University of South Carolina Libraries
WUHBW i m? * L-L'-^rraTTTg TO THE lTOCKHOLBERS OF THE S. C . RAIL ROAD. At Lije last annujil meeting of our Coinpatij the relations which had long substituted hi tween us, were dissolved. This event, in rc liering yie from hcavj responsibilities, wa not unacccpta! l.\ It would have "been a niani testation of insensibility, however, otrmv pari ' * r.,1* itn ;n in? 1101 10 DHVfl iru mo uiiiiiiiiit in .... cherished and mvtMjhroqfiJencr was s? u;u->; pectedly impaired.. tJanjifOuing years \Vere dai ly admonishing me of tWjpproach of a prriuc when your iiiterests wonnmrequire that 0:1 ar other (retaining more of the activity of life tha had been left to me) should be devolved the rt sponsibilities of President of your Company . Personal friends.were made acquainted with m inclinations, hut as I had been instrumental i involvingthe Road in somewhat expensive plan of improvement, matured, and then in prog.es of execution, and which had become necess: ry, to to enable it to fulfill the just e> pectations of Stockholders and its ple>li:e.s lo t!i pvblic, I felt a reluctance (in which friends eo: currcd) to transfer a charge to a successo lurthened with any of those embarrassment which those works might entail. Tliev (wit my advocacy of the constructien of t!:e Can den Branch,) had been made out of door sul jects of grave complaint. I was the strange impressed with the obligation imposed, as yo had, through two investigations by committee! sustained the administration with winch 1 ha been "associated; and had, further, a* the meel iiior in 1R4U rpnrnverl the first essnvofan 0| ?..s ... ^ _ ? position to get possession of your interests. A the second effort, however,,was more sncces; ful, self respect would seem to require of me (? this, the only appropriate opportunity since al forded) a report, such (in part only) as I hat contemplated in the event of the anticipate separation, which would have been more in hai mony with the feelings of both. If in tiiis pei formance, 1 have found a brief preface of th pecuniary disbursements of 1850, as compare with those of the year 1849 necessary, it hn been with no intention to pass sentence on th former, but to rescue the latter from the preci pittite judgment, which through onfiirnre i Representatives, many of you, and perhaps ig norantly, permitted to he cast on the latter. I had no opportunity of explanation had it bee necessary, but was arraigned in a seri s of rest lulions, and sentenced by a 'packed jury,' in box of'pre*determined proxies. The jiidgmen did not come from you, and therefore I feel th ^eater obligation of thus communicating wit! }*ou, as fclad been accustomed, under differed relations. The year 1849 was, to the late adiniuutra tion, among the most embarrassing. A ver large suspended obligation to the 8tate had t be adjusteJ, and under legislative enactment! which involve a cash payment for two years an. three months of back interest on the 1 i. ger pnr tion, and interest on the whole sum for t.n Hno niniptv of tiiis debt, auioituti lir t $178,223 60 wlili interest from 1st Jan. la4H we had heped was intended as a t ihiite Iron the State, to that noble pioneer enterprise whe completed. That we were not alone i tin opinion, is evident by the appeal made by i liberal minded Executive of our State to th Legislative Branch. The application failing, en'ailed an enhance fun led debt on the, Company, forthe smaller sun which appeared in the general statement of ac counts. In addition, provision had to be mad for obligations incurred for relaying, with heavier rail, the Hamburg Road, and to mec the exigencies of service in a largely increase motive and Car Power. With no other resourc but the revenue and credit, and an tin willing ness, (though my judgment approved,) to cal for the additional 25 dollars due on each shar without your concurrence, it was not extraord nary (however unexpected) that the indebted ness of the Company, for these enduii ig m > i uments, was seemingly increased to 8-74,20 83. At least 8100,000 ol this accrued i.i t:i adjustment of