The Camden journal. [volume] (Camden, S.C.) 1836-1851, February 26, 1850, Image 2
The Camden Jonraal.
PUBLISHED BY
- - a nnirt<
THO. J< tV AKKJCin OE l. A jrmvjL<i|
EDITORS AND PROPRIETORS.
TERMS.
For the Semi. Weekly, Three Dollars and Fifty Cents
if paid in advance, or Four Dollars if payment is dc*
luycd three months.
For the Weekly, Two Dollars and Fifty Cents in
advance, or-Tlirce Dollars after the expiration of three
months.
From the Baltimore Son.
THIRTY-FIRST CONGRESS 1ST SESSION.
Washington, Feb. 18, 1850.
SENATE,
After much debate, the bill to release the
sureties of Samuel Swartwout was passed.
The Senate took up the President's message
communicating the California constitution, the
question being on the motion of Mr. Benton to
refer the same to the committee on territories
1 " n..i:
with instructions to report a oiu aaminmg California
as a State, unconnected with other measures.
Mr. Clemens spoke at length, and urged that
California had no right to form jrState government
'
He commented upon a supposed concert of
action between the lion and lamb of the Senate
in favor of this motion to force California into
the UnionHe
saw no reason why a dissolution of the
Union should not be possible, but, if not, the
responsibility of the consequences must rest on
the North. He commented upon the views of
Mr. Cass.
Mr. Cass explained.
I believe, said he, the Wihnot Proviso to be
unconstitutional. If the proposition had at first
been presented to me I would have voted for it,
When it was first presented, the Southern men
did not show the resistance to it which they have
rlnna Snmn nf were in favor of it.
uvuv* --v...*- .. _
Subsequently Mr. Cass said he looked into the
subject, and found that there was no power in
the constitution to prohibit slavery from the territorial
communities.
He was confirmed in his opinion by a consultation
with Justice McLean.
He would put nothing in opposition to the
Union. . As to the Wilmot Proviso, it was a project
of mischief. Every age has its Wilmot proviso.
It came in shapes of all varieties- once
it came in the shape of a tea tax.
The South had become excited, and the Southern
members were determined to keep ahead of
the excitement Mr. Cass went on to say, he
had heard violent threats long enough. These
things, commenting on Mr. Mason's speech, he
said, drive us to the wall.
I have heard threats enough thatNew York
is to be like modern Tyre, and the Southern
cities like ancient Tyre that the North is to be
made desolate I cannot stand this any longer, i
said Mr.Cass.
We are in- the hands of God, and what he
will do with us 1 know not But from men and
their prudence and moderation, he had.no hope.
The storm had rolled over him, and he was
broken down* This was his last session here.
If a Northern man would not say that slavery
was the best institution in the world, the Southern
men denounced him as an abolitionist At
homo, his moderate course caused mm to be denounced
as a dough-face.
Fire and blood were invoked on both sides.
Every age had its "Wilmot proviso, and sometimes
it came in u.":e shape and sometimes in another.
It was a pretext lor commotion.
Mr. Clav denied the right of the Senator from
Alabama to animadvert upon any supposed intercourse
between him (Mr. Clay) and Mr. Benton.
He did, however, say that there was no
such concert. His personal relations with that
Senator had been restored, and he was glad of it
Mr. Clemens contended that he had a right
to allude to a combination which appeared to
afl'ect the public interests.
Mr. Foote spoke at length on the subject of
the dangers that surrounded the country, and
expressed the opinion that there was a plan to
smuggle California into the Union; and that Mr.
Clay's resolutions conceded every thing to the
North and nothing to the South.
am.... i,.
lfir. v/iuj oaiu iiv *>aa uic uvok anuocu mnn in
the country.
Mr. Cass. With one exception. (Laughter.)
Mr. Clay spoke of the abuse heaped on him
by the abolitionists, and that he should see their
assaults, they sent hint their letters and papers.
