The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-02-27
A True History.


This is the history OF the. Greenville Rail-
road Ring and OF the swindling scheme
known as the Greenvile Railroad Bill
Some time last year party OF State
officials clubbed together and bought up
enough OF the stock Of the Greenville and
Columbia Railroad Company to give them
entire control ofthe road. The purchase OF
the stock, the payment Of fees, and other in
cidental expenses, absorbed about sSOo,Ooe,
now represented by twelve shares. The
holders of these shares compose the Green
Vile Ring. The money paid out in tlleir
namez. or the greater part Of it, did not, it
is shrewdly surmised, come out of the pock-
cts of the Ring Taking possession OF their
property, they soon fouad that the earnings
would not enable them, whatever theirpr
ises, to rebuild and thoroughly equip the
road. This, however, gave the Ring little
concern, as they fondly believed that the
Wilmington and Columbia and the South
Carolina Railroads would become active
bidders and would buy out the Ring at a
snug profit. But neither company budged.
AL negotiations, moreover, were complicated
by an agreement, made by the Ring, that
no one of the members should sell out lis
share without the consent OF his associates.
The floating debt Of the Greenyille Road
(about $3.50 ,0OO) became very troublesome.
Worse than this, the kind friends who had
advanced money to the Ring required its re-
turn. Tie road was falling to pieces, and,
as accident followed accident, fast became
public nuisance instead OF public benefit.
Driven to desperation; the Ring deter
mined TO draw once more upon the public
purse, and prepared q bill which provided
that the State should endorse the bonds of
the road to the extent Of $40, 1000 mile
for every mile Of road which the company
might own or thereafter acquire. This
would enable the Ring In connection with
the .Laurens and the Union and Spartanburg
Railroads, to pocket about 81, 100000 in
bonds of the State. Even at forty cents on
the dollar the sale of these bonds would put
the Ring out Of their misery. But 1t was
evident that to pass mis- monstrous Bill
would take large su'n Of money, ard,
few days ago, the Ring opened negotiations
for the sale Of their shares to the South Caro-
lima Railroad Company.
The first proposition made by the Ring
was to sell their shares for 81, 600, 900, the
South Carolina Railroad assuming, besides,
the whole floating debt Of the Greenville
road. This was instantly rejected and the
South Carolina Railroad offered to give
s65O;OOO and lift the floating deb:. The
Ring then agreed to take sI5O,0OO, but the
South Carolina Railroad would not increase
its bid, and the negotiation came to naught.
Without more ado the Ring pressed on
with the Greenville Bill, which, before it
passed the House, was so modified as to
give the Ring lump endorsement OF S2,OO0,-
600, instead of $4,000 mile for an indet
mite numaer Of miles.
Now this is the point TO which we desire
to draw the attention Of the Senate A
Ring of spectators buy q railroad for about
$500, 900. They find that, to ther., it is
poor bargain. Purchasers are hard to find,
and the Ring have not the meals OF carry
ing on the enterprise. They are offered
$3.50, 900, which is twice as much as the
cost; but they refuse this, and, by
barefaeed bribery, induce the House to pass
q Bill which gives the Ring State endorse
ment for $4,000, 000 The Greenvile road
is, we admit, necessary to the upper part OF
the State But the existence Of the road,
and its proper management, do not depend
upon its remaining in the hands Of the
Ring. The Ring can sell out at profit to
a company which will put the road in order
and make it great highway. There ia no
other obstacle than the cupidity of the Ring.
With what grace, then, can the Ring demand
that the State come to their relief, and
secure them huge profit at the expense Of
the people?
We hope and trust that the Senate will
reject the Bill. 1t bought its way through
the House, and the same tactics are expect
ed to succeed ia the Senate. But we are
not yet ready to believe that there ore moi.
eleven men in the Senate who have the COM
mon decency to vote against the bill. 1t re-
quires two-thirds vote. Eleven senators
can defeat the bill, aud by so doing save the
credit OF the State, and administer fitting
rebuke to those miserable members OF the
lower House who sold their votes for cigars,
greenbacks aud whiskey.
The Position of Governor Scott.