The Camden weekly journal. [volume] (Camden, South-Carolina) 1853-1861, 1853-12-06

Balance, beng assets, the prop
crty of the State. 50, ,S33,342 II
South Carolina Railroad and
bank stock. ............... 64l,ooo 90
Grcenve r. r. Company %. 34s000 90
Wilmington and Manchester Rail
road Company ............. 2U0ooo,oOo
Charlotte and Columbia Railroad
Company. y................. O9,2uu, w
Kings mountain Rail Road Com
pany ............. $4,000, 90
Laurcns Railroad Company.... $4,000, 90
s5,l75,542 27
In addition to the funded debt due by the
State, there is due to the bank the sum of
Sl77,69l G2 for cash paid to the South Caro-
lima Railroad Company, when $50 per share
on the stock of that Company was called in.
As the whole par value of the stock is set
down among the assets of the State, it is ne
ccssa,y to notice this debt in an estimateof her
| finances.
The item of S5l 900 advanced to contrac
tors for supplying arms under contracts made
J by the late Board of Ordnance, previous to its
abolishment at the late session, was paid by
the bank upon the representation Of the facts
Of the case from this department.
The late Board of Ordnance was empower
ed, under the act providing for the military
defence of the State, passed in 1851, to make
contracts for arms and munitions Of war to the
! extent of 100000 The board, during its
existence made contracts to the full eXtcut of
the appropriation and all moneys due con-
tract ors were drawn by orders from the Exc
cutye upon the Treasury. In entering upon
the discharge of the duties of my office, found
the balance of s5l 900 still due, and all the
contracts fulfilled according to stipulations..-
accordingly gave draft upon the Treasu
rer for portion of the amount still due but
that officer did not regard himself authorised
by law to pay the draft, as no especial author.
.ty had been given to the Executive to draw
! funds for this purpose after the Ordnance
Board had been abolished. Under these cir
cumStanccs, presented the matter to the con-
sidera,on of the President of the Bank, and
advised the payment Of these sums by the
Bank, in order to avoid the injury which would
inevitably result to portion of the contractors
with the State, and great embarrassments to
all of them. The President, with his accus.
toned libcrality of views, at once acceded to
my wishes, and by his timely relief prevented
much distress, ifnut. positive ruin, to deserving
individuals, who lad been Iostcred into cxis
teuce by the State as manufacturers of arms.
| trust that the course which has been pursued
Will meet with the approval Of the Legislature.
BY the act of incorporation of the Blue
Ridge Railroad Company, passed by the last
General Assembly, the guarantee of the State
upon the bonds ofthe Company, to the extent
of 81 $50 600 was secured upon the following
conditions: First, that s50O0O0 should be pre-
yiously subscribed to the capital stock of the
said Blue Ridge Railroad Company in South
Carolina, by responsible persons, companies or
corporations. Secondly, that such subscIip-
tions should he made, or aid furnished to the
Railroad Companies in North Carolina and
Tennessee, dcs sned to connect with that por.
tion of the Road lying in this State, as would
give reasonable assurance Of the construction
of the said N. Carolina and Tennesse Roads.
! These conditions have been complied WITH
| The City of Charleston has subscribed $780,
900 to that porsion of the Road lying within
the State; and Messrs. Arson, Bangs and Co.
have contracted for the construction Of the en-
tire Road, from Anderson in this State, to
Knoxville, in Tennessee, which renders the con.
nection not only reasonably assured, but as GER
tain as any enterprise Of such an extent can be.
By the terms Of this agreement the contractors
are to receive in payment ne.half in cash, and
the other half in capital stock and mortgaged
bonds of the Company. BY this mode of pay
ment, the ultimate estimated cost of the Road
is brought much more nearly within the scope
of the resources Of the Company than is usual
in enterprises of such magnitude. At rates
agreed upon with contractors, the entire cost
of the road, from Anderson to Knoxville in
Tennessee, together with necessary appurtc
| nances, including interest accruing upon the
bonds of the Company until the completion of
the Road, will amount to the sum of 81 800.
600. To meet this outlay, the Company esti-
mate their resources as follows, viz
Subscription by the city of Charles
ton to the Blue Ridge Railroad
in South Carolina. ........... $1,000
Subscription by the same to the
Blue Ridge Railroad in Geo.. $4,000
Subscription of Knoxville and
Charleston Railroad Company. 100000
Other subscriptions, estimated at. l5l 600
State endorsement OF bonds OF the
Company. ..................... 1,25O,ooO
Estimated amount of stock and
bonds to be issued to Messrs
% $3.50 90. o ......... 375o,oOO
s6,7OO,ooo
1t will thus be seen that the means Of the
companv will fall short of the estimated cost
of the work, about $S00,000.