Mr. Cass. I can show bushels of them sent
to me.
Mr. Clay. One word. With respect to the
right of the Senator from Mississippi to comment
..... o.. c I iln nnt mipatinn Hut tlin nrpntlp.
UIX IIIJ UVIWJ * V ...w ^ -
man seems to reflect upon the object of a supposed
concert between me and the Senator from
Missouri.
Mr. Foote utterly disclaimed any such intention.
He had, in his printed speech, previously
denied the same inference.
Mr, Clay went on to refer humorously to some
apparent inconsistency between the Senator's
remarks to-day, and a conversation of much in twit
had taken nlace between him and the
Senator this morning.
After some remarks from Messrs. Foote, Clay,
Hale, Butler and Dickenson, the subject was
postponed, and the Senate adjourned.
1IOCSB OF REPRESENTATIVES.
The morning hour was taken up in tho rcception
of reports from committees.
Mr". McLane, from the committee on commerce,
reported a bill amendatory of the act establishing
the Mint and regulating the coin of
the U. States.
Mr. McL. explained that the bill was an exact
copy of the 31st section of the act of 1837, except
in one particular. The act of 1837 directs
the Secretary of the Treasury to keep on dcpos -
_ r.._ *t.
11 in IHU IIJilll ^ MJI wit- |!ui|iudt: ui pui i/iiaoiug uui*
lion, the sum of $1,000,000. This bill merely
authorizes him to keep on hand, if it bo necessary,
the suin of $2,000,000. This was rendered
positively necessary, in consequence of the increased
amount of bullion placed on deposit
derived principally from California.
Mr. Bayly suggested the idea that the increase
to the amount proposed for, might affect the
bonds of the Superintendent of the Mint and the
Sub-treasurers by the change of the baeis fo:
which they wore given.
Mr.McLanedid not so regard it. ITic bond:
of the Superintendant did not have regard par
ticularly to the amount of money on deposit, bu
were for the safe keeping of the arodlint directe<
to be kept The penalty of the bonds at anj
rate was equal to that of the Sub-treasurers wh<
had a much greater amount at times under thei
control. But as a matter of abundant precau
tion he would submit an amendment to remedj
rtViirt/ finn nf nri ntlpmRn from Vireiuia
M.V VUJVV..V.. ... 0
(Mr. Bayly.) He then introduced as a proviso
a proposition directing titeSecretary of theTrea
sury to cause a renewal of the bonds of the Su
periutendeut of the Mints and of tlie Sub-treas
urj.
After a few remarks by Mr. Thompson, o
Miss., and Mr. McLane by way of explanation
Mr. Burt moved that the bill be referred to tin
committee of the whole on the state of the U nion
and demanded the previous question.
The previous question hud a second. Thi
question was then put on motion of Mr. Burtlt
was decided in the negative. The amendinen
| of Mr. McLane was adopted, and the bill dual
[ ly passed as amended.
Un motion ol iur. inge uie ruies were bus
pended, and tlio House resolved itself into com
mittee of the whole on the state of the Union (Mi
Boyd in tl e chair) and took up the propositioi
to refer the President's annual message to th
standing committee.
Mr. Bay, of Mo., who was entitled to th
floor, deprecated all discussion of such excitinj
subjects as that of slavery, but as it had been in
troduccd for discussion, he advised that it shouli
be done in a calm and argumentive manner.
Mr. B. then' proceeded to discuss the slaver
question at considerable length. He was in lii
vor of admitting California, but opposed to he
present boundaries, on account of her havinj
too much sea coast as well as too much territo
rv_
I ~J '
The admission of California, he said, was dc
raanded by the voice of the people and publi
justice. He alluded then to the supposed actio;
of Mr. King in California to cause the interdic
tion of slavery there. That gentleman, he saic
| was more than 100 miles from the spot wher
| the Convention met which formed the Constitu
tion and interdicted slavery. The Conventioi
was composed of 48 members 12 of whoa
were native bom citizeus of that country; of th
remainder sixteen were from the southern State
and 20 from the northern States. When th
vote was taken in that Convention to interdic
slavery, every man from the southern State
voted ro exclude slavery.Mr.
