South Carolina Railroad Co. - 1866 dated Railway Bond
Inv# RB7057 Bond
$75 7% Bond printed by American Bank Note Co., New York.
The South Carolina Canal and Rail Road Company was established on December 19, 1827. This railroad played a pivotal role in the development of American transportation. Headquartered in Charleston, the company was established to revitalize the city’s economy by redirecting agricultural trade from the Savannah River to its port. In the early 1830s, the company achieved significant milestones, including launching the inaugural regularly scheduled steam-powered passenger service in the United States on Christmas Day, 1830. By 1833, its 136-mile line connecting Charleston to Hamburg had become the longest continuous railroad under a single management globally.
The railroad gained prominence for its inaugural locomotive, the “Best Friend of Charleston,” the first American-built steam engine for regular revenue service. Capable of reaching speeds of up to 21-25 miles per hour, the locomotive famously ceased operations in 1831 following an explosion in its boiler after a fireman inadvertently secured a safety valve. Beyond this mechanical accomplishment, the railroad’s construction constituted a substantial engineering undertaking. A significant portion of the track was constructed using timber piles to traverse the state’s lowcountry swamps. This ambitious infrastructure relied heavily on the labor of enslaved individuals, who were employed for both construction and operational duties.
In 1844, the company formally merged with the Louisville, Cincinnati, and Charleston Railroad to form the South Carolina Railroad Company. Throughout the mid-19th century, the company expanded its reach to encompass cities such as Columbia and Camden, solidifying Charleston’s position as a prominent export hub. Despite the destruction of much of its infrastructure during the Civil War, the company underwent reconstruction and continued its operations until the late 19th century, when it was ultimately absorbed into the Southern Railway system. Today, its legacy as a pioneering force remains preserved through the South Carolina State Museum and its role as a precursor to the contemporary Norfolk Southern Railway.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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