The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-01-28
A NIonstrous Bill.

The characteristic generosity OF the State
Legislature frequently leads that body to
grant valuable and exclusive privileges to
spectators who procure acts OF incorpora-
ton with the sole object Of selling them
tc the highest bidder. But it is hardly pos
sble that bill 30 radically wrong, In prln-
ciple and in detail, as ''the bill to charter
"the Great Northern and Southern Railway
COMPANY" will be allowed to become
law. The objections to the bill are OF the
gravest and most fundamental character.
There is no need to descend to particulars
to find arguments against it. The bill is, In
Its essence, a monstrous usurpation; an at-
tempt, by body OF unknown individuals,
to obtain powers which will enable them, In
the execution OF their plans, to defy the
Legislature and injure and oppress the peo-
ple These words may seem too strong to
those who have not studied the bill. A
glance at its main provisions will prove con-
clusively that there is ample reason for what
we soy.
The bill to charter the Great Northern and
Southern Railway Company names no incor-
porators. Power is given to tie company
"to establish railway communication" be-
tween Port Royal and the Ohio River. EoeTy
prt0ilege possessed By any other corpora
tioY, in the State is granted 10 the company.
It may take and use what land 1t requires
for; the road, and for buildings and other
structures necessary to its completion. No
other railroad shall run laterally within
fifteen miles OF it. The company is given
the exclusive right Of transporting pasSen-
gers and merchandise It is exempt from
taxation, until twenty years after the COM
pletion OF the road. The charter cannot be
amended by the Legislature, unless the
directors Of the company unanimously Pc
tition for amendments; and, even then, the
amendments shall not be binding, unless
they are unanimously adopted and accepted
by the company. Here. is already an ap-
palling array OF rights and privileges, and
in addition to these the bill declares that
"the company shall possess such additional
'spouers as may be Convenient for the due
Sand successful execution OF the powers
stgranted in this charter, and for the sue
s.cessful construction and management OF
ssthe work. Under this clause In con-
nection with the clauses which precede
it, the company could carry on any descrip-
ton OF business. Their capital is nominally
81, 500, 900, but this may be increased to
ga sum sufficient" to complete and stock
the line. With such charter and money at
their back, the company could soon make
themselves the masters Of the State.
And to whom are these stupendous prlvi-
leges given? The public do not knowI No
names are mentioned. There Is not 90
much as an indication in the bill OF de-
cent willingness, on the part OF the COM
pany, to spend any considerable sum before
the charter goes into effect. When fifty
thousand shares OF twenty-five dollars are
subscribed, and one dollar share is paid
up, the Incorporation is complete. And
even this sum Of fifty thousand dollars need
not be in money. 1t may be paid in notes
to run sixty days, "or' longer" at the option
OF the commissioners. And, lest the raising
of fifty thousand dollars, in notes, should be
too onerous, 1t is provided that when fifteen
thousand shares are subscribed, the sub
scribers may meet and elect directors, who
may sell the stock remaining untaken at
such prices as they may dec,de upon. 1t is
not too much to say that paper subscrip-
tion OF twenty or twenty-five thousand dol
lars will bring the charter into active life.
There is another extraordinary provision in
the bill. The subscription books may be kept
open for ten years, when, il the subscriptions
necessary to the Incorporation be not OBJ
tained the act and the subscriptions shall
be void. Not satisfied with demanding