Thaddeus Stephens, of Pa., followed in
powerful anti-slavery speech, maintaining priii
oirtnllv tiat tho pYistpiic.e of Rlaverv retarde
the growth of ttie Southern States in prosperi
ty and all that pertained to true wealth an
happiness.
Mr. Buel next obtained the floor and move
the following amendment to the resolution pro
posing to refer a portion of the message to th
Committee on .Foreign affairs:"With instruc
tions to inquire whether, at any perivd in th
late struggle between Hungary and Austru
when the lutter sought the intervetion of Kussi
witli a powerful army, Hungary had not in lac
triumphed over Austria; and whether the Prcsi
dent by neglecting at that time to recognize th
settled policy of this country in recognizing d
facto governments, disappoint tho friends c
tniJnitiin fn tlin Qtrmnnftiitio nt i
llt'UUUIll) OlIU UU IIUI^IIVV iv IUV 0MU|m imgu>
wishes of the American people."
Mr. Buel occupied the floor nn hour iu poi
traying the brilliant efforts of the Hungarian
for liberty and independence; and arguing th
duty of tins Government to have acknowledge
th existence of an independent Governmen
there before the armed intervention of Russi:
After Mr. B. concluded, Mr. Russell, of la
obtained tho lloor, but gave way to a inotio
that the committee rise. The committee the
j .1.. II.... ... ..4 A n'i.l.. L- u.l;..., w,/l
rose, aim ujv nuux, .ic v.w.., 11V .
Charleston, S. C., Feb. 15, 1850.
To the Stockholders of the S. C. li. It. Coilipany
Gentlemen 1 was not present when tli
J following resolutions were introduced, and re
I ported to have been passed, unanimously, b
tlic meeting. 1 heard of them, but had not th
opportunity of reading them until this afternoor
JudgeKing ottered the following:
" Resolved, That the thanks of the Stock
holders are due, and they are hereby tendere
to Col. James Gadsden lor the enterprise, enei
gy and fidelity with which he has discharged th
high trust confided to him, during periods i
great difficulty and embarrassments in the ai
lairs of this Comnanv.
" Resolved. Tliut a free ticket over theRoac
for life, be and is hereby tendered Col. Jame
Gadsden, Lady, and servant."
"Enterprize, energy and fidelity" impart n
claims to the freedom of your Rood. My exper
ence, and " fidelity" to the interests of the Con
pany have proven adverse to the indiscriminat
distribution of free tickets. I cannot, therefor*
accept a tender which seems to give me a priv
lege not enjoyed in common by every othc
Stockholder, possessing, perhaps, in a pre-cm
nent degree, the very high qualities which hav
been ascribed to
Your obedient servant,
JAMES GADSDEN.
Mhrtixo iv Xkw YouK. The Nei
York correspondent of the Philadelphia Ledge
says:
"Great preparations are making for tin
great mass meeting for the Union, I spoke of
day or two ago. it will be held in the Pari
There is some danger, however, that the pol
ticians will kill it off.
"A second meeting, with the same object i
view, (ostensibly) is advertised to take place a
Tammany Hall, on Saturday evening next."
Pi.aims Tim r!nmnti sir>nr>s nr
der the Mexican treaty have nearly complete
their labors, and it is thought their awards wi
scarcely reach the maximum sum fixed by th
treaty. $3,500,000.
A Smash. Ten freight cars on the Providenc
railroad were literally smashed to piocos on Tuet
day morning, in consequence of being thrown o
I . a i. i... it. i I.? e _ i i ..r _r .l.
uie uacK uy me ureabingoi a wneei ui one 01 ui
cars. Fortunately no person was injured.
r TPMIE jTOTOHAIL. _
! CAMDEN, S. C.
