The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-08-25
ing ssby your leave, gentlemen" to the stock
holders ofthe Coalhelds Company.

ing sby your leave, gentlemen" to the stock
holders Of the Coalfelds Company.
This Chatham Road (from.R Raleigh to Colum-
bia) is to be constructed on the North Carolina
narrow guage, so that there shall be- no possi-
bility Of having the road ''tapped" at Camden,
Cheraw, or other points by connecting roads.
This charter, now before the Legislature
here, gives the Chatham Company three years
to commence, and fifteen years to complste
the road.
And who are The corporators, and what
showing do they make as to the means with
which they propose to build this road? can
not answer the first question, as do not
know who owns the Raleigh and CASTOR Rail
road; but as to the second, I have few facts
which will lay before your readers. The
said Chatham Company Controlled and man
aged, you must bear in mind, entirely by the
President and Directors of the CASTOR Rosd)
procured from the late North Carolina uncor-
stltutonal Convention grant OF sl,HOO,oOO IN
bonds ofthe State, to be exchanged for the bonds
Of the road They, moreover, procured from the
present Legislature of North Carolina grant
of 50 900 900 additional in such bonds, the Cha
than Company having the privilege of taking
up their bonds at any time, and paying for the
same in any securities Of the States or in any
of its certificates of indebtedness. This latter
clause is deemed to have been an extra shrewd
operation on the part of tie willy CASTOR Bail
road President, though with the lights before
me, fail to see it. These bonds, whether
100000 or sS,2OO,O0O (sometimes the one
amount is stated, and sometimes the other, by
the representatives OF the Chatham Company
here in Columbia al-these bonds, say, have
no market value, il I am correctly informed.
So corrupt is this present North Carolina Le-
gislature, that they have voted stupendous
sums of money to railroads all over the State,
with recklessness entirely unparalleled out
side the halls Of Congress-. The consequence
will be, that the grantees will experience some
difficulty in making these sums 'in buck
ram" available for dirt-digging and tack-lay-
ing purposes.
This, doubtless, is the reason why the char
ter asks for three years to commence and ff-
teen years to complete the road. This, not
'withstandipg the repeatedly iterated boast that
they shave got the money ready to build the
road" &c. Having found no difficulty what
ever to rush their schemes through the cor
rupt Legislature OF North Carolina, they have
been emboldened, and expect to play similar
game here. I am glad to be able to say that
up to the present time they have not met with
that measure Of success which they had ex-
expected so confidently. The Committee on
Railroads, in the House, having heard that
there were objections to the bill, and that char
ters were to be asked for. covering the same
ground, by citizens of our own State, very
properly hesitated, and postponed action for
four or Eve days, and reported favorably only
then, not because they we're satisfied with the
bill before them, but because the opposition
was dilatory, and the parties interested in The
Chatham scheme were bringing considerable
outside pressure to bear upon them.
Under this latter category must be classed
several articles in the Ph@ni1, but still more
public meeting held in Carolina Hall, in Co
lumbia, on Thursday night last, at which, am
sure you will be surprised to learn, one Of the
Oldest and most influential Of your Charleston
merchants figured most prominently. Ispeak
of Mr.. Henry Gourdin, q gentleman for whom
I have always entertained the highest regard,
but Who I am afraid, on this occasion allowed
himself to be FUSED" by designing men for their
own selfish purposes.
The only opposition, latent though, it had
been up to that time, was known to be from
Charleston and Wilmington. Wilmington, for
what reason am unable to say, seems to be
asleep to her interests, and as Tar as know,
has not moved a peg in an effort at seR-preser-
yation. It was therefore unnecessary 10 do
ANYTHING to kill her of. But here was fine
opportunity to head off dangerous influence,
and q great point in the game was gained when
an old Charleston merchant, who is also di-
rector Of the South Carolina Railroad, an
nounced publicly that the Chatham Railroad
extension ,colld actually 6eneT Charleston n!
And now, briefly, before concluding, would
present the admonition to the Legislature at
Columbia to make haste slowly In acting upon
charters, grants, &C., asked for by interested
individuals, under the guise Of public enter
prises, but especially to railroads. Let them
defer action on all such schemes to the regular
session. And, furthermore, the Legislature
should grant no charters or privileges to clti-
zens Of other States to lay their track on our
soil until such time as the States contiguous to
South Carolina are prepared to grant similar
privileges to citizens of this State.
LOCKER ON.