the debt to the State, leaviu 8174,295 83, us the actual increased of ii debtedness from the expenditures for the yea The credit of the Company did not fall* under the operation (excepting those who lot an interest in dishonoring it,) On the eoutrar at no period of its trials and troubles wasthei a greater manifestation ofcoufidence in itsabil ty to meet obligations. The works undertake could all have been accomplished inth the crvA of the Company. If the policy was condemiu on^your part, 1 was uninformed. The aid wine you afterwards accorded would bave been miiu more acceptable to me as diminishing respoi sibilities. It would have afforded me the ben ii! of a full Tre isuiy, which at no period of n operations, had I the opportunity of profilh f.o.n. By reference to the general statement of di bursements for the year 1840 and 1850, it a pears that in 1849, the gross revenue H orn tl business of the road, and sales of propei tv w 6899.792 85. That with these means, aft paying dividends for the year?expenses ofina nging the road,int. on foreign and domestic de (including 2 years and 3 months hack iatcre to the State,) with damagesand other incident charges. There was expended on rail iru depots for motive and car power, and objet of permanent investment, the aggregate aum of ... ?381,358 I In the operations of the year, thi indebtednes of the Company was augmented seemingly . . 274.295 i Leaving an increase of property 8107.0u2 J As the increase ot indebtedness to the amou of 6100 000, was on the debt to the Stn which had accrued in previous years, but vv adjusted in 1849, this sum might be legilinn ly deducted, and which would swell tIncreased value of property acquired, to 8-0 082 52, in that yenr. Hut we will be contei ed with the exhibit 8107,062 52 - liters was rec ived from the same sources, the year 1850, a gross Revenue 3929,311 After taaki'ig similar disbursements for toe ye ertaYnerafed above, there was appropriated the legitimate objects of permanent in vest mi of 4 IS, 1II) ^uuhui ice o i idebteducss was ^ dgccd , , 295,082 733,203 J -mraaqa?i?i liulibujm?awgg mm ' , To accomplish this, the Stock Debt, '< | equivalent to a loan from the Stock- * u holders, was augmented in tlieag*. h s of W 611,315 65 a s ' Leaving an increase of property j'l i-1 valued . . ?121,687 85 |? t, ' Fro'rn the above, it appears, that;-in 1850, I' <> , with an increase of Indebtedness of ?336,131 > : 76?against 274,295 53 of the previous year? " i j tins ire care*being the difference between a ' f, i new debt of ?611,315 65, and the old debt of <' i- ; 285,("83 69 liquidated, and with an augmented Iy n ; gross Revenue of 829,55*2?the operations of * s- 1 1850 exhibit an increase of permanent invest- S rnent of but 81,815 33. ; v y | I have not included in the above, as a Forma- P n nent Investment, 816,790 49, charged under j < s I the head, as this sum, in pait. if not in the whole j1 s . ischnrcc ihle to maintenance of way or it hnsre- ; 4 - duced the cost of maintenance of way in the Re- i c :- port, exhibiting a reduc'i )ii of disbursement H e under tlint bead. Mr. Litligoe, now in charge, j> - estimated tins saving Road Department at 8208 ] ' i-, a mile. The present management h id the j ( s benefit of 37 miles of new Road, finished in x li i iftlO mid r-?nnrt fiS finished this; of which, at j I1 ! the least, 25 miles was available, and wo: 11 11 >- make a reduction of 812 690, and beingtlie cx- ' r penditnrcs of 1850, in Road Department, np to " u those of 1849. The S 10,790 49 is fiitly char- ?' 