The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1870-03-03
sss ". s.HOYT & CO., Proprietors.

taken by the General Assembly. The
failure of Creswell T. Go. to expend a
large amount upon the work was q severe
disappointment to the company. ," s5s'
The intended application to the Gene
raj Assembly was rendered premature
and iniudicious, unless the company were
able to show large amount OF work
done, and certainty that these contrac'
tors would complete the entire road In
the space of two years.
From all the facts and evidence before
them, your committee are satisfied that
the Executive Committee, in making the
contract with Creswell & Co., acted with
the usual circumspection and good judg-
ment, but could not guard against the
rapidly occurring contingencies of huctu-
ations in the money market, the many
difficulties in the negotiations of bonds,
and the unexpected and continued low
prices of State securities in the great
money markets.
The great advantages which the CON-
pany will reap by resembling the contract
with Crcswell & Co. is shown in the ne
gotiations now making with Mr.. Steers
for portion of the work from Walhalla
to the North Carolina line, a distance of
about thrty-fve miles, including the earth
work, tunneling and masonry at prices
far below those stipulated for in the Cres-
we'll contract Even on that portion OF
work the saving will be nearly S20O, 900 ;
and taking that as basis, The Chief En-
eineer expresses the opinion, that at the
same rates, the saving on the whole line,
at the present rates of gold, would be
81 400 ,O00;I and should gold decline to a
par with currency, the saving then would
be fifteen per cent. more. :. -. -.
In this connection, your committee
would state that Mr.. Steers comes highly
recommended as an old and experienced
railroad contractor, by some OF the
wealthiest capitalists and directors of
Northern railroads, with which Mr.
Steers was connected as contractor.
Accompanying this report, the commit.
tee submit statement OF bonds issued
under Act of General Assembly, Septem-
Der, 1868.
Your committee, after patient and
laborious examination of all the records
of the company, do not hesitate to ex-
press their high appreciation OF the zeal
and management of this great work, by
the President, General J. w. Harrison,
and the devotion he has exhibited in his
unwearied efforts to push it forward to
completion. They also take pleasure in
testifying to the energy and abilities of
the Chief Engineer, Col. J. P. Low, as
manifested by the elaborate reports, in
detail, of the workings of his department..
The committee feel assured that the Off
GERS of the company and the Board of
Directors have displayed commen-
dable zeal in the prosecution of the
work, and they cannot but express the
hope that they will receive that encour-
agement from the General Assembly
which will inspire them with renewed
energy and confidence, in pushing forward
to completion a work which must be OF
SO much permanent advantage to the
State at large, and which it has been the
highest wishes and ambition Of some of
it's wisest men and dstatesmen to complete.
The committee asked to be discharged.
'.aa H. E. HAYNE, Chairman.
ae D. BIEMAN,
W.. B. NASH.