Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1836-12-06


stock, could in no event have more than
nine directors. can perceive no equita.
bic principle upon which the holders of five
sixths of the stock in South Carolina, shall
have only nine directors, while the holders
ofone.sixlh of the stock out of South Carol-
ma shall have fifteen. This is certainly an
unprecedented anomaly in the organization
of corporate powers, and think the people
of South Carolina have been sufficiently
admonished by bitter experience, ofthe fatal
consequences of having their interests con-
trolled by foreign and irresponsible power,
to make them very cautious in placing the
power on one side, whilst the interest to be
affected by it is on the other.
If we look 10 the questions that will prob
ably arise, at the very commencement Of
the proposed work, the danger of this sepa-
ration of power and responsibility will be OBJ.
vious. Upon every principle, the road
should commence at Charleston, andproceed
continuously on towards its Western ternin.
alton, at least until the money contributed
in South Carolina shall be expended. And
yet it will be in the power Of directors out
of the State, TO reverse the operation, and
expend the whole sum subscribed by the CIT.
tizens of this State, in Kentucky, where SO
small sum has been subscribed.
This pretension 10 unequal power on the
part of Kentucky, becomes still more intole-
rable when we advert to the causes that
gave rise to il. By the Charter as passed
by this State, and all the others except Ken
lucky, the Road was to run from Charleston
to Cincinnati. The clause interpolated by
Kentucky, requires that the company, at
the same time that they carry the Road
from the Cumberland Mountain to Cincin.
natl, shall carry branch to Louisville. 1t
also requires that branch shall be carried
from Lexington to Maysvie. The com.
pany are thus required to construct two
branches, making together some $50 miles
of Rail Road, obviously against their own
interest, and merely to accommodate two
towns in Kentucky; and TO secure the per-
formance of these most unreasonable con-
ditions, they are moreover required to give
Kentucky three directors gratui,ously.
There is no practical view Of the subject
that can make it the interest ofthe company,
or the great public concerned in the con.
templated work, TO cover enucky with
Rail Roads for the privilege of passing
through the State.
If the Road goes 10 the Ohio River, some
ONE point on that river should be selected
This will command nearly all tho trade,
tha. would be commanded by the thre+,
that are proposed. If either Cincinnati or
Louisville should be selected, ii will insure
as much Commerce as the Road will pro-
baby be able to convey. And as Ohio
has contributed almost nothing to the stock
of the company, it would be much the VII
ser course to carry the Road directly TO
Louisville, leaving Cincinnati out Of the
scheme altogether, if a Louisville branchis
the only consideration upon which we can
obtain the privilege ofpassing through Ken
lucky. There is ano:her alternative, pre-
ferable, in my opinion, even TO this. 1t Is
to make the mouth of the Nolechucky, the
Western termination of the Road, which.
according to the estimates, would reduce
the cost of it from twelve to five millions
of dollars while it would still yield to N.
Carolina, Tennessee, and South Carolina, a
very large portion of the advantages that
would result from the completion of the orl-
ginal scheme. The work to this extent
could be almost completed with the stock
already subscribed, and would be clearly
within the means of these three States. A
flourishing town would spring up at the
Western termination of the Road, wherever
that might be, whether at Nolechucky, Ash.
vile, or even at the Northwestern border
of our own State, which would attract to
the Road a great portion Of the Western
de,-probably as much as it could con.
vev.
have suggested these views, because l
believe that South Carolina will be restrained
not less by sense Of self.respeet, than by
Just regard for her own interest, from sub
scribing any thing to the stock of the Lou.
Isville, Cincinnati and Charleston Railroad
Company so long as its Charter shall con-
tain the highly Objectionable provisions to
which have alluded.
AS it now seems evident that the princi-
pal part of the funds by which the Road is
to be constructed, will have to be contribu.
ted by South Carolina, we must take care
that the control of these funds shall not
pass into other hands, and that the scale Of
operations be not disproportioned to the
means of effecting them. And it is graft.
fylng to perceive that so much can be done
by North Carolina, Tennessee and South
Carolina alone, even if it should be found
necessary to act without the concurrence or
co.operation of Ohio or Kentucky.
A scheme has been suggested, as you
are doubtless aware, Of comforting upon this
Rail Road Company the privilege Of Bank
ing. have given to this project the most
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