5, gcnhle with with 812,890 for maintenance of 11 d way; leaving the balance 833,994 49 ehargea- k t- b'e to extraordinary expenditures, and absorbed ' > in the addition of Indebtedness for 1650. s Current or ordinary Expendiltnrx. (Ifido ibi? hcji'l, tlii* e\|imnliiun*s lur I""t9j 'j were reported bv the Auditor at S19B933 71 f ( in inv report I pointed on* oneor two i e ji? not i ^ legitimately chargeable under that bead, and J j \\ tiir-li same item-!, have actually been mriietl | ^ to il.e account indicated in the teporl lor 1950. IVrmiu iioi analyzing both aeroiints, bill look ^ ** ing on'v at the aggregate, would come very jo-lly to t lie eonelu-ion that the cm rent exnen a dilutes of 1849. exceeded ihu<e of by 78, j| f 8*7 dollars. Now current expendituies are indefinite, and depend upon the classification n of what panic*, in a comparison, may agree to jt >' belong to I hat head. The present uduiinisfra- {| ion lias adopted in pari, a new classification. (| " I don't object, fir in the discussion of this qtics. ' tion at oui meetings. there ha* been much mia n a a,?p nlieiision. involving a veiy pint subject in so.ne intended mvstery. Assuming the new c ?.L....ti..? ?11(| ,v? f,,r S4tt7.32!) 3 fi 1 .- iiai is: 83*4.040 for i!;?? ynr Ih.iO, and ma ' * k tig the nell fiuilit 3184 7S2. ag.iiiut *28 670 v 43. ncf>.milril t<>r in ilie Hfi^-niMiiiili.iii $20.617 j 19 nl r?'rri|?is. in liie saving of 3l2.69i> !?? in?r (| y rli.iiged louoroHtil fit Jfllt*w:?| of Ki.a.l, lis shewn r) aliuVi'. anil al Ira?1 ?14,0110, rslitiinlml at wl.ai s wihi (i lir tlir iI'ljurtiuii nl*i*x:it*iiiii(iitu at work li 1 1 ly limiting ilu? woik llinelo mere re. (t ' j jiaialioii; ami ilit* less laimi ami Ink ken*, Ili?- j '* nrw ai a lynn'i.lH al ivrriv iujr ami pusst'tiger , ' liuii"-' u. u!d involve. I In* uIihvh is aur.xliiliil ' ju tngg fyalr. it W'r WI'I'I' to i!r nil to par " ic*i iit' >. w'r w-.iial till.I ill'' lollowitiJ in ciiuimsi: p 1 F<r ib40. For li50. ,, s For > jukes, s3,!55 51!For Sji.kcs, 8VJ79 34 V :i For Uil. 5 229 .jl j/or U.;, 5,845 95 , e For Tmiuv.*, 1.U9J io,For I'uiioiv, 4,<07 4 ' 'or Coal, 2,-A2 2.\ For Coal, 1.U14 0 ) 11 j F..r \\ O..J, 31,591 U.Vor Wood, 20,2:0 U7 < (1 i For Llamu^es, 0,0<2 5 j For LLni.tge.s il,2U5 83 j \ $52,503 7. | $57,002 26 j L' As favorable as is ili.t above exhibit lor lIn* ^ 1 ! U'ar lyJO, it isijrcrjitioi?, uuii can ieaJ loan a | I result involving ecoimiuicni 111 uiageineiil. Tin' , | rosl of thi' management of a Road is wliai is r j consumed in the keeping tlm Road ami power , I in guml vvuikiag order, ii dues not depend uii { " j tiir qn.in.iu ol iiMinials |iin<diast*d. but wliai is , I2 ; Ciiiisumril, ami tin* iiiaik'l value at I lie line* ol ^ '* ' eiu:li. It, llien i'.ire, all the above materials t, I Writ* rotis.l.lli'U. Hiiu Mtc puce pniii was no- i * | l*PJ Wnull! have tin* advantage over |p ! 15J0V*. i > >|ti!?fs. Oil iinil Til! low; and lboO, ill 1 t lV | ?\ noil and Coai ? excluding damages in lite lr " ' comparison, si* aceii!eiil.il among those casoult | | lie*. \iiiieh c.ilimit in* always giauded against. | ^ r* i Hi however, I lie materials weie not consume.I, | ; *r | the vuiue of the excess* would have to lie de. I d i uncled 111 nil ilic <* X['** mil tort*, ami rallied to lite . ) I consumption id aiioitier year, i lie excess ul \ v , the >ear 13~)U, could mil he. made available in | ' j the previous ?ear ??l lr>4U, while what was |e|i j ; ..I muteriuls, &c. in lSl'J, would have to lie | j in cnuiil.'il for in lSuO. The htsi icjiort shew-. | 'd | ed a considerable ainount of ma'crials on hand ' > h ! --ami il'u.?ed up in pad, or in whole, this tear, i ( t the previousyear L entitled to a credit. The j , h* j articles ii?ed above, I generally puichased a* ; | e' | coiistimeil. excepting Wool and Coal, tt^arge j t iy | deposit of w hieh 1 had liiun l of advantage to , j 'a | provide, puilictiinrly wood; and had sheds con- i < j siilifted so that Diy Pine might he siibsliliileil j . >* j III Light Wood, toiled ill |i|'iCliee injurious III | P* ' I lie Locomotives. To ascertain the coiisuiilp. i If 1 tion lor we imti take (he avy.age ol tim e IS . vr.iis. ami it vv i I shew flout the Itenoil- 2) J 1 . **r I o(3l>tlol ais. I am warranted in iisvimi g " I eUuige l??r \V?i..d, in leh*)U. ol $20,210 aId i liil?ilin<r consumption; a* ii is ii<>ioii>>us iii.u ... : 'St | liare uiv tin* slaloms ol luel, 111ill tin' < I*i,<:i:i . j , Jll ! other discarded liniln r, j??irjxi-.? I ? (! mi mail i ii, i side iii a predecessor. and lor wlnrii he was 'ts ! severely r?'jni:lien?Jt*ii hy liu! Inve tiga ion (Join| iniiii"*, had in In- made avaitahle this year In 35 ; keep the tires of llm Locomotive* agoing. I Fioin ilie ahuve, wiilimit descending into any l luititer, and tedious details, the difficulty id 53 coining in any just and satisfactory results as to j ? i comparative coal, guided liy kiijiitinr manage. 