The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-01-29
G HI A r l. E S ON
FRIDAY MORNING. JANUARY 90, 1869.
Tho President of tho south Carolina q
Railroad Company.


Tho President of tho south Carolina
| Railroad Company.
We publish this morning preamble and
resolutions adopted at the last quarterly
meeting Of the Board of Directors of the
South Carolina Railroad Company, in which
| is expressed the high opinion entertained
by the board of the services rendered to the
company by its President, Mr.. w. j. Ma
grath. The terms Of the resolutions explain
the general nature of the work which Mr..
Magrath has performed, but to the words Of
the directors, who know better than the pub
lilo can know what were the difficulties to
surmount and the opposition to overcome,
we may add the expression of our own con
viction that Mr.. Magrath has net enly re-
| trieved the fallen fortunes of the South Car
olina Railroad Company, but has also been
instrumental in the promotion and advance
ment of every commercial and business in
terest of this city and State.
The South Carolina Railroad COMPANY.
which at the close of the war was in q bank
rups condition, is now financially strong,
and IN fair way of relieving itself Of the
, bnr1en of indebtedness which has pressed
so heavily upon tho attention of its manage
ment. The road itself has been rebuilt, the
ravages of war have been rcpnired. and
! there is not now il the whole Southern Ststes
railroad more thoroughly equipped, az Net
| terprepared to meet the exigenoics Of grow
ef tb COM
4 aSs5 ~Mas, We believe, boea virtually extin-
g1ished, the hereconstruoticn account is closed
and tho prospect is bright that the road will
soon become actively a2i psrManently pro-
fitable. And every step which has been
taken has been of benefit to the city and
State, as well as to the company. The South
Carolina Railroad has met foreign opposi-
ton with tact and vigor; it has carried the
war of trade into the country of the enemy;
it has been generous in its outlay of money
to draw business over it's road to the seaport
Of South Carolina; it has carried the sisn of
the Palmetto to the banks Of the Mississippi,
and has made Charleston the port of entry
and shipment for the freights of Mobile,
New Orleans and Vicksburg, as we'll as
Memphis, st. Louis and the whole mighty
West. And, in behalf of the State at large.
the South Carolina Railroad has fought.
without fear or favor, against every project
for carrying trade away from the State, be-
ing animated, not by petty rivalry, but by
the feeling that we must work for South
Carolina as Georgia works for Georgia, and
Virginia works for Virginia, if we would
have our State as prosperous, as honora-
BILE, as rich, as free from reproach. We
already feel the effects Of the broad and
comprehensive policy which has inspired
the management of the South Car olina Rail
road Company; we begin to understand
how much has been done in the face of jeer
and reproach, and now say, in the words of
one of the resolutions before us. that we
"regard this Improvement as due chiefly to
s'the able administration Of the President
"cf the South Carolina Railroad Company,
"Mr. William J. NJ .grath"
Mr.. Msgrath himself has doubtless baen
sustained, through the trials and labors Of
years, by the consciousness Of his own puri-
ty Of purpose, and the confident belief that
time, which setteth all things Alright, would
be at last his surest vindication. Time
and events have justified his policy, and no
is now spoken of by his beard in a manner
which is as generous as it is just, as compli-
mentRry as it il well deserved.
AT the regular quarterly meeting OF the
Board OF Directors OF the South Carolina Rail-
road Company, held in the City Of Charleston.
on the evening of the 2Oth instant, L. ID.
DeSaussure, ESD, presiding, as chairman pro
tens., the following preamble aud resolutions
we're unanimously adopted, and ordered to be
engrcssed as part OF the minutes OF the
meeting:
Whereas, At the termination OF the late war
the property OF this company was in ruinous
condition, Its treasury was empty and it's finances
disordered; and, schereGs. the Board Of Direc-
tors will now have the satisfaction Of submit.
ting to the stockholders. at the approaching
annual convention, an account Of their property
highly satisfactory as to it's present condition.
and equally promising in respect or it's future
prospects,
Hesotued, unanimously. That the Board re-
gard this Improvement as due chiefly to The
able administration Of the President. Mr.. VIII.
liam J. MaRrath.
ResotUed, Gaanisoststy. That they take pleas
ufe in expressing their sense or hia aeaIous
devotionto the interests OF this company durins
the long period Of twen.y-three years in which
ne has been in it's service. and OF the eminent
ability and success with which he has admins
tered tie affairs since he was elevated 10 the
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