Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1880-05-27


for the remaining 10 per cent.
1t will be seen at once that large con-.
cessions are expected of the holders of the
Non Mortgage bonds, and the floating debt
The conclusion was that better terms could
not be offered them without endaugering
tho success of tho whole scheme. Two
considerations are suggested to them: Can
they obtain moro by refusing to join in tho
agreement, and will not tho losses bc coun-
terbalanced, in tho case Of local holders, by
gains elsewhercS
Tho selling value Of tho South Carolina
Railroad must decrease rather than in
crease while it romans tho subject of liti.
CATION. This is the result Of the loss of
business or failure to augment business and
of the frightful expense of such proceed
ing as are now 10 progress. Any one who
looks at the array of council in the United
States Court House. and who knows tho
liberality of council 10 fixing fees for coch
other must look with dismay upon tho con-
tinuance of litigation. Assuming that the
road, by reason of refusal to accept the
plan of reorganization, shall remniD in
Court for two or three years moro, it will
bring but comparatively small sum over
and above the First Mortgage debt. They
wbo have failed to sign the agreement for
reorganization will get nothing but their
distributivo share Of tho proceeds of the
sale. The non.sguing, Non NJ ortgage
bondholders and stockholders will lose ev-
cry penny: The non signing Second Mort.
gage boDdholdcrs will get their proportion
OF the net amount reulized, while those who
have signed the agreement will tako on
equal share Of the proceeds and be, by
purchase, tho owners Of tho road. It is
clear, likewise, that every one who has ony
permanent interest in Charleston will be
largely benefited by the life und activity,
the expansion OF trade and increase Of
population, that must follow tho reorgani-
zation of the South Carolina Railroad with
high credit and ample means. This Bono
lit will moro than mako up the loas involved
IN the agreement for reorganization. On
the other hand, any failure to join in the
agreement will cut tho local property holder
and merchant both ways. 1t will diminish
or destroy the value of his bonds or stock,
and, by the dangerous delay in extricating
the South Carolina Railroad from its cm
bnrrassmcnts, it will lessen the value of
every stick and stone in Charleston.
The Charleston public will watch with
the deepest interest the progress of the
| plan of reorganization. They SEQ in it
their ono bright hopo of making Charl, ston
in TINS generation, great, popuIous City
hey see in the means of repairing every
loss they have sustained, and of confirming
an! and deepening every element of prosperity.
They sec in it, too, an opportunity to prove
the satisfaction with which Charleston be-
holds the prospective influx of Northern
capital, and they will have no other wish
than that the investment shall be profitable
beyond every present expectation. For
| Charleston much depends on tho success of
| the plan of reorganization, aud every day
that is lost is on injury to the City. When
the South Carolina Railroad shall be onco
more under the direction of wealthy and
liberal owners, when the laden cars shall
run to tho water side; when ali the Charles.
ton steamships shall be famous for their
speed and their accommodations; when ci
ant elevators shall be filled with golden
grain, and the mountains, which have bar
red out Charleston from tho West, shall bo
traverscd easily and speedily by trains
taking out immigrants and West Indian
products and bringing back breadstuffs and
Professionalism tho problem of century
will te solved and Charestons grand fu
turo will be assured beyond pcradvcnturc!
All this and more Charleston can count on,
if the New York capitalists who arc inter
cstcd IN the South Carolina Railroad be not
baked or thwartcd. Upon this hangs the
future OF Charleston! This is the cnnyic-
ton, we arc confident, of the whole BODY of
the thinking, working and property holding
people of the city. Q