52 | mem, is nliviuiis. .Much u'pewL m? facilities j Hit i enjoyed, period nfnperutiuns, market value of | te, muiorials, and nf ialmr, and of policy pursued, as enmpariiig the whole system ot each together, te- and nut its pails separately. Oilierwise, wlmt in- may appear '.tie most profligate, (it* that term 7,- lie appiupriate j under a partial view of one Ad lit- ministration, m ty in the whole lie found lh" iiiist ecoiioiiiieal, when contrasted with thai ol in ! another. Thu*eash, and credit work dilier05 loillv. Thii lir.l inn v lie Mill.I eeiinoiniiml. I I I,H Hiliii iii?tin'ion n| ivih labored wiili to Hit* n'H'iintii^fii| a liil lr- a-iirv; ili il ??l 1841) '"t laliori'tl ti'nlor tli ? ?*1111>.irr:l*siiiHiil uf'oiir riiijify 91 1 Again i i ilit* wnik hIioik ? ! 184!', i!? * I i?jii'iiiiii,ii? nf i-ni|.tiiii'ti'iii ami n>|ii|i'iiii|i i 89 Ii<>i. itic luriii T inv-?lvimI Uih ii?*< ? it\ ? o *j">ii.liiiir<,? lor hi ilerials uud mlili W {iioual iulxir; in- loiimlfrv' fin*H ivth kcIiIoiii oi ngni-lted, ami the screw machine and planing pr ilSi always hi woik. It was difficult (except cc ) ut< arrangement I was maturing,) to separ* it) i?? what belonged to mere reparation and what Cc tux rhaigenbie to construction, by rn:ifi:.iiig R be shops to nieri! cost of labor lor reparation, ?; ml transferring cou^liuction to contracts* the m irst and separate exhibit of charge* at work CI hops, n:ii<i show a seemingly great reduction jl( f expenditure, when brought again in connec- j(( icn Willi the charges for cuusliuction under y( ontracts, the g?neial lesult r^iay, however, jj, how no cluing**. The la-t year, all the now |? 'no, (and which exhibit an expenditure of tj 179.279 01, were made by contract, the pie tlJ i*>n<year, with the exception ol the wonden c; iart of a few' contracted fhi; all of the Freight I j} Jars were buiit in the shops, and materials had ji, a ho provided lor in advance, and the con- as iirnption of coal was increased; from the in* <5 treated servicesexacted fiom the foundery, and ?|( dditit-nal forges neces-uuy. If this conlraet |t \stem worked economy, it did not belong to g he administration of l?-'>0. It was matured, pr hot i confess, not wiih my concurrence) at the re viil of the inability of he Board. The true 10 icy will he the one, which the South Carol i. ; t'j ia Company may have to tail hack upon, that j jj *. tii depend as 'itlie a* possible upon imlividu j I ertabii-hnici.l for what is necessnry for the i ^ oii*lriiction, the maintenance and manage, i p, uelil of Knurl, and Power. I was gratified, ! j0 iowever, is I was iodividoally instrumental to 1 C( - ! ?. limi Uncle,.r Ai I'n.'g pliter ?? n tree from one of iljt* objections I have q i R.ii' iiistl under heavy responsi- ar ftities to public.) ?< i?? ? ever dependent IJJ?. ja n :? ivHte {mcIihin*. it i< ii<>t every individual j? h t from termer assoeiatnms, may have llie jJ( i 1 Ii|i. .Mr. Hacker has, of being prompt and m i t!11111 in his new obligations to the South j? .'arolimt Ua?!r??ad, or of having the opportuni- i (j ie?, from previous experience in our Cotipany's | pt erviee, of making an article, which has been j j,. 0 higbiv'npproved of, hy those who have been ! w hie to judge of its perfinmance. Rill for ail, ! hat has probably been tediously detailed. i ,,f The la'e adiiiinistn.tion was arrained, for j j,| 1 < fligate expeudituie in an increase of indebt- ^ dm-iis, and f??r extravagant disbursements in j)t lie rnaintnining and work'tig a Road; by uing'ing and confounding appropriations lor 0( instruction of Fioad* and Cars,with those which q pn-nain solely to their preservation and man- |j. gempnt. The consideration (and my Reports Vl 11 o w it) or l lie relaying of the Hamburg Road, t;( lie aecomni'slat ion* at the Work-shops, Freight j'u ml I'asvenger House was the greater