The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-11-10
Columbia and Augusta Railroad.
PRESIDENTS REPORT.

PRESIDENTS REPORT.
TO the Stockholders Of The augusta and
Columbia Railroad Compdny:
Since your last annual meeting,
the city Of Columbia subscribed
S33, 300 and the city of Augusta
100000 to the capital stock of your
company.
The State of South Carolina also
subscribed $4,000. TLe subscrip-
tion of the city of Augusta was paid
in March last, in bonds Of the city,
while the other two amounts were
paid by transfer of stock of the
Charlotte and South Carolina Rail
road Company. These sums, added
to the capital stock of the company
of S500OOO, makes it now about
S675,OO0 To this is to be added
from $4,000 to $4,000 of stock sub
scribed, the greater portion of which
is taken by contractors, and will be
issued when their contracts are COM
pleted.
In addition to the subscription on
the part Of the State of South Caro-
lima, and in conformity with her
liberal spirit of aid to works of in
ternal improvement, the Legislature,
by majority of more than two to
one, authorized the Treasurer of the
State to endorse the bonds of the
company to the amount of $6, 500 per
mile, thus pledging her hearty CO.
operation to the construction of the
road. While this generous aid on
behalf of the State is highly appre-
ciated by the stockholders and pub
lie, the company has been unable to
use it effectively in the construction
of its road, owing to the unfortunate
political condition of the country.
= In addition to the political and
financial troubles incident to the
country, the South Carolina Railroad
Company, claiming the exclusive
right under its charter to build all
railroads connecting Charleston,
Hamburg. Columbia and Camden, or
any two of these cities, has wantonly
caused much injury and delay to the
progress of your road.
It is admitted that it has the ex-
elusive privilege or monopoly OF con-
structing three roads, or one main
trunk and two branches from Charles
ton to each of the cities of Hamburg,
Columbia and Camden; but it is
utterly denied that it, by any charter
or authority from the State, has the
right to build o railroad from Camden
to Columbia. or from Columbia to
Hamburg. Again, it is contended by
that company, that under the Louis
vile, Cincinnati and Charleston Rail
road charter, the State of South
Carolina shall not, for thirty-six
years from January l, 1886, "author-
ize the construction Of any railroad
within twenty miles of the railroad
to be constructed by that company,
which shall connect any points or
places on their road, or which shall
run in the general direction thereof,
without the consent of said COM
pany." This Act of Incorporation
contemplated connection by rail
between Charleston and Cincinnati
and Columbia. North Carolina and
Kentucky are designated as on its
route. The surveys, official reports
of officers, and proceedings of stock
holders conventions, all establish
this as the line of the contemplated
road. The leading object of the
Legislature in comforting sach un-
usual privileges, was to secure the
trade not only of the State, but that
OF the great valley of the Ohio River,
to her seaport. And this main pur-
pose is manifest in all the legislation
in regard to the Louisville, Cincin.
natl and Charleston Railroad Com
pany, and the subsequent Acts relat.
ing. to the South Carolina Canal
and Railroad Company, the rights
and property of which were acquired
by purchase, under the authority Of
the Legislature, and merged into said