} TUESDAY EVENING, FEBRUARY 20, 1850.
J DEATH OF CAPT. M. M. LEVY.
r We regret to announce the death of our fellow
. townsman, Capt. M. M. Levy, late Sheriff of Kery
shaw District. We are unable to give tho partiu
culars, and will only state that we understand he
died an hour or two after he was attacked with the
" disease which terminated his existence. He was
on a visit to his friends in Mississippi, and died at
the residence of T. S. Anderson, Esq. The time,
we are unable to state.
l The Post Office at Granny's Quarter in
e this District, has been discoutinued by the Post'
master General, on account of the resignation of1
the Postmaster, James Love, Esq., and the inexpediency
of continuing the office at that place. All
mail matter intended for that office, should in ftj
. ture be addressed " Camden, S. C."
SUGGESTIONS TO STOCKHOLDERS OF
THE S. C. RAILROAD COMPANY.
We refer the reader to an article in to-day's pail
per under the above caption. The hints thrown
e out are well worthy of consideration. The plan
proposed by the writer to unite the capital stock of
e the bank with that of the Road, we think is a prac=
ticable one. The requisition lor twenty-five dolI
lars per share more, if not a lake in is certainly a
call in which, under the circumstances connected
y with the building of the Camden Branch, amounts
. to the same thing. The suggestions referred to,
r are submitted for the purpose of provoking discusrr
sion. as well as to suesrest wavs and means to meet
3 ' oo u
a contingency which must be provided for in some
manner. The road cannot pay pimple interest
while a tremen dous weight of debt is pressing like
c an incubus upon it.
n
:* Our thanks to the Hon. J. Woodward for
Smith's New Map (1850) of North America, and
e the Gold Region of California.
i
u OAr thanks to Hon. A. P. Butler, and Hon. John
u McQueen, for various public documents,
e
s jr*? Jir. Jicuume ana air. rreston, ot aoutn
e Carolina, excepting John C. Calhoun, the most
,t brilliant and commanding politicians of South Carolina,
since the days of rinckney, we regret to
8 learn, are now in utter and hopeless imbecility and
idiocy, from softening of the brain the disease
a which terminated the intellectual life of Southev so
i- long before his physical decease. So we read in
d the New York Tribune, but we cannot but hope
[. there is some mistake in this,
d We copy from the Baltimore Sun of the 20th
instant, this extract, and take pleasure in correctd
ing the statement. Col. Preston is the President
>- of the South Carolina College, under whose able
O Il.Ml'bllU.l tlAfl 4Vk~
v lllillliijjciliciii uiai iiinuiuiiuu uao jiiv^icicu iui
!* some time past, and may proudly compare with
e any other. His health has been feeble; but we are
l' pleased to. say it is better at present. His inteliecj
tual powers are yet .vigorous. In regard to Gen.
I MeDuffie, we are not fully advised. His health for
c a length of time, has been very feeble, and, as is
e natural to suppose, his mental, as well as physical
,f abilities, have been greatly impaired.
d
The "Scenes on the Hudson," tkc., Vere
.. exhibited in this place at the Female Academy,
s during the past week, and were well patronized,
c giving satisfaction to those who visited the Hall. \
d They are next to be exhibited in Columbia, where
it our friends may have another opportunity of bel
holding the representation of the grandeur and su
bliinity of Nature,
u
n We have been handed a Prospectus of a new
paper to be started at Sumterville, entitled the
Black River Watchman. Gilbert and DeLormo
Publishers. J. Witherspoon Ervin and T. B. Frar"
ser, Editors. 8*2,50 in advance.
0
I- TIIE SABLE MINSTRELS,
y Advertised to perform here on the 18th instant^
0 where are they ? Don't care much about knowing
'* only like to keep the run of things.
