Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1890-06-26
Gilded Offices, high salaries, and miles

uiluef Wnlch many roads have sue
cumbed while in their infancy. Tie
first principles of any business enter
prise should be, that "the expenses
must never exceed tho earnings"
land manysa thoroughly competent
official can be found, who, rccog-
nizing this principle, will take con-
troll of a short line, assuming the
duties of several officials himself,
while the business is light, and re-
ccivc Tor his work nominal salary,
it being understood, however, that
this would be increased as the bust
ness developed. This cooperative
plan leads to active interest on the
part of tho officials in all the affairs
of the road, secures faithful pcrfor.
nance of duty in all departments,
aud insurcs a dividend to its stock
holders. The General Manager of
road seventy miles long has been
seen handling freight at a waysde
station; a very unofficial act, one
might say, but it is known that the
road under his management was
paying Investment from tho start
a fruitful source of disaster to
many railroads in the South, has
been tho heavy bonded debt with
which they have been saddlcd ut the
start. Roads, which at present
prices can bc built and equipped for
less than $4,000 per mile, arc bonded
for $4,000 per mile; these bonds
bearing interest ut not less than 6 |
per cent per mnum. So that a road
costing $1,000 per mile and bonded
for $4,000 per mile, is called upon
to pay nearly IS per cent upon the
capital invested. Failing to pay
this enormous rate it is sold, to be
purchased by bond holders at about
the actual cost of construction, and
at once becomes a paying Investment.
Upon the strength of it's bankruptcy,
however, the cutlery is made, that
railroads do not pay in the South.
The broad fact that Northern capi-
tai in fabulous sums has been, and |
is sill being invested in railroads in
the South, is simple evidence that
they Ito pay even under expensive
management. 1t is easy to see what
they would pay without the bonded
debt and under economical manage
mcnt. The majority of the railroads
IN the South are owned by aliens,
whose interests are not identified
with those of the country, and when
we learn to build and operate our
own roads, it will mark an era of
prosperity such as we have never
seen in the South.
The possibilities of the lumber
trade in the middle and lower sec
tions of the State, are beyond calcu-
lation. The tendency of foreign
capital to invest in large areas of
timber lands is evidence of what
may be expected in the near future
with reference to This important in
dustry. The depletion OF Northern
forests and the low value Of the
timber lands in the South may be
cited rs the direct cause of this in
tlux of capital, but on the other
hand, this low value is directly due,
in almost every ease, to the lack of
transportation facilities This fact
has led cntcrprising men to build
these commercial or logging roads
in the lower part Of the State.
Built for almost nothing at first,
they have been gradually brought
up to the grade Of standard roads,
and have proved immensely rcmunc-
rativc to the owners.
The construction of railroads,
however short they may be, always
produces wonderful development in
the section through which they pass
The credit Of isolated portions is
revived, thus giving means Of obtain
ing capital To develop Il section which
would otherwise remain dormant.
Flourlshing towns spring up as by
magic, the value OF real estate is
wonderfully enhanced, and unforeseen
industries arise on all sides. Chrap
transportation for agricultural pro-
duets leads To the cultivation Of
larger areas and tins in turn creates
a drmaad for other than domestic
products.
These, facts are 50 broadly appa.
rent everywhere chat no argument is
needed to convince.
WM. J. Kirk, G. T..
C"kEsnrEY, S. g., May 90, 1890.
NG2f1'UfUic Persons