The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-15
THE WAR ON CHARLESTON.
ADJOURNED MEETING OF THE SOUTH
CAROLINA RAILROAD COMP4NY

ADJOOhNED MEE1INU Vr AnC wv -
CAROLINA RAILROAD COMPANY
The Question of q Lease-Specches OIL
Messrx, DeSaussure, Trenholm and
Colonel Lnthers-The Cooperation OF
Georgia and Alabama Cordially In
yited-The Remarks Of ssTruthful
James,"
Pursuant to adjournment, the stockholders
of the South Carolina Railroad, and Of the
Southwestern Railroad Bank, met at IL NJ.
yesterday, at the bank hall, in Broad street,
the Hon. d. D. Lesesne in the chair.
The minutes of Tuesdays proceedings were
read and confirmed.
The amendment proposed By Mr. Rice, at
the last annual meeting, to strike out eebrua-
nv in the second line of section l, article /,
of the bylaws, and insert April, /. e. requiring
the annual meeting of the stockholders 10 be
held on the second Tuesday in April, instead
of the second Tuesday In February. was
brought up as unfinished business.
Major David Gavin inquired whether May
might not be substituted for April, the later
mSnth being more convenient for the country
stockholders
1t being explained that this amendment
could not be acted upon at this. meeting, 1t
was Withdrawn, and Mr.. Rice's amendment
was unanimously adopted.
Mr. John Hancke moved that the usual
committees on proxies, and to manage the
elections at the next annual meeting, be ap.
pointed by the chair.
The motion was carried, aud the chairman
announced the following appointments:
Committee on Proxies-Messrs. L. G. Hen.
bricks. A. W. Burnett and G. P. Aimar.
On Elections Theo. Huchet, 7. l..
Hutchinson and W. A. Wardlaw.
There was now break In the proceedings
although every one saw that something impor-
tant was coming. Whispers Of an adjourn
ment were going around, when Mr. Louis D.
Desauesure rose and said 1t was well known
to the stockholders and people at large that
efforts were making by outside parties to con-
troll the stock and lease the road. It was,
therefore, deemed only proper to lay before
the meeting the Views Of the directors upon
the subject. The people of South Carolina mad
upheld the road for many years. 1t had been
q grlevous burden, but relief was at hand.
The road was In arstrate order, and was
doing an excellent business. 1t had become
q good property, and now that they were
about to reap the fruits Of their labors a
foreign element threatened to wrest the road
away He desired to See capital flow to South
Carolina, but it was public duty to build up
our own cities before we undertook the tack
of Gnrlching our neighbors. They must take
care of their own trade. We must take care
of ours. In view of all the facts he had pre-
pared paper, intentionally brief, which he
wished to offer to the meeting. The speaker
then read the paper as follows:
The close of the Confederate war found the
Southern railroads crippled In resources, the
roads run down and partially destroyed;
corporations and capitalists began lhe work of
buying up and leasing southern railroads, and
diverting the local trade 10 Northern cities.
In our own State the same Influences have
been at work, and most Of the railroads are
now owned by capitalists who have no interest
dn our State or local prosperity.
It has recently become apparent, from the
large number of shares which have been pur-
chased In the South Carolina Railroad by New
York and Georgia capitalists, and by the lnt-
nations which they have made, that they
intend. If possible, to absorb the South Caro-
lima Railroad, and make it tributary to other
Interests than ours. To avoid this 1t is neces-
sary that the stock of the road shall be
controlled by those having q common Interest
with us, for without such control q discrimtna-
ton In ireights can be made against us, which
would lead 10 proslration in llade and want
-ofprosperity In both State and city; therefore,
Resolved, That 1t be earnestly recommended
to the South Carolina stockholders to retain
their stock, and that when necessity compels
them to dispose of 1t, they do 30 to those who
have a common interest Ia the prosperity OF
the State; to the end that our citizens, VINO
have so long borne the burden of carrying the
stock In adversely, may, now that prosperity
is dawnlng upon us, permanently control the
business of the South Carolina Railroad and
the trade and interest Of the State on this
great highway OF her commerce.
Resolved That we are ready, cordially and
In good faith, to cooperate with the railroads
In our sister States, TO work with them In q
system which will retain The business OF the
South on our own lines of communication and
for our sespOrts.
The preamble and resolutions having been
Only seconded, Colonel Richard Lathers rose
and said:
Mr. President-I hope the resolutions will
pass; they are important In every re-
lation TO us as citizens Of all parts OF
our State-as merchants of Charleston,
whose interest and duty 1t is to conserve
the interest OF commerce, and particularly as
stockholders Of this corporation, chartered as
1t has been as great highway OF the State for
the cheap and speedy conveyance of merchan-
disc to the inferior, and the products OF the
industry of the people to The seac0ast.
1t is my opinion, which give with much
dlfidence in The presence of so many distin-
guished lawyers, that the president and direc-
tors OF this road, and even the stockholders
themselves, have no power to lease this road
to be operated by persons adverse to the inter-
est of the commerce or people of this State,
or by which The original Intention OF the func-
uons of this corporation as a great channel of
commerce can be changed or iIs influence i'm
paired as means Of transit from The port OF
Charleston to the interior of the Slate.
firmly believe that such measure could be re-
strained by an Injunction applied tor by the
attorney general OF this Commonwealth on
the part of cltizrns OF this state, whether
stockholders In this company or not, because
such lease would BIZ in derogation of the vest
ed rights Of the people OF the stale, by whose
authority and lor whose convenience the
franchise was grauted by the Legislature.
A , railway Is q mere public highway,
only differing from canal or turn
pike Ia the mode of propelng or carrying
the passengers or irpights transmitted over il;
and in cases Of corpora ors assuming to per-
kl.1 fN Sh..N Nt.Ht Ia Of r{ryof