The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1850-02-26

tion of its affairs could be expected in a few
years to pay for seven millions of dollars worth
of property with on.y three millions of dollars
to commence upon. This would be unprece-
dented, no skill could hope for it.
There is about 80, 600 shares, or less than
100000 of dollars paid, and near that whole
amount was paid for the Hamburg road. The
late President of the Company estimates the
property at about $7,000,000, and the debts at
over S3,0OO,O00. Taking this estimate as cor
rect, nothing has been lost; there is an annual
nett income of over 100000, or upwards of l3
per cent. on the amount of stock held.
In the discussion on the report alluded to
above, and in the report itself, it seemed to me
rs if no one was over desirous to call in the
S25, if there was any other way to relieve the
Company from their cnlbalrassments, and thus
enable its business To 90 on successfully.
Nv particular attention being directed to the
whole subject, as citizen of the State of South
Carolina, and as one sincerely desiring the good
of all the parties co &C rricd, beg leave to SUBJ
init, with the utmost Difference, to the Directors
and Stockholders the following suggestions,
which strike my mind as worthy Of considera.
ton, and if carried out cannot fail to place this
cherished enterprize, this great Carolina under
taking, on a solid basis.
Let the Stock of nearly 100000 now in the
s. w. rail road bank be transferred to!the road.
Wind up the Bank itself, for it is useless ap-
pendage to the road, and quite unnecessary to
the trading community of Charleston. And
then the "a, 900 shares held now in the road
and bank, which cost 500, will be bona-fide
rail road stock, and the 1000 shares at SIS,
iis.t be raised to 500 each is the parties see
proper; if they remained at SIS make the div
idend in proportion. This plan, or something
like it, would make the stock desirable. Those
unable or unwilling to pay up the balancesof
S25, could sell out at or above par, and the in.
vestmcnt being then good one, purchasers
would soon make it full.
This arrangement would effect to do away
with the mongrel rail road and rail road Bank
Stock-all the Stock would be rail road Stock,
and all the Stockholders have one interest, and
no more payments be required.
All the money subscribed for rail road should
bc applied to rail road purposes.
Place the road on this fair, firm footing and it
must become the very best stock in the country,
with an annual grossi ncome of about 100000,
which will increase every year, all the debts can
he paid off in good time and six per cent divi.
dends made upon the capital stock. Great com.
plaiut has been made about the msnanagement
Of the road, which if admitted, must weigh
strongly in favor of my plan, for with all that,
the road has paid better per centage than the
bank. -
apprehend the debtors to the Bank might
object to the call on them for payment, but they
have to- pay finally, and it is much better that
they should pay up, who have value received,
than that the stockholders should pay more, who
have paid SO much already. No distress can
come from this course, only among the debtors
to the bank, and if they can't pay now, they new
er can pay. OF course, they should have as
much time as the indispensable necessities ofthe
road will admit
Great clamor has been made about the union
ofbank and State, as wrong in principle and
false in policy, urging an instant separation,
while there is at least as much, if not more rea-
son for the separation of road and bank in our
case. There is no necessity for bank to do
the bankingbusness of the road, any other bank
in Charleston could attend to it as well, even
the much abused bank of the State, could be
made our fiscal agent with MS much propriety,
as we, the people, are the real owners of both.
1t looks like strange Inconsistency in an in.
corporation, taking the road and bank as one
lending out money and realizing thereon four
per cent per annum, and borrowing money at
the same time at six per cent per annum. The
history of our rail road reads curiousl sly-char.
tered to run from Charleston to Cincinnati,
Ohio, commenced business with two banks, and
bought athird bank in Georgia. Bought anoth-
er rail road charter and property at about as
much as the whole amount of stock subscribed
"A small capitol with large credit, and most
magnificent undertakings, really, the wonder is,
when all things are considered, that we find its
condition as good as tits.
The South Carolina rail road cnterprize is a
glorious one for our State, and every man in the
State should feel proud of it. The Stockhold-
ers are not the only men interested, but the pub
lie, the character Of the State, the spirit of the
age is concerned, and great sacrifices and incon-
veniences would be submitted to rather than see
it fall but our aim is to prevent its failure, and
preserve ourselves at the same time.
have no other motive in urging the extin.
punishment of the bank, and the addition of its
means to the road, than what consider the
good of all-nor do urge it farther. than to
full, deliberate consideration if found as think