The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-01-29
CHI A R L E S TON
FRIDAY MORNING. JANUARY 20, 1869.
The President Of the south Carolina
Railroad Company.

We pablish 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 it's President, MIR. W. ]. Ma
grath. The terms of the resolutions explain
the general nature of the work which Mr..
Nagrath has performed, butte the words of
the directors, who know better than the pub
lie can know what were the difficulties to
eurmount and the opposition to overcome,
we may add the expression of our own con-
viction that MIR. Magrath has not only re-
trieved the fallen fortunes O: the South Car
oliua 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 bank
rupt condition, is now financially strong,
and in fair way of relieving itself of the
burden of Indebtedness which has pressed
so heavily upon the attention of its manage
ment. The road itself has been rebuilt, the
ravages of war have been repaired, and
there is not now in the whole Southern States
q railroad more thoroughly equipped, or bet
ter prepared TO meet the e1igencies Of grow
ing business The floating debt of the COM
pany has, we believe, been virtually e1tin-
guished, the reconstruction account ID closed,
and the prospect is bright that the road viii!
soon become actively and permanently pro-
itable. 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 its road to the seaport
of South Carolina; it has carried the sign Of
the Palmetto to the banks of the Mississippi,
and has made Charleston the port Of entry
aud shipment for the freights of Mobile,
New Orleans and Vicksburg, as well 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-
5le, 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 Carolina 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
''the able administration of the President
"of the South Carolina Railroad Company,
"Mr. William J. M Igrath.
Mr.. Magrath himself has doubtless been
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 aright, would
be at last his surest vindication. Time
and events have justified his policy, and he
is now spoken of by his beard in manner
which is as generous as it is just, as compli-
mentary as it is well deserved.
At tho 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 20th instant, L. D.
DeSaussurc, Esq, presiding, as chairman pro
ten, tho following preamble and resolutions
were unanimously adopted, and ordered to be
engrossed 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 treasurywds empty and its finances
disordered; and, ,ohereas, the Board oil 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 of its future
| prospects,
Reso!oed, unanimously, That the Board re-
gard this Improvement as due chiefly to tho
able administration Of the President, Mr.. Viii
liam ]. Masrath.
RESOLVED, unanimously. That they take pleas
| ure In expressing their sense of his zelous
devotion to the interests of this company during
tho long period Of twenty-three years in which
he has been in its service, and of the eminent
ability and success with which he hiss admins
tered its affairs since ho was elevated to the
honorable position of President.