The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-15


the purpose that those privileges should be
exercised for the public advantage. A COM
mon carrier was given the right to take pri-
vate property, to cross roads and navigable
streams, In consideration of the benefits
which 1t should confer upon the public. A
great railroad properly managed was public
good. Take such road from our own people
and place 1t In the power OF rival corporation,
and instead Of a blessing 1t would be an instru.
ment of oppression. The Georgia Central Road
offers, 1t is said, to lease our road. What is
the offer The South Carolina Road, with the
exercise of the greatest economy, ls barely
able 10 maintain Its line and equipment and
pay the interest on It's debt. 1t pays no divi-
dends; yet the Central Road offers, it is said,
five or elk per cent. Where is 1t to come
from 1t can only be obtained, if obtained at
all, by taxing the people along the line OF
road. The proposition Is to increase the rate
of travel aud transportation all over the South
Carolina Road. If the required revenue
could be derived from uniform rates upon
both roads (the Central and South Carolina)
what necessity Is there OF leasing 1t was
only needed that the two roads enter into an
agreement not to reduce their charges below
fair and remunerative rates.
He was glad to hear what the preceding
speaker had said of the New York capitalist
(Mr. Moses Taylor.) he knew him by reputa-
tion, and If he were present no such state
ments as those made yesterday would have
been allowed to 60 forth. Nor would Mr.. Tsy-
lor hear with atty satisfaction that sentiments
so ungenerous had been attributed to him.
| l[Applause.]
Recurring to the leasing of the road, Mr..
| Trenholm said 1t was the old story OF Ahab's
| vineyard Like Ahab we should answer, ''1t
is nv inheritance. cannot sell It," They
had an example '1 the Greenvlle Road, where
Ring of stockholders had bought control
ling interest, and having majority of the
stock he'd called convention, and, in con-
tempt Of the minority, had decided to lease
the road. Such combination would not be
upheld in this road. 1t would be inconsistent
with the rights and obligations OF the
corporators law and equity, and
with that sentiment OF justice and
honor which should underlie all great and
public transactions. Th, Mr.. Taylor, al
ready mentioned. would scorn to buy up and
govern road In this manner. Let him come
to Charleston, and, being stockholder, let
him examine the reports aud workings of the
road. He (Mr. TrenhoIm) would welcome
him as member of the board. His interests
in New York should be opposed to the combi-
nation now attempted to be made. A body of
Northern capitalists (the Pennsylvania Com
pany) were obtaining the control of line Of
railroads running parallel with the Atlantic
coast, which should carry the products of the
South 10 Norfolk, Baltimore, Philadelphia,
and even Boston, without touching South
Atlantic port. New York was interested In
keeping open these South Atlantic ports. Sa-
vannah was threatened as we'll as Charleston.
No combination Of hers could defeat the great
monopoly. But If The Georgia and South CAR
ollna roads would combine, they could, with
the advantage of long sea line, defeat and
break up the Northern Ring. loud applause
As regards the proposed lease, be would ask
what was the guarantee OF the Georgia Central
Railroad good for? That company hao capi-
tai of S., ,00O, 900. 1t had q bond debt Of $780,
600. 1t had leased the Macon aud Western
Road, with capital of $2,oOo,O0o, guarantee
Ing dividend equal to Its own. It had rent
ed The Augusta and Savannah Road, with q
capital OF ss50,0O0, at $4,000 year. 1t had
leased the Southw estern and the Muscogee
Railroads, of 257 miles, with capital and debt
of 81, ,639, ,0O0 at eight per cent. per annum.
It owns in the Southwestern Road stock
to the amount of s42s.oOO, and in the
Muscogee Road to The amount of $4,000.
The bonds of the Western Railroad, amounting
to 81, 200, 900, were guaranteed by the Central
and Georgia Roads, one-half of the liability
falling on the Central. This made total debt
Of sl4, $4,000, to which 1t was proposed to add
the capital and debt of the South Carolina
Railroad of $40, ,00o, 900, making grand total
of $24, ,328, 900. He (Mr. Trenholm) would not
accept the guarantee of such road. The
Central Road was pursuing daring and dau-
gerous course, and he believed 1t would end
In failure and ruin. The proper course for us
was to invite them to unite In a combination
which would secure prosperity and safety to
both.
The Hon. J. P. Boyce here rose and said he
could give few facts which would throw
light upon the value of these guarantees.
About year ago the Central Railroad leased
the Macon and Western Railroad, the stock of
which, a few days after the completion of the
lease, he (Mr. Boycel had sold for ITO and
liz. Yesterday the same stock was offered
to him at 10l.
Mr. John H. James, of Atlanta, rose and
said: The people of Charleston have miscon-
strued what said. came here In the inter-
est of no railroad. Atlanta is not opposed 10
Charleston. She gives the Charleston route
more business than she gives Savannah or
Macon. But railroads ought to pay. They
ought to pay dividends. don't know Mr.
Moses Tsylor-never saw him. repeated
what was told me. bought stock in the
South Carolina Railroad because 1t can be
made to pay. saw there was fight up, and
James could make something out of 1t. You
said you were going to defend yourselves
against the Ring By buying up the stock
warned you yesterday you would be bought
out. Did you do 1t. Why, this morning how
much stock was offered along the streets
was offered four hundred shares. Now, If