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, az editor of the INTELLIGEN-
GER, criticised the Columbia & Greenville
Railroad for running freight and pas.
senger combination train last Winter,
and for stopping passengers some hum
dred yards from the depot at Anderson
while freights were being shifted. 1t is
| true and | continued the criticism until
the imposition was removed, and when
| the relief came TO our people it was by
the act of the railroad, and not from any
| assistance from the Commission. | not
only criticised these things but others al.
SO, and will continue to criticise wherever
| think proper; but the fact that con-
| denim any action which | think wrong
does not render me incapable of doing
justice in other respects Next, it il
stated that 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 it's amendment.
stated then, and members on this floor
will bear me out, that the present law was
experimental, that something ought to be
| done, aud that it's passage at that time
was the best thing that could be done.
did not like the law, and when the
amendment to permit grouping towns
along any line of railroad was lost,
came very near opposing the bill, as my
colleagues and others will remember
But for the fact that it was the bes,
that could be done, and that it was to
take that or adopt some scheme hastily
gotten up, it is not probable would
| have voted for tho 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
& Dsnvile stock vas up to 250, and We
thought, Ct course, that that road wal
making immense dividends. The fact has
aimee transpired that this was fictitious
value run up in Wall Street. The spec.
ulation has ended in disaster to t1e men
who went into it, and that otock 10 now
quoted as only worth sixty calte on the
dollar, showing that the dividends are
really nothing like so great as We suppos.
ed last year. We also knew that aeveral
important railroads we're 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 !.aa BEEN con!rsc-
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 10 the fact that the compile
ton of tho Spartanburg & Asheville
Railroad has been indefinitely postponed,
and that tho only work being done ip 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 cell their bonds, because
capital is unwilling to invest in property
| which the owners cannot control, but
which is to be managed by threo Railroad
Commissioners. Ex Gov. Hagood, the
president of the Carolina, Cumberland
Gap & Chicago Railroad came before the
Railroad Committee and told us that his
financial agent in Europe has written to
him that capitalists there ore unwilling
to put their money in South Carolina
Railroad bonds, because of the power
which the Commissioners have to fix
rates hero. 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, who
is president of the Greenville & Laurena
Railroad, told Us that while in New York
recently he found it impo ible to place
railroad bonds in this State. He, too, ia
building competing road, aud his 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 bsve Inc 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, go that
/ 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-
clusiTely that the present Law 10 doterring
capital from coming into this State for
Investment in 70 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 aimee the war in South
Carolina. l reply, the Air Line. and
every road that han been built, 80 far .,n
| know. do not mean to say that 10
homo capital has been put into there
road8, but l do assert that not one Of
those of which know anything COULD
have been built ON capital raised entirely
at home. Therefore, if We want new
railroads We must, in tho experience OF
the past, look to foreign capital at leas
to help very largely in building them.
The second reason for the modification,
ID, that the Commissions exercise of th,,
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 ss an
illustration. During the year ending
September 81, 1888, in which the rail-
road rates were in force, this read paid
out of it's earnings its operating e.,pen.
ses and fixed charges. including interest
on Its debt, and spent 345, 1880 in re.
pairs upon it's lines. AFTER paying .hese
necessary expenses the income Of the
road and all Of it's branches amounted to
only S304.27. The sum spent in repairs
was not unnecessarily largo, for it will
require o similar expenditure for the
next ten years TO put the line in anything