The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-19
THE PORT BoKAL RAILROAD BILL.

Inc following Sensible report haS been made
by the Senate Committee on Railroads upon
the Port Royal Railroad bill. We regret that
it should have been considered proper to put
the Spartanburg and Union Railroad in the
same category with the Port Royal Railroad,
but the arguments of the committee in favor of
the "stop and pay" policy are as unanswerable
as they are practical and to the point:
REPORT.
The Committee on Railroads, TO whom was
referred House bill to grant the aid of the
state to the Port Royal Railroad Company to
the amount of one million six hundred and
City thousand dollars, have had the Same un-
der careful consideration, and beg leave to re-
port:
erng the financial condition of the State, the
committee recommend that further considera-
ton of said bill be postponed to the next regu-
lar session of the General Assembly.
In making this recommendation, the COM
mittee desire to be distinctly understood that
they do net in any wise pass upon the merits
or demerits OF the bill, but say that the fnan-
cial situation of the State is such at this time
that it would be madness and folly to extend
State aid to this road as is desired by the
House bill.
The committee cannot avoid, il they would,
the fact that the State has not paid it's inter-
est upon the public deot for two years, and,
debt which every consideration demands
should be adjusted and paid in full by the taxes
which are already to be assessed and collected.
While your committee are decidedly OF the
opinion that the State will be abe to meet
punetually the interest due uAon it's obiga-
tions, and to discharge IN full the floating
debt they are not ut all certain this most deaf
,rable result can be accomplished # the State
at this time. shall be embarrassed by any con-
siderable increase Of the public debt, no matter
bow merltorious the private enterprise for
which the State credit is demanded. The
committee cannot discover why any person or
persons should desire the assistance of the Stste
the face, that the State has not in days gone
by dischar ed any of Its principal indebted
nees, nor even paid its in crest tor two years,
which is now in arrears and unpaid. Such as
sistance is hardly worth the seeking by corpo-
valons whose enterprises, at least, could not
for years to come pay more than moderate
per cent. upon an entire cash capital. The
committee believe that this assistance, al
though m Rressssngy ss giy demanded would be alike
ration: Spectators and parties whose real
only object might be personal gain and aggran-
dizement may possibly see how such aid might
not result in any injury to the State, and pos
slbly great gain to themselves.
You committee are of opinion that the grant
Ing Of aid by the State at this time, and under
these circumstances, is neither legitimate nor
sound policy, and they are further satisfied
that it they should make such recommends
tion that it wo1ld be viewed by business and
commercial men, not only in this State, but in
the commercial centre. in fact throughout tn Q
whole North, that a committee to whom the
Legislature Of this State has entrusted to a
great extent it's honor and its credit. had placs
the same in doubtful and incompetent hands.
The rule should be the political axiom long
since announced, "stop and pay policy, :"
rather than the extravagant aad foolish appro-
pratlon Of its credit, to say the least Of it, to
doubtful paying measures. :@l
The committee do therefore recommend to
the Senate that they do not pass this bill at
this time, or any other similar bill, and do.
therefore. Recommend II that the further conside-
ration of this bill, and similar bill extending
aid to the Spartanbrg and union Railroad. be
postponed to the next regular session. Until
the Legislaturesof this State shall have gained
the confidence of the commercial world under
no circumstances should We allow the financial
condition, Of the State to be embarrassed, no
matter what influenees may be brought to
bear. Then we shall have attained Is Miseian
forward stop in rsschings that commer :ial
status that every true. friend Of the present
State government so .devontly wishes and de-
,sires to see brought about; and we shall have
'demonstrat ed the fact that q tree ballots mot
necessarily the destruction Of our commoroial
credit, but the maintenance thereof. !% Y