The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1874-08-26

C'""o "Ihhu, SoIOoC, Otncr Dullulngt
and fencing, $500 ; notes, $500
improvements in grazing course, So.
1900 in all, $ll,4OC.,,
This, you will observe, is the prop
crty Of the stockholders of the Stat,
Auxi liary joint Stock Company, ane
to which may bo added the. property
Of tho old State Agricultural aud
Mechanical Society, viz building
erected during tho Mayorship of Mr..
Mckenzie, $4,000, and added to by
tie Society to the amount Of $4,000,
which, With the grounds which I shall
estimate ct only 5000, makos
$4,000. Aggregate these amounts,
and VIC have $4,000 as tho value Of
assets which have boon estimated at
cash cost, aud which arc believed to
haEe increasad ip .xaluo since our pur-
chase, because Of an inclination upon
the part of citizeLj to erect houBcs
and, make improvements in this quar-
ter Of the osty.
Your Indebtedness, then as viewed
from this stand point, is far from des
perate, but two circumstances must
not DC lost sight Of.
First The property Of the State
Auxiliary Joint Stock. Company Is
under mortgage and parties arc press"
ing.
Second The property transferred
by the State Agricultural and Me.
chanical Spciety is not available as
asseta, bnt, is held by US, under an
agreement, with tho City, COUNCIL
contingent upon our holding. our
| Fair annually in the City Of Colu,na
bla, and when these cease, ;thc pro-
pcrty. rcyerts to tho city. The fol.
loving then would bo n more correct
staten ent. Available asst Is $4,000.
Liabilities $7,203-or an indebted.
ness of more than half our capital, an
amount ,still insignificant. when: it is
known that with a contribution of lesa
than twenty-five conts from d, each
| agriculturalist Of the State, We would
bo perhaps the most prosperous com.
pany of the kind in tho South, but of
mountain magnitude, W hen We. con-
template the fearful apathy. exhibi-
ted and the utter Indifference with
which this mattor has been trpated
J by our farmers. 1t is believed that
with the practice Of rigid economy at
the approaching Fair, with many of
our wants of improvements supplied,
and with tho consequent increment
in our oavSngs, no inconsidcrable per-
uon of this debt cum .be liduadatcd.
Hut it is fQr you to say, that tho life
OF this company ohall be longer risk
cd in the power of some who have
ever been zeal GUS of, its existence and
of others who from, necessity, will sue
Tor their money regardless Of oonsc-
qucnccs. You have had writs enough
served ubon you, and know humanity
too Ito trust farther to tho mer.
| cics Of our cfeditors. .
misunderstanding has heretofore
preval led upon the subject of taxes.
In speech before tho State Grange
in tho interest of tho Company, in
February last, mentioned as, a fact
that we were exempt from taxation
or.f1c years. bo;ng recently bcavi-
ly pressed by tho tax comorants. for
arrcages, had Nr. Rhett attorney
for the Company to look up tic act Of
supposed cxemption. Tks following
is o copy. of its 7th scotion. T.. ,"., =.
Sec. z. That tho said company
shall receive from tho Treasury OF
the State. on the first day of Janua-
ry, in each year, bonus equal to.thc
State tax assessed upon the necessary
buildings, aid improvements to be
erected on the lands now owned or
hereafter to be purchased by said
corporation, such bonus ;,to bo con-
tinued for Eve years after the passage
Of this Act. !.
This meap in plain. Language, that
the company shall exchange green
backs, for perhaps worthless. State
papcr-so far as relates to buildings
and improvements, whilst upon our
grounds, wo ,eneountcn tho ruinouo
rates Of city valuation. 1t la, IA
curious commentary upon the .tiuios
in which we live, but nevertheless
part of the history Of this Company
which you haHo right to.knoH that
at the time or our organization it was
Ia law Of tho land that parties dcsir.
ing Charters, must make application
to tho Legislature, and that custom
had made it equally. a law that foes
should bo paid to mcmbers for scrvi.
COS rendered in procuring said Char.
tors. Tho books of this association
show that our corporation, whose ODE
ject as set forth in tho act itself arc
| TO. doyclope and provote tho ugri.
cultural, mechanical, manufacturing
and mineral resources of. tho State
for tho promotion Of immigration
tho elevation of lnbor and laboring
| people, tho encouraging Of stock rails
ing, and the temp crato advancement
and cultivation of turf and. field
sports, was allowed mo departure
from tho established usage. 1t adds
nothing to the coloring to say, that In
| %k;, ooeo - moo etsnu1ofo1 that fboyo