The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-02-24

sS%D,y sSat s,,osns .on en ss1 ssesslo9ak a5ss g
for t The ] oOmuany s 'sss s.; itS S,,,s &
trolsns sro s I sssas oi the ID q . 900 sj d Sonds, I
until s1bh 3ne 90 g. S5Sion ii q 5sonIa So
taken " De GeyfSfs AsssEably.
[faildre ef UHesweli e. o "a slG Is
lars emonA rpe. e. s e y, :;
aissppointihsnt to tte 11, rsiaS. 3 8!
The intended sppltc4 QS 10 he Snes
raj Assembly was kehdS tsaEu
Fand injudicious, isn.zld2A2 iesS cS Is T.9s1y
were able to show aiafge amount of Wosk
done, apd q certainty that these ,pony
tractors would cokpiete the entire foad
in the spaoe of two years. -.s~-.-a,....., --~
From all the facts and Evidence before
them. Jour Comm iitttee 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 fuotu-
ations in the money market, the many
difficulties in the negotiations of bonds.
and the unexpected and continued low
prices of State securities III the great
money markets.
The great advantages which the com.
pany will reap by resembling the con-
tract with Creswell & Co. is shown in the
negotiations now making with Mr..
Steers for a portion of the work from
Walhalla to the North Carolina line, q
distance of about thirty-five miles, in
Guiding the earth work, tunneling and
masonry at pricas far below those stipu-
lated for in the Creswell contract. Even
on that portion Of worS ths saving will
be nearly 5000, 900; and taking that as a
basis, the Chief Engineer expresses the
opinion, that at the same rates, the saw
ing on the whole line. at the present
rates of gold, would BE 81. 400, 900; and
should gold decline to q par with cur
repcy, the saving then would be fftehe
per cent. more.
In this connection, your committee
would state that Mr.. Steers comes highly
oepded 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 COM
mittee submit statement Of bonds
issued under Act of GenefM Assembly,
September, 1868. ~ ~ =
"-OcA SSp'AAtAVsTCt oiGSl phIAOGG tuo
laborious examination Of all the records
Of the, company. dc cot .iee .ieesiittatto 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 depart
ment. The committee feel assured that
the officers Of the company and the
Board of Directors have displayed a
commendable zeal in the prosecution of
the work. and they cannot but express
the hope that they will receive that en-
couragement from the General Assembly
which will inspire them with renewed
energy and confidence, in pushing for
ward to completion a work which must
be of 80 much permanent advantage to
the State at large, and which it has been
the highest wishes and ambition of some
of its wisest men and statesmen to COM
plete. The committee asked to be dis
charged. Fl. E. HAYNE, Chairman,
D. BIEMAN,
w. B. NASH.