economy as villi whieh it would enaloe those administer. (e in voor affairs, to introduce inthe management w f i lie business of the Road?enhancing profits j? villi induction of expense. Rut it svems that t| oil permitted, not intentional.y, I nm satisfied e( he expenditures lor the improvements to be tjj barged as a fault on the Administration of C( ^49 while that ol 1H30 is to be credited for j(] ny ce mtmy in the. management, ic/iich those niTtrrmrnts introduced. tj it was not inv purpose, hi this communion- pion, imposed on tut*, to animadvert on t!ic id icy or management of the South-Carolina {.' tail Road, under those who now have clung*. j Ion id it necessary to notice the debt ami orili- | inrv expense accounts; to expose the injustice j if tlie chaige, that these, under a predecessor,' vere unintelligible and profligate, i can never j a* insensible to the delicate trusts devolved on '] hose who have charge of so complicated and real borons a machine as that ol a Kail Road; rid I feel too deeply interested in the success j ?f the .South-Carolina, the earliest pioneer and '] anther of Southern Roads, and in this, 1 mean 1 nit individually, but as a Carolinian, to desire J by imputations of ignorance or mismanageunit) to cast obstacles in the paths of those vho may be impressed with the proper and libral policy in the administration of it-concerns. I 'I ^ Rail Road is too delicate a machine to fainter with, and while a wise economy is always o be commended, you may push the figure of eduction so far. as in the course of years to ibsorb its substance and power, in deceptions [5 ir. fits. you may realize the fable of the Golden What has produced both in Great Britain ind at the Noith, in some instances, those re- 'J 'ul-ions as to the settled and fixe I value of tail Road .Stocks; but those alternations be- I, ween profligacy and delusive economy of ex- i '1 ...itiliim-i. ni.ikiin/ it a f: n *v article, and ex- | " o ? ? >osed to all the fluctuations of extravagant | 'peculation. Our affairs have been too long ' jmlerthe influence of excitement at our annual ! y iieeting?they have presented more the turbu- j ence and conflicts of political assemblies, than j r> :he cool deliberation of stockholders, 011 an : v mjiortant enterprise in which they have a great! il stake. Deeply impressed with the influence 1 c uhicli the South-Carolina Rail Road was des- ' n lined to exercise on the Political, Social and I n 1 'ommerci il Rolut <?:is of the State and City of 1 v "iv ty, ! i ly contiihuted what little of; n j .:i - 1 ?:1, and of personal survi- j j : to !. Mse. T.'.ojg!i separated from it 1 : < t -e-- >. ieli may have affected 1 c .1 s. n.ciii, they can never impair my con- ji liiiv-iice in its ultimate triumph ; yielding all j 0 til 1! you 111 ay h in: Imped ; all that my ton san \ t "nine temperament may hare, foreshadowed. In \ r its greatest of turbulation?, and trials, I early | } penetrated a vitality which embarrassments in , the beginning and want of experience could I = ? -I ! I IICVVI VAklll^"IOIIVW 1 now proceed to further details of my stew- f ardsliip, during a period that responsibilities, * however trying, were never shrunk from,until at l your bidding, 1 transferred the trust into other t hands. t By reference to the early reports, you will t see that the operations of the Company com- | menced in debt and progressed only on credit. 4 It was not a policy adopted voluntarily by your ' first President, but entailed on him under a , >trong motive of relief to the Stockholders. I The inflated years preceding that of '30," t which stimulated the L. C. and 0. Bail Road I into existence, with a subscription to 80,000 < shares, was succeeded by a revulsion, threaten- ? ing Stat-s, corporations ami individuals with bankruptcy. The first instalment paid, placed < at the Co.npiny's disposal 8100,000. With I this, operations were commenced, and ou a loan of two millions of bonds, guaranteed by i theT State, was predicated the purchase of the ; Hamburg Road, the cost of which, with im- i . ??o???a ovements, was placed, in Gen. Hnyne's