Semi-weekly Camden journal. [volume] (Camden, South-Carolina) 1851-1852, 1851-02-07

cond report, 1T 81, I00, COG. 10 meet the first
instalHput OF purchase, 3700,0DO was borrow.
ed of the Banks, in anticipation of the sale of
Bonds. One million was negotiated at par,
s543,175 81 applied in England for Rail Iron,
and scmi.annual interest, 1882, placed to
credit of Company, and s4sa,775 81 remitted
in bullion, on which the S. ". Z r. Bank took
its druarturc. 70 meet the obligations Of the
year. and until the proceeds OF the second mil.
lion could be realized, new Bank loan had to
he contracted. Through some p.isapprehen.
sion with our thinkers in London, Disagree
ment arcse which bad 70 be adjusted after
came imtu Office, through the mediation of
Barring, Brothers " Go. Tie result was t! at
this noety of the Bonds was accounted for So
as 10 net bit ;s327, ,lSy 40, involving a loss of
Sl72,5I0, and Il deficiency to that amount OF
anticipated means to meet pressing obligations.
In these ex;fe:LitIcs there WAS 10 appeal to the
Stockholders. On the contrary, to relieve them
from call for instalmcnts, there was another
resort to debt, without any provision for credits
to redeem In the midst Of these trials, your
then President did not falter, but it pleased q
Providence to remove him from US. The high.
~ respected President, pro tenn, to meet these
emergencies, was forced to suspend in part the
progress Oh Tie Columbia Road, and tn appeal
for assistance to the Legislature. 1t WAS ac
corded in an advance OIL the State subscription
to the extelt of 100000 dollars. The City OF
Charleston had made similar advance 10 the
amount of 10000 dollars. This $4,000 dol
lars thus constituted an additional debt, iavov.
ing charge for interest, until the amount could
be absorbed in payments, of postponed iast1N-
menis. This brief history brings you to the
period when took Charge of I'll. affairs Of the
Company. Ey reference to the eth annual re-
port. and first Of ny administration. which |
have had re.publishcd, being out OF print, You
will read the state and condition Of affairs to
that date - and the policy, from accrsshy and
not selection, which had been imposed, to COM
plete the Columbia Branch, and redeem the
Company's pledges 10 contractors and the
public.
Con!d have BEEN Influenced BY tue coun=rls
Of the prudent | would have abandoned the
Columbia Road, which they pronounced as
bankrupt, and as al incubus on the more ia
vored enterprise to Ha nburg. My determine
ton was, however, at every hazard, to press
forward with tie former, and cherish tie Latter,
as not separable, but as parts ol great Sys.
tenn which was destined to checker the S.ats
with iron highways. and to bring ns lii more
intimate relations with the far West As to
the most practical and cheapest route to nc
co:nplsh the latter, it was my misfortune to
differ with friends. and we have lwe'i t" STE It's
consummation BY the one then favored, aud
indicated by me.
At the commencement Of my Stewardship,
the affairs of the Company We're reported thus:
For payments Oil Hamburg puT.
chase. .S2,s'7 ,33i ~
For debt to State incurred to
that date, Bis; Sept, ls4O. 1925 SO
s3,Ol5,7jS 40
in the operation, the Company had in.
Cured debt:
To Bonds negotiated and guar
an,ecd BY State. $4,000, 600 W
10 balance of SJO0.00O ad-
vanced b. State, on subsp'm. 41i,o17 81
TO do. to city OF Charleston, do, 81 53
Loans trom Banks. POI S02 ~
State, ON ucr', Hamburg road... 1928 80
Scrip iii circulation. ..290,375 23
S3,l44.23l IL
TO amount paid for construc.
iion, Interest," and olher oh
LEGATIONS, 10 date. -. 2,2s5,442 Is
Total paid Sj.l62,976 65
By Il statement ol the EnSi.
n-er, the estimated cost Of
the Columbia Road, WAS
nut down at Sl.Sl6.724 90
There has been paid on it l,0ll,s5S W
Leaving to be provided for ..... $5O5,642 w
There was uu error huwp,-
er between the estimate
and cost 10 be added ......."... 1851 2i
Making To be provided for 49,. Ss5O,742 II
TO meet these oh igat"ns, the nslaImenls
on stock, and which could he called AT inter
walls only OF GU days, had to he anticipated by
the ISSUE of script, drawing interest aud small
change bills, receivable in dues to the Compa.
ny. We were here mel by another cmbarrass.
ment. The stockholders beyond the State,
were permitted To withdraw from the CO part.
nershp, and the stock within the State was re.