The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-04-12
Report of the Committee.

1.-The committee to whom was referred the
three several reports made to the stockhoiders
by the President, the Chief Engineer ana the
Superintendent, ask leave to submit the 1oiio"-
ing report: ., ;,ou.,,t d,ormonto
the most attentive and earnest consideration
and they cordially recommend the accept ince
and approval of theE, by the stockholders; and
also the immediate publication thereof as the
best means OF drawing public attention through.
out the United States to this important enter
prise. 1t will be seen by these reports that the
unfinished work hitherto done upon the line OF
road is in an excellent state of preservation,
having been originally most faithfully done,
ard having suffer ed but little injury from the
laI'se of time. They will, consequently, make
it plain that the work already DONE navlns
cost three millions and half dollars IN coin,
and being now in q good state OF preserva-
tion, constitutes, when united to the cost OF
completion, an undoubted security under
the mortgage, for tho bonds to be now Is
sued, limited in amount as they Will lie TO
the sum nee ,ssary to complete the work. And
this independently of the State guarantee. In
these circumstances, and the bonds having ID
addition the Endorsement and guarantee OF the
State, YOUR committee are of opinion that no
further time should be lost, and hat bids
should at once be invited by public advertise.
.ment for tae oooocstrae!!iicc% and oomn.etlon OF
the entire line OF road from Walhalla to Knox
-yille, so as to bring every part OF this State
into early and direct communication 1y sali-
road with all the great cities Of the Western
valley.
ort To the stockholders the energy and zeal
dispIaye by President Harrison and Chief En-
gineer Low, in the services OF the company,
and the very clear and satisfactory character
OF the reports submitted By them; and TO e1-
press 10 those officers on behalf OF the stock
holders, the sense that is entertained OF their
services.
In relation to those matters upon which the
stockholders are expected to instruct these ofh-
GERS and the Toard of Directors, the committee
have, for brevty, embraced their views IN the
form of resolutions, as hereto appended: and
which they respe .tfully submit as part OF their
report and recommend to the adoption OF the
meeting. Matters Of minor consideration, such
as the roofing of the bridges with metal, they
propose to leave to the care OF the PRESIDENT
and Board of Directors. All of which IS re-
spectfuIly submitted as the report OF this COM
mittee. q. A. TRENHOLM, CnalrHau'
City Hall, Charleston, April 8, 1859.
Resolutions.
Reso,ued. That The President and Directors
"a be and they are hereby authorized and direct
ed 10 take the necessary measures to prepare
and execute the bonds, securing tho same py
first and only mortgage upon the property anu
franchises of the road, IN the several states OF
South Carolina, Georgia, North Carolina aod
Tennessee but excepting from the operation
thereof the lien of the State OF Tennessee, on
the property in that State, to secure the advan,
4 ces to be made by the said State, as provided
by law.
= Adopted.
Rescued, That the President and Directors
be and they are hereby authorize and required
to advertise for bids to build the entire road,
from Walhalla to Knoxville, payment to be
made in first mortgage bonds, endorsed by the
State cf South Carolna, and to enter into con-
tracts for the accomplishment OF the work.
= Adopted
q Resoloed, That it be left TO the discretion OF
the board when to terminate the lease to the
Greenville Railroad Company, but that they oe
and are hereby instructed to require 0t SAID
company that they commence at once and COM
plete as speedily as possible the necessary re-
pairs to the road.
), Adopted.
Rescued. That committee Of three stock
holders be appointed to prepare and report at the
next general meeting Of stockholders BODY OF
bylaws for the government OF tho corporation,
and that they consider and report upon the ex-
pediency OF giving the holders OF mortgage
bonds Of the company representation In the
Board OF Directors.
Adopted.
Rssolued, That the President and Board OF
Directors be and they are hereby empowered,
at their discretion, to appNnt an executive
committee, consisting Of not fewer than three
members OF the board, aud to delegate to them
the power to carry into effect so much OF the
foregoing resolutions AZ they may deem proper,
subject always to the ratification OF the board.
Adopted.
Resolped. That the Board of Directors be
and they are hereby authorized to DIX the com-
pensatlon of the Presdeut and Superintendent
Of the company, and to make the necessary ar
rangements to pay the arrear of the same for
the last two years.
Adopted.