se>nd n-poit, at $-.',700,000. To meet the first staluieut of purchase, -3700,000 was borrowI of tile Hunks, iu anticipation of the sale of on<is. One million was negotiated at par, "1-18,7 75 $7 applied in England for End Iron, id semi-annual interest, 3*2,532, placed to edit of Com finny, and $4fiH,775 87 remitted bullion, on which the.S. VV. II It. Bank took i departure. To meet the obligations of the ?ar, and until tin- proceeds of tne second mil. in could be realized, a new Bank loan had to ; contracted. Through some n.isappreheuon with our Bankers in London, a disagreeent arose which bud *u he adjusted after I line isstu oiiice, through the mediation of aritig, Brothers ?Sc Co. The result was t! at ,is uioicty of the Bonds was accounted for so : i.. ni-f ],i:t ;s >i27 lN?l 40. iuvolviior n loss of 17*2,?> 10, :tini ;i deficiency to that amount of iticipaled menus to moot pressing obligations. 1 these extremities there was no appeal to the tockholders. On the contrary,to r.'lieve them oni a call for instalments, there was another sort to debt, without any provision for credits > redc-em. In the midst of these tiials, your ien President did not falter, hut it pleased a rovidence to remove him fiom us. The highrespected President, pro tern, to meet these nergeneies, was forced tn suspend in part t it" j ogress on the Columbia Road, and to appeal j r assistance to the Legislature. It was ac j mled in an advance on the State subsetiptinn , ' the extent of 000,000dollars. The City of harleston hail made a similar advance to the noiiut of 70,000 dollars. This 070,000 dulrs thus constituted an additional debt, tavolvg a charge for interest,until the amount could ; absorbed in payments, of postponed i.vtt-illr/it.v. This brief history brings you to the j riod when I took charge of tlf all'airs of tiie i umpany. By reference to the -4th annual re>rt. and first of my administration, which I 1 ive had re-published, being out of piint, you i ill read the statu and condition of aifairs to 1 at date-and the policy, from necessity and j >t selection, which had been imposed, to com- I ? !.? th.< t!olnm!)i.i Branch, and redeem the ! company's pledges lo contractors and too j iblic. Could I have be.n influenced by the counsels ! ' the punk-ill, 1 would have abandoned the I olumbia Road, which they pronounced as . mkrupt, and as an incubus on tho more fa i >red enterprise to Ha nburg. My determina j jii was, however, at every hazard, to press rward with the former, ami cheiistt toe iotter, ; I not separable, but as pint? of a great sys- ' in which was destined to checker the Mat* ith iron highways, and to bring nt? in more ! timato relatious with the far West. As to , ie most practical and cheapest route to ae- | ):nplish the latter, it was my misfortune to | Ifler with friends, and we have lived to set* its ! Dusumtnaliou by the one then favored, and idicated by me. At the coiniuencemeut of my Stewardship, ie affairs of the Company were reported thus: or payments on Hamburg purchase *2,877,531 70 ' or debt to State incurred to that dale, 31st Sept., 18-10. 138,223 50 j 33,015,753 4i) j In the operation, the Company had incurred a debt: \> Bonds negotiated and guaranteed by State. . ?2,030,000 00 'o Balance of ?300.030 advanced by State, on.subsjj'u. 47-4,077 37 | 'o do. to city ol Charleston, do., 30,130 53 Loans troin Banks. . 201,392 40 Stale, on uce'i Hamburg road..... 13s,223 50 Scriji in circulation ....200.379 23 ?3,144,'231 12 o amount |>aid for construction, interest, and oilier uti ligations, to date. .... 2,295,442 16 Total ;>ai<J . . . S5.1G2.97G 65 y a statement ol the Cngineer, the estimated cost of the Columbia Rom!, was put down at SI.916.724 GO 'here ban been paid on it . . . 