Savannah morning news., 1885-09-04


sion and still sustain themselves, and IN
the midst of that boom, some Northern
capital was brought into Georgia and ad-
ditiOnal roads were built, which have
since gone into the hands OF receivers.
But the bubble has burst and we have
found ourselves in the midst of reasona-
bly, hard times, and the whole situation
has greatly changed. There is to-day hard
ly d railroad in Georgia that is doing more
than living business. lfthe present state
of things should last few years longer,
most of them will follow the example Of
the East Tennessee, Virginia and Georgia
railroad, and 20 into the hands of receiv-
ers. There will be little or no capital in
the meantime invested in building rail-
roads where they are most needed In this
State. Millions of capital belonging to
citizens of Georgia, many of them widows
and orphans, will be lost.
"NO judicious, prudent man who has to
work for his money and knows how he got
it and how to take care Of IL, would invest
it in railroad stock with a power over it,,
as soon as it is invested, that is absolute,
and from whose dictation there is no ap-
peal. There are a dozen other railroads
that ought to be built in Georgia
to penetrate counties and sections that
are row without the advantages OF
| railroads. The people along the
line of the contemplated railroad
are not able to build them themselves, as
they were left poor at the termination OF
the war, and they have not accumulated
enough surplus TO engage in such an en-
| terprise. And as the matter now stands,
Northern capitalists who are looking out
for any profitable investment will not
put their money where it is subject to
such unlimited power, with no right to
make their own schedules OF rates, and no
right of appeal. Ii the powers OF the
commission should be modified, so as 10
bring them within reasonable bounds, and
guarantee should be given that capital
| invested in railroads in Georgia viii in
future be protected and allowed to make
| a reasonable per cent. upon the invest
ment, there would in a short time be sew
eral important railroad enterprises pushed
| forward In Georgia, and q number Of
| shorter roads run from trunk lines
| into the different counties would soon
| be built. But | predict that it Will
/ not be done for an indefinite period il
! the present state of things is continued
| in existence. Aud this caution about
| investment is not confined simply to rail
road property. When the impression goes
| to New York, and other Northern centres,
where accumulated capital seeks invest
ment, that Georgia is dealing harshly
with her railroad property, capitalists,
/ who are naturally timid about invest
ments, will at once say, "Thatls enough"
and 81 prefer to put my capital some
where else, where they have ditierept
| idea OF protecting the rights of property"
/ We cannot, therefore, in my opinion, look
! for any large amounts Of foreign capital
/ to seek investment in Georgia, until we
| conform our laws and regulations 10 those
of other States, and show a disposition to
protect the rights of property in the full
est manner, allowing the right OF appeal,
! with the guarantee of an unpTejUdiced
/ hearing in our higher courts, wherever
the rights OF property are involved"
! RepOrter-'I should infer from what
| you state that you are not anxious to in
vest in new railroad enterprises in the
| present state Of things"
Gov. Brown-''I owned considerable
/ railroad stock some years ago, but have
/ thought it judciOus to get rid OF it. | now
own very little The people are always
ready to encourage everybody to invest
/ their money in the construction of new
railroads, but as soon as the railroad Is
completed, the public expectt to confscate
| it TO their own use, by putting it under
absolute control, and fixing rates which
Will never pay a return upon the capital
invested. The juries often give ten times
the damage against railroad company
that they would, acting under the SOL
emnity of the same oath, give between
islatiOn OF the county, the practices in the
courts, and the general disposition to re-
gard railroad corporations as possessing
no rights which anybody is bound
to respect, has greatly changed my
opinions in reference to the pro-
priety Of investing in railroad
stocks. While there is Dumber of sec
tons in Georgia that would be greatly
benefited, and property greatly increased
in value by the building Of railroads into
those sections, do not see In the present
state OF things any promise Of remunera-
tiOn to parties investing their capital in
those roads. Until there is a change
/ do not propose to be one OF the number
who make investments, knowing at the
time that l am putting my money where
1t will be under the absolute control Of
others, and where l cannot look for any
return"
Reporter-"Do you know what course
the Railroad Commission are taking IN
reference to the bill now pending before
the Senate for curtaling their pOwers!'
Governor Brown do not, but | take
it for granted they are taking no part
whatever in it. When the press and the
people and the General Assembly are dis
cussing the question as TO what is an ap-
propTiate limitation OF the powers of the
commission, it would certainly be ex-
ceedingly indicate for them TO interfere
in that discussion, or be guilty of lobby
ing or raking any steps with a view 10
controlling the action Of the General As
sembly. The persons composing the
Railroad Commission are gentlemen of
high character, who doubtless possess a
keen sense of propriety. The question now
fore the country Is, ''shall their powers be
imitedg' 1t would place them IN the at
titude Of grssping for power, if they
should intermeddle, or exercise their per-
sOnal influence in attempting TO maintain
the arbitrary powers they now possess.
l am very well satisfied, therefore, from
nay knowledge Of the high character OF
these gentlemen, that they could not af-
ford TO engage in any such practice. They
are modest gentlemen, VINO nnotappear
before the public lauding their own prac-
tices, boasting OF their own performances.
or urging an enlargement of their powers
or insisting on a retention Of the arbitra-
~ powers already possessed.
''They will doubtless leave all these
questions TO the General Assembly, per-
mitting their acts 10 speak for themselves,
and being content with the reward that
always waits modest merit.
"If, therefore, you have heard that they
are interfering in this matter with a view
10 controlling legislation, feel no hesita-
tion in saying that you have been misin-
formed"