The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-09-09
ES TON.
THURSDAY MORNING, SEPT. 9. 1859.
r..s..eou and tho Sale OF the Cheraw
and Darlington Railroad stock.

connected with the recent sale Of the stock
of the Cheraw and Darlington Railroad
Company, held by the Cheraw and Salisbury
Railroad Company. The writer, moreover,
criticises with severity the commercial pol
ICY Of this city, and argues that if Charles
ton suffers any loss by the sale Of the stock
in question, she herself is alone to blame.
We print the material portions Of the arti-
Gle Of the Democrat, believing that we can
convince our contemporary that neither its
premises nor its conclusions are correct,
eand that. Charleston does not deserve all
the harsh things that it is the pleasure Of
our contemporary to say Of her.
In order that we may arrive at clear
understanding Of the question, it must be
stated that the Cheraw and Darlington Rail-
road was originsily built by. persons along
the line, with the aid Of q subscription of
one hundred thousand dollars from the City
Of Charleston. 1t was intended to be an
extension of the Northeastern Railroad,
snd to give to this market the control Of
the trade Of the country through which the
road passes. And while the road has an
swered this purpose, and has given the
proper facilities for the transportation OF
freight and passengers, it has not been man
aged in such way as to discriminate
against other markets, or to compel produce
to come to Charleston. The management
Of the road kept pace with the changing
conditions Of trade, and for some time past
tho Cheraw msrohsnt hss had the option Of
dealing with Charleston OK with Whining
ton at precisely the same rates Of freight.
In pursu moe Of the. -originsi design, the
stockholders Of the Northeastern Railroad
to which the City Of Charleston had sub
scribed $4OO. .O0O.} and the stockholders Of
che Cheraw end Darlinston Railroad, sub
sequently determined to extend the Cheraw
snd Darlington Railroad to the Coalfelds In
North Csrolins. For this purpose large
number Of stockholders subscribed their
stock in the two railroads named, toward
the construction Of the Cherav aud Co,l-
fields Railroad, as it was then called. 1t
was always the intention Of those interested
in this extension to ask, ct the proper time,
the City OF Charleston. in common With the
other stockholders in the two roads, to
merge her stocks into that Of the sCheraw
aud Coal6elds Railroad. The consolidation
Of the three lines into one company was
also contemplated. During the war moth
ing could be done, and at its close it was
thought best to make Salisbury, instead Of
the Coalfelds, the terminal point Of the
Chsraw and Coalfelds Railroad. the name
Of the changed line being thescaeraw and
Salisbury Railroad. This brief review eI-
hibits the interest which the City Of Charles
ton has, directly and indirectly, in the
cheraw and Salisbury Railroad. How,
then, can our contemporary say, with fair
ness or With truth, that Charleston "has
"not put her hand to her purse to contrib
suite Of her means, nor her shoulder to the
"wheel to push the work along since the
"wsrY" By whose hands and shoulders
was the work brought into existence and
actually beguuf We answer-almost en-
tirely by the citizens Of Charleston, the
stockholders Of the Northeastern and Chez
raw aud D arlington Railroads, and the State
of South Caroline. We venture to assert
that fue hundred dollars has not been paid
sp, and We doubt whether it has been SUD
sxibsS, BY persons ia North Carolina. Bat
much is expected from the Old North Slate,
aud We have every confidence that her peo
pie will push the road along.
The facts in regard to the sale of the
stock Of the Cheraw and Darlington Rail-
road held by the Cheraw and Salisbury
Railroad are these: At meeting Of the
directors Of the Cheraw and Salisbury
Railroad, held in Chersw on the 11th ul.,
the president Mr.. townsend, stated that
he could sell the stock held by the company
to eefl1in persons ct specified price, that
the price offered was the full value Of the
STOCK, that he had labored to procure the
offer, and that its acceptance or refusal
must be determined then and there. He
urged that the offer be accepted on the
ground that the progress Of the road de-
pended upon the conversion Of its assets
into money. Then, for the first sins, were
the directors from Charleston, who were
present, informed that the sale Of the sto Ok
was even contemplated. Not Que word on
the subject had been said to them previous
90 the meeting, and here was o resolution
sprung upon them-.he minority-orderios
the president to effect the eale, and so word
ed as to leave him no discretion and no
alternative but to accept the offer made him
as soon as be could reach the nearest tele-
graph station. The directors from Charles
ton protested against this haste as uuueo-
esssry and uuoslled for. Tney asked for q
little time for consideration, and suggested
various expedtents for raising the few thou
sand dollars then required by the company;
for it should be understood that act We
operations hsd not began, and ,hslargsr sum
-,~r;.aJ nhou I;A