The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-01-24
Our Railroad System.

of the privileges which they desired 10 oo-
tain. Such applications are now made With
ont warning, and the public interests are
imperilled, or injured beyond recall, with
barely time given for remonstrance or eA-
nlanation. Railroad schemes OF every sort
and size are hurried through the Leglsla-
ture, the apparent object OF the incorpora-
tors being to have something to sell to whom
soeyer may in the future wish to build ROADS
between the points which the elastic char-
ters cover. Whether the bill to incorporate
the Great Northern and Southern Railroad
Comnapy. introduced in the Senate on We'd
nesday means more than this the Immediate
future will show. There are, however, good
reasons for saying that the scheme contem-
Mated in the bill cannot rightfully be carried
into operation, even if it run the gauntlet OF
the General Assembly.
The proposed railroad is to run from forC
Royal. S. O., to the Ohio River, aud the
privileges given to it are of q remarkable
character. 1t is evident, to begin Witn'
that the road cannot be built by the STOCK
subscriptions OF the sparsely settled districts
in South Carolina, through which it is to
mass. and the districts beyond the border
will not be disposed to do the work for their
Atlantic neighbors. The scheme, then,
must be supposed to possess such possibili-
ties, or exclusive privileges, as will justify
foreign capitalists in building and equip
ping the proposed road. There are no
public lands to give away. The General
Government has no money 10 bestow on
such projects, either in the form OF q
puaranty or q grant. The State OF South
Carolina has no money, and its endorse
mept is worthless. What, then, can be Of
fered to the capitalists? Only an exemp-
tion from taxation, and freedom from leg
islative interference. These are given in the
charter OF the Great North ern and South
eru Railroad, but the exemption from taxa
ton is for only twenty years, and the char
ter is not absolutely close. The South Car
olna Railroad has perpetual exemption
from taxation, aud the Legislature cannot
touch it's charter. Yet it's bonds, the bonds
of completed railroad, do not tempt capt.
talists to buy them at par. Much less
would they invest in such castle in the
air as projected railroad, about whose 10
ture there is no certainty, except the GER
tainty Of active and untiring competition.
The tariff allowed by the charter would not
benefit the new road. 1t could charge pas
seneers six dollars and half for distance
equal to that from Charleston to Columbia;
the fare OF the South Carolina Railroad, for
that distance, is already a dollar and q
quarter less There is nothing to be made
there; and as much can be said OF the
charges for freight, allowed by the bill.
Stripped OF it's romance, and shorn OF the
prettinesses OF the lobby, the proposed bill
is q bare-iaced cheat. The Legislature
might as well be asked to charter balloon
line to the moon. In the one case, as in the
other, money could be spent in experiments,
and perhaps in bribes, but the practical re-
suit is-nothing.
The interests OF the stockholders OF the
railroads already in operation certainly de-
mand some attention. These roads were
built at heavy cost, in days when railroads
were an experiment. The stockholders now
receive no return from th'. investment
The roads work 'or the public benefit; not
to the present Profit OF the stockholder.
Every new charter which is granted tends to
diminish the value OF the franchises OF the
existing lines, and every completed line, by
increasing competition, makes the prospect
OF dividends the more remote. We do not
discourage the building OF railroads, 80 long
as they are built without State aid, and with
out encroachment upon the rights OF the
lines already in operation. But We do EN-.
phatically object to schemes like this Great
Northern and Southern Railroad Company,
which proposes to march over the PROSTATE
bodies OF it's rivals, and aims direct blow
at the prosperity and even the existence OF
this fair city. 1t will be said, OF course, that
the prospects OF the new line are In them
selves sufficient to attract the required capt.
tai. Men were found ready to buy stock in
diamond fields OF Arizona, and they may
be willing to invest in ''salted" railroad
projects. But the plain truth is that the
proposed line, in the face OF the completed
routes, would have desperate struggle for
life, and the consequent reduction OF rates
would forbid any hope OF dividends or even
OF interest on the debt
We do not expect the majority OF the
members OF the Legislature to lend en- at
tentive ear to what we have said upon the
subject OF the new railroad project. To the
members Of the Charleston delegation, how
ever, we look for deliberate thought and de-
cisive action. They know What Charleston
Is, and what she can be; and their words and
arguments will have weight with their COL
leagues. We trust that the senators and
representatives from Charleston will ponder
the matter. The more they scrutinize the
scheme the less they will like it. There is
far more in the bill than is seen at first sight,
and it would not be surprising to find that
the proceedings in bankruptcy against the
Blue Ridge Railroad have an intimate con-