Semi-weekly Camden journal. [volume] (Camden, South-Carolina) 1851-1852, 1851-02-07
TO THE STOCKHOLDERS or THE S. G.
RATI, ROAD.

tween us were dissolved. This event, in re-
lieyuc me from heavy responsibilities, was
not unaccepta, l., 1t would have been a mani
festa,ion of insehsibility, however, on'fny part,
not to have felt the manner in which long
cherished and muigq.1ogfJence was SO unex-
pectedly impaired. snaancing years were Ga
iy admonishing ME Of the, approach ofa period,
when your interests womb require that Oh an
other (retainiug more of the activity of life than
had been left to me) should he devclved the re-
sponsibilitles of President of your Company.
Personal friends were made acquainted with my
iuclinations, but as had been instrumental in
involvingthe Road in somewhat expensive plans
of improvement, matnred, and then in prey: ess
of execution, and which had become necess:.
ry. to to enable it to fulfill the just ex-
pectations ofStockholders and lis pledges 10 the
public, felt reluctance lin which friends Coz.
curred) to transfer a charge to successor,
lurthened with any Of those embarrassments
which those works might entail. They with
my advocacy of the construction OF the Cam.
den Branch had been made ont Of door sub
iects If grave complaint. was the stronger
Impressed with the obligation imposed, as you
had, through two investigations by committees,
sustained the administration with Which had
been associated; and had, further, a. the meet
ing in ls49, reproved the first essay OF an op-
position to get possession Of your interests AS
the second effort, however, WAS more success
ful, self respect would seem to require OF me (at
this, the only appropriate opportunity since at.
forded) report, such lin part only as had
contemplated in the event of the anticipated
separation. which would have been more in hlr
mouy with the feelings of both. lin this per.
formance, have found brief preiac, OF the
pecuniary disbursements of 1850, as compared
with those of the year lS49 necessary, 1t has
been with no intention to pass sentence on the
former, but to rescue the latter from the prec.
pitsse Judgment, which through coafirnce in
Representatives, many of you, and perhaps ig-
no-antly, permitted to be cast on the latter.--
I had no opportunity ofexplanation had it been
necessary, but was arraigned in a seri Of reso
lu,ions, and sentenced By packed jury ina
box PREDETERMINED proxies. The Judgment
did not come from you, and therefore feel the
afeater obligation of thus communicating with
you, as EEad been accustomed, under different
relations.
The year ls49 was, to the late adlniniitTa-
ton, among the most embarrassing. very
large suspended obligation to the State had to
be adjusted, and under Legislative enactments
which involve cash paymet for two years ana
three months of back interest on the li:ger poT'
ton. and interest on the Who'll. sum for tie
year. One noipty of this debt, amounting t.
3l7s,223 60 with interest from lst Jan. lois,
we had hsped was intended asa ibute from
the State, to that noble pioneer enterprise Wien
completed. That we were not alone IN t'Ils
opinion, is evident by the appeal made by a
liberal minded Executive of our StLte to the
Legislative Branch.
The application failing, en'ai'ed an enh'"red
funl debt on the Company, orthe smaller SUN
which appeared in the general statement OF ac-
counts. In addition, provision had to be made
for obligations incurred for relaying, with a
heavier rail, the Hamburg Road, and to meet
the exigencies Of service in largely increased
motive and Car Power. With no other resource
but the revenue and credit and an unwilling.
ness, Though my Judgment approved,) to call
for the additinnal 25 dollars due on each share
without your concurrence, it WAS not extTaordl.
nary however UNEXPECTEDLY that the Indebted
ness Of the Company, for these endaias m,n.
uments, was seemingly increased to S374,29o
SO. At least 100000 Of this accrued in the
adjustment of the debt to the State, leaving
Si74,295 SO, us the actual increased OF III.
debteduess from the expenditures for the year.
The credit of the Company did not i;lter
under the operation (exccptng those VII" had
an interest in dishonoring it,) On the contrary
at no period OF its trials and troubles WAS there
a greater manifestation ofcon6dence in its abili-
ty to meet obligations. The works undertaken
could all have been accomplished ,rah thr credit
of the Company. If the policy was condemned
on your part, was uniformed. The aid which
YOU afterwards accorded would have been much
more acceptable to me as diminishing respon.
sibilities. 1t would have afforded me the 6ene-
f, of full Trersm q, which at no period OF my
operations, had | the opportunity Of proitl"g
f'on.
BY reference to the general statement OF dis
bursements for the year lS40 aud 1850, it ap.
rsthat in lS49, the gross revenue from the
business of the road, and sales OF property was
SS99. 1872 IS. That with these means, after
paying dividends for the year-expcnses nfman-
aging the road, int. on foreign and domestic debt
(ihcluding years and 3 months back interest
to the Stats,) with damages and other incidental
charges. There was expended on rail iron,
4 Il al, &c