The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-14
The Consparatofs Unmaskea.

does this declaration come? No less per-
son than Mr.. John Il. James, Mayor OF At
lauta, who runs James's Bank, and has an
interest In street railroad besides some
eirhteen hundred shares OF South Carolina
Railroad stocks From him we have full
confirmation OF all that has been said in this
paper as to the plans OF the public enemy.
II the people, with the twanging declama-
ton of MIR. John 81. James ringing In their
ears, refuse to believe that the commerce
and trade OF Charleston are in imminent jeop.
ardy,, they will richly deserve the fate
which, unless they move promptly and
vigorously, is questionably in store for
this city and State.
The leader in the attack upon Charleston
is Mr.. William B. Johnston, OF Macon, who
affects, we believe, to have no desire to in
jure this people in any manner. This gen.
tleman was present at the meeting OF stock
holders of the South Carolina Railroad Com
pany, held yesterday,,in this city,. At nod
from him, Mr.. Cubbedge, OF Macon, Offer
ed a resolution requiring the Board Of Direct
ora to call q special meeting OF the stock
holders to consider any proposition that
Imiebt be made to lease the road upon the
basis OF guaranteed dividend OF i've per
cent. or more. This was instantly seconded
by Mr.. John Fl. James, the connection be-
tween the members OF the triumvirate being
80 plain that we are justified in assuming
that MIR. John II. James is the authorized
spokesman of the party.
WHAT, we may ask, were the admissions
made by Mr.. John 81. james? Far from
depyipe that the Central Railroad OF Geor-
Ola desired to lease the South Carolina Rail-
road he took as the foundation OF his argu-
ment the fact that lease OF the road, aU'M
a dioidend guara1teed By Tie Central Rast-
road, would cause the price OF the stock to
advance, and put two and half million
dollars in the pockets OF the stockholders
It is true that lie said that the lessees would
not and could not ipjure Charleston! And
wbys Because, according to Mr.. John 81.
James, the Directors Of the road could pre-
vent any discrimination against Charleston;
and because, il there. were any discrlmlna-
ton against Charleston, the Port Royal
Railroad could be completed for less than
the profit which the stockholders mighte1
pect to realize upon their stock, We might
ask Mr.. John II. James whether he would be
willing to put his profits into the Port Royal
Railroad If be found Charleston going to the
dogs? So unsophisticated and dstnterest-
ed a, person would not, OF course, refuse TO
offer up John II. James, and his street rail-
road, upon the altar Of the City OF Charles
ton. For the rest, We would say that it is
an absurdity to tell body OF Intelligent
gentlemen that any means could be devised
OF preventing the Central Railroad, as a
lessee OF the South Carolina Railroad, from
iDjuring South Carolina and Charleston.
Mr.. John q. James admits that the present
management Of the road have done all that
men could do TO extricate it from its diff
culties, and place it upon sound footing.
II the road is now in position to earn, in
the future, dividend Of five per cent, this
can be done by the present management as
well as by the proposed lessees. And, in
that case, with the certainty that interest
and sentiment will combine to urge the man.
agement to strain every nerve to increase
the business OF Charleston, and give even
greater transportation facilities to the peo-
pie OF the State. In other. words, the pres
ent management can do all that the Gen.
tral Railroad can do in the way OF making
dividends. But the Central Railroad offers
to guarantee dividend. That dividend
will either be earned or it will not. II it
can be earned, it will be made and declared
by the present board without the hazards OF
lease. The stockholders as absolute own-
ers OF the road, will get their dividend, and
see their stock advance in price. Where, in
that case, is the advantage Of lease? But
the dividend, proposed to be guaranteed,
may not be earned; in which event the Cen
trail Railroad will be paying out OF its own
| pocket a dividend to the stockholders OF
| the leased line. Would they do this because
of their unselhsh love for Charleston No!
They would do it because, by sitting COM
petition and advancing rates, they could