The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-01-27
.Absalom and the GreenviIe anu Column
bin Railroad.

We print with pleasure the letter OF our
.Abbeville correspondent who feels that the
Greenville and Columbia Railroad has been
ssseverely judged and enormously condemn
<sed, . by ourselves, and our esteemed cores
pondent at Greenville. 1t Is not our desire
to increase the difficulties with which the
management Of the Greenville Road has to
contend; nor would We willingly do any in
Justice to any Northern capitalist or South
ern speculator. But we cannot allow the
new Absalom to steal away the hearts OF the
men CT South Carolina, without giving our
reasons for believing that our correspondent
is misinformed in regard to the "few facts"
which he advances in justification of the
'Greenville Road.
The persons who bought up the stock OF
the Greenville and Columbia Railroad, and
who now form the company, are not
.sNorthern capitalists" They were, and
are, as we believe, impecuuious spectators
or venal politicians, and we do not doubt
that at this moment the road is virtually
owned by persons connected with the govern
ment OF the State. 1t has, indeed, been assert
ed again and again, and never denied, that
the money used in buying up the road was
obtained upon the credit Of the State, by the
hypothecation OF State bonds or otherwise.
The present managers OF the Greenvile
Road as their actions show, have no other
capital than the current income OF the road.
In point of money, we do not believe that
they are in anywise stronger than their
.much-abused predecessors. Nor do we be-
iIieve for moment that the road was bought
in good faith that it might be made, by a
liberal expenditure Of fresh capital, both ad-
vantageous to the. public aad remunerative-
to the stockholders. 1t was bought as
speculation, and has been hawked about in
the East and the West and the South with
out finding a purchaser. The new company
did not spend its hundreds OF thousands upon
the road for very obvious reason; and the
same reason will prevent it from spending
on the road anything more than the road
itself earns.
Our correspondent suggests that the new
company could not carry out its promises OF
short schedules and frequent trains, because
it was discovered, when too late, that the
road was '.mere she'll" and, like the upper
garment of the traditional Irshman, needed
mending all over. This is a very lame eN-
cuse. The true condition OF the track and
rolling stock of the Greenville Road was
known all over the State. Did the So
called Northern capitalists close their eyes
and seal} their ears? We can understand
that knot of lawyers, brokers aud lessla<
tors, who expected to buy the road today
and sellit out tomorrow, might blunder in
this fashion. But New York capitalists do
not make a habit of spending half million
dollars without venturing IN inquiry Us to
the condition and value OF the property they
are buying.
We admit that the new company has put
on three new passenger coaches-one OF
them, We believe, was smashed to pieces be-
fore the glory'of its varnish was dimmed.
The company has also put on three new To-
ocomotives the last was received few days
ago. What more? The road has been
patched, new rails have been laid here and
there, but the company has not put the line
in condition for carrying passengers with
safety, or freight with reasonable dispatch.
The earnings of the road have been laid out
upon the road. President Hammelt would
have done as much. The new capital from
the North hasnet made its appearance, and
the roadsis still djlapidated, wornout
structure, and so5fs likeigeo remain. In
deed, without the assistance OF the South
Carolina Railroad the whole concern would
Gong ago have come to deadlock.
What the people OF the up-country think
about the road and its management, the fol-
lowing leading article from the Anderson
Inteliigencer sufficiently shows:
.sThe Columbia Union says that three new
engines for the Greenrille and Columbia Rail