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

commercial wealth and PROSPERITY
that would result from the construc-
ton of the road. :
This was the view taken, even
during the administration of Mr..
Monroe, when his Secretary of War
had survey made through the iden-
tlcal gap in the mountains through
which the Blue Ridge Railroad will
pass, with the intention of cutting o
canal between the head waters of the
Savannah and Tennessee Rivers, be-
fore the day of railroads.
In the event of q foreign war, it
would be of vital Importance to the
Government to have naval station
at Port Royal, where there is depth
OF water and room abundant to float
the largest fleets of the world. From
this point to Cincinnati is almost an
air line, and the shortest route to
the great heart of the nation.
Such are some of the benefits
which must accrue to the State and
country from the construction of
this great thoroughfare. Upon you,
as legislators, depends the compile
ton of the work. You may render
aid which, in sixty or ninety days,
will permit operations upon the road
to be resumed, and. once resumed.
we may confidently look for encou-
ragement to the capitalists of the
country, If not to the public treasury
itself. But whatever is done by you,
should be done promptly. Georgia
and North Carolina are surrounding
us with n network of railroads, the
object of which is TO divert both
trade and travel from our midst.
They are our competitors for West
ern commerce, and, if we are idle,
they will succeed. Virginia has
loaned her credit to encourage rail
road enterprises, to the extent Of
So, 600, 600; Georgia has expended
more than $4,000, 600 upon her State
road alone; North Carolina, $9,OOO,-
600; and Tennessee, to concentrate
trade within her borders, has granted
near $50, 100000 in guaranty of the
bonds of various railroads. South
Carolina has also been liberal in the
past; and yet, with all her liberality,
her credit has been so sacredly
guarded, that her bonded debt at this
time exclusive of the war debit
amounts to only $5,407,215. The
interest in arrears and due on this
sum, on the 1st of January, 1869,
will be only 1854, 13G. This is exclu-
siye of the bills receivable authorized
by the Act of 1865, not more than
$500, 600 of which are likely to go
into general circulation. To meet
these liabilities of the eState-namely,
the accumulated interest, and to re-
deem the bills receivable-the Legis-
lature has authorized loan of
81, ,5OO,000 It will thus be seen that
the total bonded debt of the State on
the 1st of January next, after the
payment of interest due and the re-
demption of the bills receivable
assuming that the loan of 81, 500, 600
recently authorized is all put upon
the market, which is not likely to be
the case-will be the comparatively
small sum of Sc, ,9O7, ,215.
With q basis of 100000, 900 in
real and personal property, subject to
taxation, it is evident that, with an
assessment of only three mills upon
the dollar, the interest annually ac-
cruing upon the above debt, together
with the current expenses of the
State, may be promptly met. When
it is remembered that new and valu-
able enterprises are being devel-
oped-that capitalists from the North
and West are seeking profitable in
vestments in South Carolina; that
our lands are being cultivated under
an improved system of agriculture,
which promises to yield more abun-
dant results than heretofore; that the
recent discovery of phosphate beds
along the coast has opened O new
mine of wealth, which has already
enhanced the value of surrounding
property; that an industrious and
laboring population are preparing to
come hither from various portions of
the country, bringing new strength
and energy; that manufacturers from
the North are turning their attention
to the magnificent water power
which abounds in almost every por-
ton of the State, and to the extraor-
binary facilities whereby cotton is
manufactured fifteen per cent. cheap
er than at the North; that new rail
roads are being projected, and there
Is promise of increased facilities for
trade; that the completion of the
Blue Ridge Railroad will, of itself,
open q channel of wealth, the grand
results of which M hnpoon ho;r,, nor