The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-12-11
. COLUMBIA.
Friday Morning. December Ii. 1858.
The Charleston and Savannah Rail-
road.

One OF tne mOSG BFbVlIyln& evil
dences of the disposition of our poo
pie generally to turn their attention
to the work Of practical reconstruc-
tion, and abandon the excitements
of political contest. is to be found in
the fact that our contemporary of
Charleston, the Daily Ne.os, is devot-
ing its columns. to the consideration
of the necessity of rebuilding the
Charleston and Savannah Railroad,
and prosecuting other works of in
ternal Improvement. In doing SO,
the Me,cs has our most cordial up
proval, for many reasons-not the
least of which are: first, that all ne
cessity for the agitation of political
questions, as far as we of the South are
now.concerned, was extinguished by
the late election; and, secondly, that
upon the repairing of the Charleston
and Savannah Railroad, will depend
to no small extent the revival of trade
and prosperity in our metropolis.
This road had barely been completed
when the war commenced, and the
business communities of the two
cities which it brought into fraternal
embrace had just commenced to re-
alize the practical advantages which
naturally followed the completion
of the enterprise. In common
with many of our public internal
improvements, the road was subject
ed to the misfortune of war, and
when the armies of the Confederate
States were surrendered, for the
most part had been destroyed; it's
track torn up; its bridges burnt, and
scsrcely any of its property, save
the rolling stock, was in n state of
preservation. Realizing the neces-
sity for its restoration as an effective
agency in reviving the business inte-
rests of Charleston, the Direction of
the road took steps Immediately to
further this purpose, but did not
succeed, because they could not COM
mand the necessary capital. The
rest of the history of the road and
the claims it now presents for the fa-
vorable consideration of the General
Assembly, are best stated in the fol-
lowing extract from the Mers, of
Wednesday, which VIC reproduce with
pleasure:
''The State, by its statutory mort
gage, had the first claim, and it was
SO evident that the road uncompleted
was worth but little, while completed
it would be worth at least 50, 600, 900,
that the General Assembly, in 1865,
passed an Act authorizing loan of
$500, 600, to be applied to rebuilding
the road. The State agreed to post
pone its own lien, and gave prece-
dence to the new loan, which was to
have first lien upon the whole pro-
perty of the company. This was am
pie and sufficient security; but in
consequence of the unsettled condi-
tion of affairs, and the placing of the
State under military rule, the loan
could not be negotiated upon ccono-
mical or reasonable terms.
In the meantime, the creditors
under the second lien, caused the sale
of the road and its property, became
its purchasers, and organized them
selves into the present Savannah and
Charleston Railroad Company. Their
bonds. the second lien, they convert
ed into stock, leaving the road with
no bonded debt but that guaranteed
by the State, amounting to $5O5, 900,
bearing six per cent interest, and due
in 1877. The new company proceed
ed slowly with the work Of recon
struction. using their limited means
to the best possible advantage. and
there is completed and in good order
ut this moment sixty-two miles of the
road, supplied with rolling stock and
locomotives in fair condition.
"The Savannah and Charleston
Railroad is now paying its working
expenses, and it is evident enough
that its completion would make the
bonds guaranteed by the State Sc
cnrity second in value to no security
in the United States bearing the same
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