The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1874-08-26
Speech of hluJ. r. W. Woodward, p.csl.
dent of the ). c. Agricultural and Nc.
chaniCal Society, Delivered Ct Spar
tanburg, August l2lh.


]
| GEHTLsNEN The financial condi
tion OF our organization will furuis!
the substance Of my remarks upo,
this. occaeiop. ! will dem ohstrate it
to be Of sufficient IMPORTANCE in In,
opinion, to absorb no inconsidcrablt
portion of your most serious buslncs.
thought. A beief retrospect into Oh,
a"airs is necessary for tho proper un
dcrstandiug of tho sitpatir&. IT had
been demonstrated, that tho State
Agricultural and Mechanical Society
as heretofore managed, maintained
only precarious existence, deren5
cnt upon gate foes, and liable
to disruption, oven by contingencies
of minor import, certain of bankrupt-
cy IN the eyent Of a rainy week; dG
ring the time Of the holding our Fair.
In consideration of these fac is and of
others, to which l shall allude, it
was deemed expedient to ehSraft
tho Joint Stock feature upon our
scheme, which, it was thought, by
raising Is to 10000 dollars in. cas- i
subscriptions for stock, would pay all
debts, and loave q large balance to be
invested i'll real estate and improve
merts which had been fonnd. to bo
necessary for tho successful proseou
tivn of our plats, and which, by stop
ping ut once the absorption of large
amounts from the revenues of ,Fair
week for mprovements, would make
the institution not only self.sustaia-
ing, but it was believed, and is be-
licved, would Justify tho declaring of
remunerative dividends to stockhold-
ers: So much, gentlemen, for this "wcll
laid scheme" l can give no better
synopsis of matters, prior. to my ad.
ministration, than to Quote from the
speech Of resignation of my predeccs.
sor, Gen. nagood, who, in allusion to
this very matter says ::
Gas the scheme now stands, some
$4,000 have been subscribed, of
| which no part has been paid in and
$4,000 have been subscribed and
| paid in by three gentlemen"
| consider it appropriate to mention
just hero fact known only to those
of you who were Immediately oon-
neoted with ). tho: private business
management of our company. But
for the very liberal subscription Of
these distinguished, public spirited
citizens, your efforts had proved fu-
tile, your enterprise had fallen still
born ina the very inception, and we
would have had presented tho miscra.
bic spectacle of a peop!e peculiarly
rural in their tastes, strictly agricul
tural in their pursuits,> without a
single institution in the State for the
protection or promotion Of its inter
ests. AS n private citizen, thank
them, nor DO | Transcend the bounds
Of propriety, when, ny you hear, |
make public acknowledgment Of the
! service rendered US.
The list of Subscribers sihpe this
time has been augmented, and, but
for the recent panics which we igh cd
so heavily against our farmers, have
reason for saying that our cash capt.
tai would have about reached tho
amount desired. As i! is. the books
Of our late treasurer, Mr.. Shiyer, ac-
credit subscribers with $4,000,
leaving unpaid in subscriptions and
promised subscriptions, an amount Of
not less than $4,000 more.
| 1t is then, gentlemen, not d ifIicult
to offer al explanation for our en-.
barrassed condition, nor even an
apology, wcro it necessary, for Seem
ing want of judgment upon tho part
of your officers. :.
1t 10 to be borne in mind that the
only property transferred from tho
old society to the new, was tho
grounds and building ceded by Coun
Gil to the wost of tho raco course ;
that we were dependent upon
the kindly forbearance and public
| spirit Of that most cstimablo gentle
man, MIR. Bcardcn, for the uso of his
lot for the purposes of our stock, and
that even this was Inadequate being
too SMALL, whilst tho purchase of
! more grounds and tho erection of
other buildings, was tho principal
feature .of tho new scheme, rendered
so by tho action Of tho radical ootin-
Gil Of Columbia, who not only dispu-
ted tho right.of their predecessors to
ccde the property, but actually COM
men oed proceeding in tho courts for
its recovery, and it was generally
known that we would be deprived OF
use. -.
| You understand, then, tho motives
which prompted us net only to invest
our entire available. capital, but this
being cousitined, to borrow money,
relying aswe had right to do, upon
the amounts pledged by subscription,
| The following statement Of indobt.
ness, whilst not strictly accurate, is
near enough, SO, for our purpose at
this time. We owe various amounts,
aggregating S7.2o3. =, This state
ment is based upon data recently
furnished from books of tho former
treasurer at meeting Of tho Exeeu'
Il 4 lxn al,