The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1884-01-10

of South Carolina. But, Mr.. Speaker,
the gentleman from Charleston tells you
that have, as editor of the INTELL1aEN-
GER, criticised the Columbia & Greenville
Railroad for running a freight and pas.
senger combination train last Winter,
and for stopping passengers some hun
dred yards from the depot at Anderson
while freights we're being shifted. 1t is
true and | continued the criticism until
the imposition was removed, and when
the relief came to our people it mas by
the act of the railroad, and not from any
assistance from the Commission. l not
only criticised these things but others al.
so, and will continue to criticise wherever
l think proper; but the fact that l con-
denim any action which think wrong
does not render me incapable of doing
justice in other respects. Next, it is
stated that 1 have changed my position
since last Winter. 1t is true. Then |
stated, in advocacy of the existing law,
that if upon trial we found it working
badly, would favor its amendment. !
stated then, and members on this floor
will bear me out, that the present law nas
experimental, that something ought to be
done, and that its passage at that time
was the best thing that could be done. I
did not like the law, and when the
amendment to permit grouping towns
along any line of railroad was lost, I
came very near opposing the bill, as my
colleagues and others will remember.
But for the fact that it was the best
that could be done, and that it was to
take that or adopt some scheme hastily
gotten up, it is not probable I would
have voted for the bill as it stood last
Winter. There were reasons then which
contributed to the passage of that Law
that did not have the significance attrib.
uted TO them. For instance, Richmond
& Danville stock was up to 250, and ne
thought, of course, that that road was
making immense dividends. Tho fact has
since transpired that this MAS fictitious
value run up in Wall Street. The spec
ulation has ended in disaster to the men
who went into it, and that stock is now
quoted as only worth sixty cents on the
dollar, showing that the dividends are
really nothing ike so great as we auppos-
ed last year. We also knew that several
important railroads were being built in
Georgia, which has similar Commission,
and thought therefore that the law of
that State did not deter capital, and that
it would not do 80 here. We now have
the information that the building of
these roads in Georgia had been contrac-
ted. for before the law was passed, and
that now no new railroads are being
built.
The first reason for the passage Of this
bill lies in the fact that the existing law
deters capital from coming to South Car.
olina for investment in railroads. The
proof of this il the fact that the compile
ton of the spart.nburg & Asheville
Railroad has been indefinitely postponed,
and that the only work being donein the
State is that in which the local subscrip.
tions are being used to grade some short
lines. The officers of these lines tell US
that they cannot sell their bonds, because
capital is unwilling to invest in property
which the owners cannot control, but
which is to be managed by three Railroad
Commissioners. E1 Gov. Hagood, the
president of the Carolina, Cumberland
Gap & Chicago Railroad came before the
Railroad COMMITTEES and told lis that his
financial agent in Europe has written to
him that capitalists there are unwilling
to put their money in South Carolina
Railroad bonds, because of the power
which the Commissioners have to fix
rates here Gov. Hagood is not interested
in any road in operation. He is seeking
to build line to complete with existing
roads in large portion of the State:
Therefore, his interests are the peoples
interest. The gentleman from Greenville
who spoke yesterday, (Dr. Mauldin,) y who
is president of the Greenville & Laurens
Railroad, told US that while in New York
recently he found it impossible to place
railroad bonds in this State. He, too, is
building competing road, and bis inter
ests are also the peoples interests. An
additional proof of the truth of this
proposition is, that as far back as my
knowledge extends number Of
railroad charters have been applied
for at every session Of the Legisla.
ture. At this session only one charter
has been asked for, and that charter
asked to have the contemplated road
exempted from the powers of the Com
mission. This exemption WAS stricken
out in the other end Of this building, and
then the charter was withdrawn, 80 that
1 might say, with entire accuracy, that
not single railroad charter has been
asked for under the present law. These
facts, Mr.. Speaker, take it, prove con.
clusively that the present law is deterring
capital from coming into this State for
investment in >s lroads and will therefore
check railroad building, and thereby
keep down competition.
But our opponents ask US to point
them to any road that has been built by
outside capital since the war in South
Carolina. I reply, the Air Line, and
every road that has been built, so far as
I know. I do not mean to say that no
home capital has been put into these
roads, but I do assert that not one Of
those of which I know anything could
have been built on capital raised entirely
at home. Therefore, if ne want new
railroads we must, in tho experience of
the past, look to foreign capital at least
to help very largely in building them.
The second reason for the modification
is, that the Commissions exercise of the
power to fix rates has worked disastrously
to some OF the important lines of rail.
road in this State. To begin with, take
the Columbia & Greenville Road as an
illustration. During the year ending
September 81, 1888, in which the rail.
road rates we're in force, this read paid
out of its earnings its operating expen-
ses and fixed charges, including interest
on its debt, and spent SAG, 1880 in re.
pairs upon its lines. After paying these