The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-12-10

tIon possible be obtained, as 1t will aid much IN
furnishing the means to meet any denciency
which may hereafter occur In the assets OF tne
company. g - = -:
ssThe board Of directors have had occasion, at
each annual meeting, to direct the attention OF
the stockholders to the great advantage and ooii-
cation Of providing for the liquidation OF the OLD
floating debt particularly set forth In report OF
former president OF this road. Mr. John T. Sloan,
on the 1st of June 1857 and also at least 1or the
payment of the due coupons ofthe first mortgage
bonds Of this company. and maturing from lseo
to 1861 to the present time.
"These bonds run thirty years, and fall due IN
1851. The act Of September, 1858, provides ior
the payment OF this debt from the proceeds OIL tue
first million OF bonds authorized thereby, but Ill
the Judgment of the board Of directors, such pro-
visions may be met by payment OF the interest
due. and the deposit Of an amount OF the guaran-
tced bonds sufficient to cover the principal or an
exchange Of the said last mentioned oonds
which many holders are willing to accept The
president, By repeated assurances OF the dlsposl-
tion and Intention Of this company to proVlde lor
an early liquidation Of these demands mas pre-
wanted many suits by Impatient creditors, out
snch suits cannot longer be postponed, ana 'he
| executiye committee should be again authorized
and directed to make some arrangement oy
| which such a contamination may be reached.
"The liabilities of the company incurred during
the terms of cfice OF the present president and
disbursements are fully set forth In an account
current accompanying this report.
"Upon the settlement OF the contract with Cres-
well & Co., the railroad company were entirely
without cash resources, but Immediately made
arrangements with Mr. Il. II. Kimpton for loan
OF one hundred and ffty.four thousand dollars,
which enabled them to pay Creswel Co., and
continue the work upon moderate scale, and
thus relieve the company from discredit OF a
total abandonment OF their operations"
The work on the road has only progressed
at the rate of twelve thousand dollars a
month. In regard to the policy of the COM
pany and the importance of the road to the
State, the board say:
This policy, however judc!ous and demanded
by the condition OF the company, has. perhaps,
not unnaturaly provoked some impatient criti-
cIsm ut the alleged slowness with which the work
has been prosecuted. But these censures have
proceeded from persons who rather look to the
progress and completion OF the road for their own
advantage, than from those who are directly COL
cerned In and responsible for its success; and
this board is conscious that, In adhering to the
policy they have Indicated, they are but discharg-
ing the duty connded to them and assuring that
0nal success which will put an eLd to all such
criticisms. And, although the boards have been
embarrassed by unforeseen difficulties, such as
the recision OF the Creswell contract and the
heavy expenditure consequent thereon, and other
contingent expenses, which could neither be an-
ticIpated or guarded against, they appeal conf.
denty to the stockholders for that approval OF
their course which Is due to rectitude OF intention
and such viger OF action as was permitted by the
means at their control.
"They cannot conclude this report without the
expression OF their regret at what they cannot
conceal from themselves, and that ls, the absence
of that intei est In this great enterprise which,
many years ago, supported and strengthened
the spirit in which 1t was then prosecuted. They
are perfectly aware that great changes have
taken place since this road was commenced. They
know that many who were strangers to US then
ore now, and must be. active agents In It's COM
pletion, and that the State which Ia to be benefit
ed By the trade which 1t must bring embraces
among its citizens thousands who when 1t was
conceived, could scarcely have taken, an inteli-
gent Interest In Its progress; but the board can.
not understand why this should affect the zeal or
energy OF those who really love their native State
Whatever may be the change In her political con-
dItlon, those great laws which regulate the con.
centration ani distribution OF national wealth are
still at work, and upon tile adaptation OF these
laws to our Industrial energies must our material
prosperity depend. 1t seems to the board TOO
clear for argument that the growth OF great sea-
port In South Carolina can only result from the
concentration at some harbor within her borders
OF that West Indian and South American trade
which demands, In exchange for Its own pro-
duce, the -four, the corn and the bacon OF the
West and that no such concentration Gun DC
effected until such harbor s put In direct COM
municatIon with the great produce markets OF the
West. To-day corn is dull In Knoxville at 10
cents per bushel wheat at rs cents to 81, 1ocr So
per barrel pork cents, gross, per pound, aud
hay IS cents per cwt. Compare these prices with
the rates at which the same articles can be sold IN
Columbia and Charleston, and then suppose this
road completed, add Its freight, and who can
doubt that the margin Of profit would add untold
wealth to the business enterprise OF the State.
Indeed, the tribute which the people OF this State
pay to the enterprise OF others in excess OF
ciehts aud costs Of the nccessaries Of lie In
every five years would furnish the msans to COM
nlcte this road. i,ut TO make this enterprise q
complete success, anu to improve the natural ad-
yantages OF loca lou, we must have, also, direct
connection with Chattanooga, Tile. great fOcns OIL
Southern railroads. A practicable route Is offer
ed us, AMI due regard to the commercial inter-
csts OF this State impcratively demaud OF us to
secure at once that connection which puts our
peoLle over the shortest line In direct comuuni-
cation with The great cotton BELTS with st. Louis
and Chicago, and with the Pacific railroads, hoW
and soon hereafter 10 be in operation. they DO
not propose, however, to repeat the argument as
to the advantages OF this road AL the past legsla'
ton OF the State has been based upon conviction
OF its reality, and they only ask that those whose
foresight perseverance and enterprise inaugural
ell this work should not how relax their Efforts or
abandon hopes nearer today than they ever were
to realization They must say, also, that 'they
have been painfully annoyed, ant the work on
the road seriously embarrassed and retarded, ny
a series of lawsuits, which the repeated decisions
of the courts warrant them In calling pretensYe-
not Intended to vindicate any principle OF rient or
protect any real Interest Of the State, but simply
calculated TO delay the progress OF the roaa' aila
todishearten those who look forward TO lts coin-
pletion as the commencement Of o new and Vlgo'