The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-12-15
NEUTRALITY-SUSPICIOUS.:
Two Important Propositions.
THE CITY DIET.

ton from portion Of the debt by which It Is nov
oppressed, having been given by Mr. Hurley, {
member OF the House Of Representatives we have
deemed tie matter Of sufficient Interest to Obtain
an expression Of the views Of our principal capi
talists aud hnanciers as to the proprety Of carry
ing out the plans intlmated. These plans involve
first, transfer of all the railroad assets 70 the
treasurer OF the State; second, the iss ue OF tVe
per cent. currency bond in lieu thereof, to run
twenty years; third, the submission OF the ques
ton to the voters OF the State on the first dag OF
| May 1871, as to whether the State shall assume
the debt; and finally, the imposition OF special
tax to meet the interest on said bonds, which
| shall be known as the "City Of Charleston State
| funded bonds.n
| tisa well.known fact that the municipality OF
Charleston in past years, was liberal in lis appro-
prlations for public purposes to an extraordinary
degree. Perhaps no city In the United States,
through its monied men, made grander or more
self.sacriacIng efforts in behalf OF the Stat. at
large than were put forth here. In fact, the con-
centrated capital Of Charleston held by Its banks
and employed by Its factors and merchants rep
resented in part the wealth OF the State. That
| which benefited the one, benefited the other.
Hence, an investment In the Memphis and Charles
ton Railroad, in the South Carolina Railroad, In
the Northeastern Railroad. il the Blue Ridge
Railroad In the Greenvillc Railroad, or In any
other similar enterprise, which looked to the de-
yeIopment Of the interests Of Charleston, was re-
garded as equally tributary to the best interests
of every other portion OF South Carolina While,
therefore, the responsibility OF the debt was vest
ed here, every property-holder in South Carolina
who derived benefit from the same, who enjoys
railroad communication with the rest OF mankind,
owes 1t to hser and to his State, in this hour OF
our trouble, to aid in lifting the weight which
hangs like milestone around the neck OF our
City By the Sea.
True, no legal obligations may devolve upon
him; 40 process OF law may force him to share IN
the indebteness albeit it was incurred for the
general purposes OF the public; but there Is
moral tie which should be sufficiently strong to
provoke the citizens OF South Carolina to repay
somewhat OF the good that has emanated from
old Charleston in the past.
Again. 1t Is to be borne In mind that Charleston,
as a corporation, has never derived any direct
profit from her Investments in railroads. The
rates OF transportation have been scarcely more
than sufficient to pay expenses, and dividends
were comparatively impossible. The close OF the
war and the impoverlshment of the people In
creased the difficulties, and hence to day we are
deeper in the mire than ever.
II the State assumes this railroad debt, 1t will
be SO divided among the people for twenty years
thai the burden will scarcely be felt by any one.
That 1t can be done without violation Of the
constitution Is generally conceded by the best
lawyers and publicists. That the question need
not be referred to the people IS point also
equally established. The Legislature alone In its
wisdom, may enact such relief as may seem most
proper, and, as the representative Of the people,
accomplish work that will advance Charleston
to the commercial position to which she Is en-
titled as the CHIEF city Of the South Atlantic coast
Finally, with this Indebtedness lifted, the value
OF property will be enhanced hundred per cent;
capital now withheld, will pour In upon US; taxa
tion Will be reduced; building enterprises will be
encouraged, and prosperity bless the people on
every hand. 1t Is the general opinion OF our clti
zeus that the Legislature should move promptly
in the matter. The other proposition made is
that the city government OF Charleston shall be-
come general insurance company.
THE CITY INSURANCE QUESTION.
On this poiut very decided objections are eX.
pressed By business men. They sre no benefit
that can result to them by relying upon city that
Is unable to pay interest upon Its debt for in
surauce against fire. similar proposition to
that OF Mr.. Hurley was made maaN years ago,
but was not entertained by thoughtful men. In.
deed the expense OF the fiery seasons Of 1888 and
1851 demonstrate that few, II any, local COM
panlescan take the risks and pass unscathcd
through great conhagration They are almost
certain to be ruined. How much more so treas.
ury like that OF Charleston.
1t Ia said that no insurance company with
capital OF less than million Of dollars can do
successful business for series OF years, and
hence the reason why Northern acd British COM
panies possess the confidence OF the business
community. They do an enormous and wide
spread business, and possess the ability co pay
cash. Again, 1t Is urged that the foundation OF
the success of the best insurance companies is
confidence. A majority OF the customers depend
on the agent to put them In good company, and
how few under present circumstances would rely
on the city government.
Finally, and conciusvely, nearly eighty millions
of dollars are represented by the agents Of north
ern companies In Charleston, while the entire
property OF the city is assessed at about twenty mil.
lions OF dollars. 1t follows, as matter OF course,
that business men will not bow before new idols
when the old have successfully served their pur-
pose, stood the test Of time, and won the conn-
dence OF the community.
The above are the views briefly stated OF disln-
tereted, intelligent citizens. aud may be relied
upon as indicating the, current OF public senti
ment
CAvED IS.-For few days past our mother
Earth has exhibited several symptoms OF hollow.
ness, and, judging BY her frequent yawning,
seems to have just awaSed from long sleep.
Numerous holes have suddenly appeared in our
streets, and several traps have thus been
laid for travellers, both biped and quadruped,
along our thoroughfares. The city railway In
particular seems to he special object
OF her retaliation, on account OF the contlnu-
GUS imposition OF its railroad, and the heavy
cars passing along 1t. In Meeting street,
nearly opposite Burns Lane, large cave sudden
n ran,o co,, tbo sold ppvnment on MOnd8ViRst lust