The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-05-03

Improperly Al OUutQ OaIOllQR, 6uQ Cn0Q0s
Cfortunate political condition Of the State,
driving away population and capital,
and impairing confidence in tho security
eral cause Of the depreciation OF values
for nearly three years past has been in
the rapid appreciation Of still depre.
ciGted currency, which hos been the
measure Of value instead of gold This
appreciation or increased value of the
currency has amounted to Boven per
centum per annum for several years past.
| and securities must have possessed O
very great degree OF confidence, not to
hayo been affected by the rapid transi-
tion from high degree of imitation to
nearly gold standard.
The Directors nre gratifed to be able
to state that even this material changu
IN the value Of the currency Inns scarcely
had an appreciable effect upon the bonds
OF this company, rs they have uniformly
com mmnnded as high price as my other
bond issued in the State, showing a we'll
founded confidence in their intrinsic
value. They arc undoubtedly safe; aud
by sale of tho bonds and stock held ly
this company and their proceeds applied
to tho floating debt, with some addi-
tlonal income from the road, tho entire
amount can bo funded, aud your debt
will not exceed $4,000 or $4,000 per
mile Of road. a net income of $500, 600
would meet all interest and leave six Der
centum on the capital stock.
There appears to be somo misapprc-
honsion in regard to tho through and
local rates charged on the rood, and the
inquiry is made why tho reduced through
rates arc not made to all locnl stations.
The Charlotte and South Carolina Rail
road, like majority of other roads, was
built Chiefly on account Of tho local busi-
ness of tho country from Charlotte to
Columbia. Since tha great destruction
Of the resources of the country by the
lato war, it was seen that this would
scarcely maintain it in efficient opera
ton, nnd, from necessity, it had to ex-
tend its terminus to point whence it
could form moro important through con
nections, and invite more remote and
foreign business over its line; otherwise,
it might have been entirely abandoned
rs al agent of transportation. Your
directors hesitated long, in 1865, whether
to undertake its reconstruction or aban-
don it to its creditors. It was in debt;
by far tho greater portion of it was ut
terly destroyed. without funds, without
credit or equipment. They finally re-
solved to undertake it, but with perfect
knowledge and determination that no
thing but pledge of their private and
shattered fortunes to the result could in
sure success. This they freely gave. and
within twelve months the Catawbn River
bridge WIZ rebuilt, the track relai;l to
Columbia, and tue cars were running
through. The shops, coaches, cars, do
Tow ck1
built since, with large increase of ex-
pcnditure above net income. It vas
ascertained that it would not with ortli-
nary charges as q nero local road pay
dividends; and hence the necessity of
the Columbia and Augusta Railroad, and
tho consolidation of both, to enable
either to become paying road to its
stockholders. This having been accom-
plished, through rates of freight and
tickots have been extended to over 100
commercial centres from Boston to New
Orleans, and from Cincinnati, Chicago,
st. Louis, Omaha, etc.. etc., with view
of inviting as much business as possible
over the limo. These rates aro entirely
distinct from local rates, and are the re-
snits OF agreements made with MI the
intermediate roads to and from given
points. Tho rate is controlled by con-
petition ard the necessities Of the trade,
and, without such through rates, your
transportation, which is rapidly gaining
under it, would greatly diminish. The
profit from this source is not SO great,
but as certain trains arc required to do
the local business, the relative expense is
less as tho volume of freight increases
Ii this through business proves q sue
cess, and is established, it enables the
local rates to be reduced, and is for the
benefit of NIL local shippers and the
country generally, rs we'll as the stock
holders. Tho rates arc only made to
centres Of tra.le and points Of competi-
ton by express contract, that cars may
be loaded both ways and not returned
empty. The South Carolina, Georgia,
Central, and other roads, mako no
through rates, :cept to terminal points
These are Through rates" rs contra dis
tinguished from local, MS the merchants
wholesale prices arc from his retail. The
local rates per mile to and from all sta
tions arc uniform and intended to be tic
same, and, without any discrimination
whatever, to NIL points on the line. Upon
q comparison Of these charges with those
of tho Georgia, South Carolina, Green
vile and North Carolina roads, they are
fo11n1 ~ Ia oIo,,t &1,o oro.o.xa