1,U11,999 GO .caving to be provided for ?905,642 U0 'here was an error however between the c-timate and cost to be added 145,61 1 21 laking In lie provided for <5950,742 72 To meet the?? ob igations, "the instalments n slock, and which could bo called at inter als only ot GO days, bad to bo anticipated by ;e issue of script, drawing interest and small hange bills, receivable in dues to the Compa. y. We wero here met by another embarrass, tent. The stockholders beyond the State, re re permitted to withdraw from the co part, lership, and the stock within (lie State was re. need one fifth. By this enactment, no c?hri Cut ions from the State, City and Corporations oult^lie received, as their payments were credled against their debt, and the latge advances nmlPiii' l?fi illu r.imniiiiii it:.!iiliti>r1 ? W W..,, .v.. - .|?..V i) !><>th. The shares tin the adjust men* were educed to 34,810 00 The Jstnte, City ami owned 10,110, leaving but 24,100 .mres as the only resource t? finish the Coluiniia Road, and to meet outstanding uhligations. 'aymtMits had had already lieen made on the >th 6th and Tih instalments, us the scrip issued vas received in payment, lliere was very litle money coming into the Treasury to pay oldir obligations, burthened with interest. Unler this system of finance were we compelled o progress. The Road to Columbia was comlleted, and, on the consolidation of the two [Companies, on the 31st December, 1844.? rite balance of indebtedness was 82.793,*222. \ll these operations were conducted thiough a leriod of great distress and embarrassment in he country, and the credit system having been breed on the Company, was consequently con? I ... - MM . . juried Hi "reairr rip-iiKe. i no imere&i uc:ount alone, throng : this period of our history, utmuiited to $898,850 08. ? At this crisis, more neotTHging prospects bpgan to dawn on the liorizon. The business of the Road was beginning to realize expectations. The revenue on the >*oar of consolidation, had reached $55J2,809 95 and on an average increase of 875.000 a voar, had nnionntrd in I849,.i'? 10. For theyear 1850, l he iiirivgfce i^.i*u?520.3! 7. near 5:1,000 Inss than lite invfujje <>i |,ii!umi' y?*ar>. ^ The d? (i< ii'<t ui?*d U blu.ri crop; or paidul ^ijjjeiiaioii ofwu.?i?"(Mi ? i: ilie Camden Hrxncii.tK the Koa.J timing 'hat p'/iod, \v.?? i)"r<> ?f<Wt, tiojoii: tliau- ,il ro'ild aecnunnodaJe; and to stitth an extent were the^ i'Xi:o!i.i:t> oii iu pHver, thai. by adveniM'ineiit. (li<* tran-jioifatinn oi' uwei and lumber wcra declined. A caf?poM*(l public ?in?*va?M*e, wliirhr-i wus made a heavy chaise aonin-t ili?? adoiinisI ration i TH49. not for rcfusi'i? to bring, but !or not hi'in^ino nt f /s! a-1 offered lit Stations. Wl ll;.* CiiU.-nllCliUO l? me l.Oflipauy ilrici no motive nr Car-power, Iml that which was porchased with the Hamburg, and which bad beconn* iiindeqmitH to the requirement* of iiie Road. Immediate provisions for tbeir e?seurial appurtenance*, wore demanded by your interests. The public calls for transportation, a -commudalioii icerejusl. Thus stimulated l?y ihe prospect* ahead, and iu which I purlicipaled. I he Compaui responded loan upp-al front. Kershstv and hunter, in the r??u?:ru?:iii?o of the Camden I'ranch. Thi* ciiteipiUe was partially commenced late in the year 1345, aud opened fir business, on its entire line in Xov*nt. ( lier, 134*4. With nn other resource# bm the revenue foi six \ears, friun 1341 to 1349 inclusive, there was aunvetage dividend of5,lU per rent paid. Trie debt to State a lji>:?-d TJ5.U1K) d ilia's appropriated towards the Company'* m iety in the Camden Road, $143,055 paid lor Real Ks'a'e, and improvements on Depot* 41 and work shops? $270,102 additional value given to f.oei motive and Car power, and Mit. chineiy iu shops; and dollar* paid fur new it on lor Hauibuig R* ad. Showing an aggregate of accumulated property, exclusive ?f the dtxieii in the Camden Road of $ri?U,tl36. < and a balance of indebtedness of hut 8207,343 excess, over the balance reported on the consolidation of I lie two Roads. The Company, with all these iinprovemouts, and increased rati* to meet an ii'igmeutliig mt'liie??*; had on the til<>l ?>l Jan.. 185(1. a baiauce of inuebted. tir.su lass li > 80*,?