitalists of the West, who are as
deeply interested in the construction
of the road as the people of South
Carolina. 1 am confident that to
effect this latter result it is only ne
cessary to show that we are in earnest
ourselves, and determined to com
plete the road in the shortest time
that energy and skill can perform the
work.
1st. 1t is essential that the Legisla-
ture shall remove the restriction i'm
posed upon the company by the Act
OF 1854, which required the produc-
tion of proof to the Governor of
such subscriptions or aid granted in
the States of North Carolina and
Tennessee, as to give reasonable as
surance of the completion of the
road. These promises of aid were
based upon contract by contractors,
but as the latter failed to comply
with the terms of their contract,
South Carolina withheld her guaran-
tee of any of the bonds of the COM
pany.
I'd. With the removal of this re-
striction, the State should pass an
Act guaranteeing the bonds of the
company to the amount of $1,OOO,-
600, and authoring the President to
hypothecate or dispose of said bonds
In such manner as is best calculated
to secure the immediate resumption
of the undertaking.
The engineer, Col. Gwin, states
that the entire tunneling can be
completed in one year. Three
fourths of this work has already been
finished, and there is no reason why
the remainder may not be completed
within the time above specified. The
rolling stock can then be put upon
the road. In less than one year and
half from this time, therefore, we
may have the satisfaction of seeing q
through train from the Ohio River to
Charleston, and union between two
sections of our country, which prac-
tically have been to each other as
strangers.
Reference has already been made
to the Importance of this road in a
military point of view. Many lead
ing public men have recently urged
its construction 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
of SO valuable an object.
I, therefore, respectfully suggest
that your honorable body shall re-
quest the Senators and Representa-
tives of the State, in Congress, to lay
this subject before that body at the
earliest practicable moment, to the
end that the General Government
may be induced to render such as
sistance to the road as its Importance,
in military point of view, may JUS
tjfy. This assistance may be granted
without hazard.
Bonds of the road, endorsed by
the State, may be deposited in the
United States Public Treasury, and
their equivalent in the United States
currency be issued to the road,
which will thus be put in possession
of an active working capital. Every
dollar expended upon the road will
then increase the value to the Gene
raj Government Of the security.
And, finally, when the road is com
pleted, the Government will have q
lien upon property worth nearly
So, 900, 900, for which it has really
advanced less than half that amount,
while the State will have derived the
advantage of complete road with
out having been compelled to pay in
terest on the bonds issued. In few
years the vast business done upon the
line will enable the company to pay
all of its Indebtedness.
This eubject is one of the gravest
with which we have to deal, because
it largely involves the material inte-
rests of the State, and promises to
contribute more to their future de-
velopmeLt, than any other public
enterprise that can be suggested.
! submit these considerations to
your honorable body, in that spirit of
earnestness which, I trust, will fluid
response in your early action.
Accompanying this message, is q
memorial addressed to the Executive
of the State, by the President of the
i 4