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

LIE NdHieS case, WHICH has Deen III COuISe Oh
trial for number of days, was decided this fore
noon. The decree, which was against Mrs. Gaines
at all points, was given by Judge McCaleb of the
District Court. Judge Mckinley declined giving
the decision on account of a disagreement with the
other Judges. 1t is probable that there viii be all
appeal to the Supreme Court of the United States.
For the Camden Journal
Suggestions TO The Stockholders in the South
Carolina Rail Road-,to uhich their speciai
attention is respectfully inried.
. At the late meeting, in Charleston, of the
Stockholders in the South Carolina Rail Road
Company, report and resolutions, drawn up
apparently with great care, and remarkable
clearness and ability, were brought in by COM
man. Pending motion to lay them on the ta.
BILE, when they were thoroughly discussed and
we'll understood, one of the resolutions which
contained the point of discussion, was amended
to read as follows: -,
Resolved, That it be referred to the Direc-
tors to call upon the Stockholders for payment
of the balance of S25 due on the shares of the
Capital Stock, by hstalments, provided, how.
ever, that the instalments shall not exceed s.
each, nor be required at shorter intervals than
90 days And provided, that the same, in whole
or in part, shall be found indispensably neces.
sary. Ike report goes on to say that they
recommend the payment of the balance DUE
Without it the probable increase ofindebtedness
will be S420,0O0, with it, the aspect of our af:
fairs would be materially improved. The $2j
per share on $3.50 shares held by the Stock.
holders. would produce s97o,s5o
If out Of this fund the contemplated expenditures
be paid, ray 635000
There will be left ahnu, sa3a,OOo
To be applied to the debts sIesides which in ths
event. the proceeds of the safcs of the Iron re
moved from the Hamburg road would reduce
the debt $4,000
Making the probable reduction of debt $4,000
Other considerations commend the measure.
The right to call for instalments has depressed
our Stock. Investments will not, in general, BE-
desired when they involve n liability to farther
payment, and at uncertain times, which it may
not be convenient to meet. This apprehension
b.ing removed the Stock would become plore
saleable. The payment of nearly million Of
capital could not fail to increase confidence in
the enterprise, and to operate favorably upon
the interests of the Stockholders. Nor is there
reason to apprehend that the additional payment
would not prove good investment; Oh the con-
trary, it Is fair assumption that III, sooner and
the better the road is prepared for the business
in prospect the sooner and the more fully will
this and the outlay already made be rendered
profitable.
The interests of the Stockholders, and of the
Company areidentical. Ithe Company be dis
embarrassed the individual members will imme.
diately feel the benefit. Nor oughtthcy to think
hardly of the proposed call"
The motion to lay on the table was lost by
vote of 20 to 80, and they were then referred to
the Directors. This was close vote, and whe-
ther this large minority, among them the state
proxies, think hardly of it or not as Mr.. Ravenel
seemed to anticipate, they certainly are opposed
to the call. This money was not subscribed as
an investment or as subscriptions are usually
made to a bank or other money making con-
Germ, it was from the promptings ofpublic spir-
it, in answer to eloquent appeals to their patri-
otisn, and the duty ofevery good citizen to pro-
mote the common good. This was, as is well
known, more especially the case with those who
subscribed to mid in building the Camden Branch,
for if to invest alone had been their object they
could have went into the market and bought the
road and bank shares together for about the
same money that they paid for their shares in
the road. Many took stock imprudently, who
were really not able out of their own means to
pay for it, and were therefore compelled to Dor
row the money or sell property to pay the S75>
No chance was left them to forfeit the first pay
mcnts as in the original charter They were
told that the shares were s75, and as far as they
had to do with it, that was the fixed price, rs the
number of shares held by many persons will
clearly show. When called upon to help along
the rail road, some said they would 60 SO much.
for instance | know men who named 81, 600.
and took &c shares. Now, it is not doubtsl.
that the Directors have the legal power 10 force
the payment of $25 share, but because they
have TIE power, does that justify the proceed,
ing?
The truth Is, as asserted by Col Gadsden in
lls last report, and that is the real source of all
our trouble, which should be deeply impressed
OH every one interested, that our rail road w;,s
begun to be built, and has been struggling Oh
with inadequate means, which forced it to go in
debt to go on at all, and this debt, like other
borrowed capital, has to he attended to first,
while the owners of the road, as in any other