(i'j7. than the idiiigulion ill cm red in the purchase ot tin* Hamburg Koari. The negotiation iva? predicated nil, and nun sumated by a debt, a* shewn of 3,015,757 49, Hnd increased ufiorwartib by some charge* not t irn embraced, and if we add (ho $172,510, loused on the sale of the guaranteed Bond* appropriated t<> itiat purchase, ii would a well I lie am mnl <>! obligation* incut re>) for ibnt lt?a?l ot3.lc7.757 49?now represented by a (.mm. pa ox's indebifdneM on tfie 1st January, 1651), o! bni 2 947,071 dollar*. Through ail these trials and respmuiibilitie*, I was ably sustained by the Southwestern Kail Ko.nl Hank, and at lime* very opportune. U aecommo fated by the Bank ot iIre "tale.? ^ lint there are peiiods when mnnied rnrp<oH. lioiw aie forced lo protect lheiti?efvet?, and <?im% of these occurred on the last French KeVolu> lion, when a revulsion in the nnneyed market, very nesir'v jeoparded the credit of the Conrjpa. ay, in an iiiafii ity to meet, hmnediaLehi, its for. eign obligations The South W. K. K. Bank notified ine of it* being unable to telieire lite Company in its then extremity; the Bank Vf ^ Chin lesion, on no gtuirant-es would give a credit on the exchange it \vh? ?ui?|h)sed lo hold in London; tin' Bunk of the Stale agisted l<? tlie extent of its means: but even the sum U ?f* forded, was iineoiirt! to the. Company's nhliga. lions maiming in Cngland, and parlicu'nily the i iieresls mi the Bonds guaranteed by the State. In this extremity. 1 volunteered a private ope. ration, having previously obtained the sanction of our Agents in London, by vi biefi a.large p?. . .! 111 ...-.i.. i..., ruumry NHcriivn; mi uijr ???? the honor ofthe Company was protected, and il was through the hi<;h crt??lil ntttie Company with if* Bunkers in London, 1 hul I was enabled, upon a simple order, to avail subsequently of* purchase of*iron for the Hatiidorg Road, whenat about die lowest point of depiestion. Tba hUtorvnf the transaction adverted is on 61* in ihe (jflpHraod was 'here deposited in explanation account for Exchange furnished, whiebZf iiPthe book" of your Auditor. ^ ny*refnrence to the Annua! Report for 19411, herewith published. and the first of my Stewardship. vnij will read hastily sketched, the identity of interests of the South Carolina Rail Road, with those in project in other States, ail tend, ing to harmony of union, in the social, political and commercial relations be ween the West, the Carolina* and (ieorgia. I hesa enlerprizc* were not neg^cled on my f?art. ns imposed by the obligations of my positi in with the South. Carolina Rond. Bv the enterprise of Georgia, the waters of * the Tennessee, through thi^pyrts of Savannah and Charleston have beertbroMght into inti. mate communion with the Atlantic. The Road to Nashville is in rapid progress of completion. The energy of'Tennessee has re etiflfuhtted into existence the older, but not !cs*j^Hvtant en. lerprize, through North AlaliarnM|jM|^tphis. The Road Irons Selma on the Aljritthfta*iritrr. cept the latter ha* been localcdj^roKs aovx- un. der contract. This Road hu$jjP#ffiMf(fcd attent ion to the route by Brandon to Yi'-ksbur^. All these three iron high-ways wern indicated in a Report at the Mempltix Convention, and harmony of co-opera ion produced by * shewing that as Radii 'from a centre, they went not ^ antagonbtical, but on th? divergihg lines to a M common oirruinferenco?in their conipleiittn, ^ we shall soon have tapped the Tennessee and Cumberland, ami the Mississippi at the itnpo. sing points of Memphis and Vick*burg. The Father of Rivers will he weakened in its iuflu*. ences, and thut Geographical Bond, which cpomfl nntv In rnnnnf Ip the shores of the lower Mississippi to the insulting domination from tha Banks of its upper tributaries, will have lo give way to the iron avenues of Southern Equality and Free Trade. Respectfully, ^ J AM hIS GADSDEN. Hanks.?The Indiana Convention lias or. dered the following, as the first section Of an article, to be engrossed: "No banks shall here, after be authorised, except under the reatrictionsto ho provided in this, constitution. All* banking shall bo on a sp&ip*t)asis actual^ paid in." Alabama.?A Convention of delegates from all tho Southern Rights Aesociations o^iio State is to assemble at Montgomery, on tho second Monday in February.