The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-03-19
THE PORT RoT41 RA11RoAD BILL.

The 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 US uuansWerable
as they are practical and to the point
REPORT.
The Committee on Railroads, 10 whom was
referred a House bill to grant the aid OF the
state to the Port Rows Railroad Company to
the amount of one million six hundred and
fisty thousand dollars, have hal the same un-
der careful consideration, and beg leave to re-
port:
eriuS the financial condition OF the state, tne
committee recommend that further consldera-
t,on Of said bill be postponed 10 the next regu'
lar SESSION Of the General Assembly.
To making this recommendation, the com.
mittee desire to be distinctly understood that
they do not in any wise pass upon the nerlts
or demerlie os Tho 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, ii they would,
the fact that the State has not paid its inter-
est upon the public debt for two years, and,
further, that the States owes a large floating
dcbt which every consideration demands
should be adjusted and paid infaIl by the taxes
which ars ali eady to be assessed and collected
While your committee are decldedly OF the
opinion that tho State will be abe 70 meet
puncrually the interest due u.'on its obliga-
lions, and to discharge IN full the 1oatlng
debt they are not at all ceJ taiu this mo 1t desl-
rable result can be accomplished II the State,
at this time, shall be embarrassed by any con-
siderable increase Of the public debt, no matter
how merltorious the private enterprise Tor
which the State credit is demanded. The
committee cannot discover why any person or
person. should desire the assistance OF the State
with the we'll KIN OWN fact stallng them IN
the fIce, that the State has not in days gone
by dischar ed any OF It's principal indebted
ness, nor even paid its in eiest Tor two years,
which is now in arrears and unpaid. Such as
slstauce IS hardly worth the seeking by corpo-
ra Iops whose enterprises, at least, could not
for years to come pay more toan moderate
per cent. upon an entire cash capital. Inc
committee believe that this assistance, al
though pressingly demanded, would be alike
rulnous to the State, as we'll as to this corpo-
ration. Spectators and parties whose real
oulv object might be pt ptrsonal gain ald agSran-
dizement may possibly see how such aid might
not result in any injury to the State, and pos
sibly great gain to themselves.
You committee are OF opinion that the grant
iag of aid by the State at this time. and under
these circumstances, is neither legitimate nor
sound policy, and they are further satisfied
that If they should make such recommenda-
ton that it would be vie we'd By business aud
commercial men, not only in this State, but in
the commercial centre. in fact throughout the
whole North, that o committee TO whom the
Legislature of this State has entrusted TO
great extent its honor and its credit, had placed
the same in doubtful and incompetent hands.
The rule should 90 tho political axiom long
slnce announced, "stop aud pay policy"
rather than the e1.rayagant aid foolish appro-
priatloa OF it's credit to say the least OF it, to
doubtful paying measures.
The committee do therefore recommend to
the Senate that they do not pass thus bill at
this time, or any Other similar bill, and do,
therefore recommend that the further conslde-
ration OF this hill and similar bill extending
aid 10 tho SDlr.anburg aud Umion Railroad ba
postponed to the next regular session. Ontll
the iegisl ,ture of this State shall have gained
the co fd noe OF the commercial world under
no circumstances should We allow the financial
condition Of the State to be embarrassed, no
matter what influences mav be brought TO
bear. Then we shall have attained WISE an
forward step IN reachlsg that CONNER sal
status that every truo friend OF the present
State government so deyoutIy wishes ana de-
sires to see brought about; and we slall have
the fact that O treo ballots Is not
necessarily tho destruction of our conmerclal
credit, but the maintenance thereof.