[Etf" Charleston, for many weeks, lias abounded
^ with amusements of various kinds. Recently the
Kohnstocks and Reisinger have delighted the mu"j.
sical circles with their "concord of sweet sounds.''
j. California and the. Gold Mines have glittered before
lie gaze of admiring thousands. The birthday of
j our beloved Washington must have been ce'e,s
brated with ail unusual degree of spirit by the citizens
of Charleston, evidencing that the lapse of
o time and ages cannot lessen the love which is clieri
islied for his memory. Upon him
i- " May the weary eye repose
;e When gazing on the great,
lf Where neither guilty glory glows,
j. Nor despicable state;
Yes. one the first, the last, the best.
Thi: Cincinnatus of the West,
l" Whom envy dared not hate."
i
THF MASS MEETING AT TAMMANY IIALL
PREVENTED.
A call was mado for those " opposed to the
Wilmot Proviso and friends of the Union" to meet
x
011 Saturday night at Tammany Hall, New York.
' A party of ruffians (robbers of public quiet) led by
jj "some half a dozen demagogues who possess neia
ther personal nor political influence, prevented the
t. meeting from taking place." They entered the
i- Hall by force, seized upon and dragged out persons
favorable to the proposed meeting, and comn
initted other outrages disgraceful to human nature.
Northern letter-writers and correspondents tor
Southern papers may sing the lullababy of peace
as long and loud as they please, but there is no
'j peace. Such creatures can only be brought to their
jj senses in one way : that way may be easily imae
gined. Reason cannot teach them; persuasion
cannot teach them; let fphce teach them. The
Charleston Mercury, in noticing these disgraceful
e proceedings, says:
j. " This outrage does not in tin? least surprise us.
A The anti-slaverv party is essentially revolutionary,
lawless and ruffianly. In regard to the South It
e has in all points the characteristics of a brotherhood
of buccaneers, What clee can it he expected '
to he at home than a horde of ruffians?? Moreover,
the spirit of these proceedings is quite in accord
1 a. xt. _ v 1. t
Willi tne resolves <II uie new xuriv A-c^iciaiurc,
and must be considered ihe response of the mob to
the enactments of its representatives."
The Genius of American liberty, may now well
be represented as standing upon some lofty verge?
looking with interest most intense, upon the drama
now being enacted. Wave after wave of aggression
has been rolled upon the South storm after
storm of fanaticism has beaten upon the fated craft,
still the South clings to the "ship of State," while
every cry from the watchers at the hehn is that
"new billows" are driving it further and further out
upon the raging surge, Foofe, Clemens, Butler,
Downs, Clingman, Venable, Seddon, Johnson, and
others, have risen and warned the aggressors to
desist. The almost unanimous voice ot the south
has echoed in their ears tlie war-cry 44 Equality or
Independence*' still the cry is " they come." Already
has the Genius half raised her wand which
when raised, is to inspire every southern heart, to
dissolve a Union which cripples their prosperity
and brings with it disgrace and insult her eyes
are tun>ed upon Ihe two master spirits yet to be
heard in the Senate. Anxiously does she wait for
the rising of some star to show the way to the redemption
of our rights. If they fail if the territorial
Committees fail then must we forget the bright
Goddess who gave us the eventual triumph of'76>
or at once destroy an alliance with men, who hurl
upon us an oppression, to which the tea-tax, stamp
duty,&c., bears no comparison. Men at the North
have sacrificed themselves for us, and has southern
blood become so tame, that they must fall alone.
Said Cass, u The storm has rolled over me I am
broken down. This is my last session here.*'
And some in the South are afraid, to talk of dissolution.
Can see no necessity for a Southern Conventien.
Depend upon it, those men are not the
descendants of those who hailed with triumph the
Banner of the "stars and stripes," and of those
whose eyes kindle# with enthusiasm, when they
heard of the bright deeds of those better days.
Editorial Gleaning*.
We regret to announce the death of Mr. James
S. Burgea, long a respectable inhabitant of this city
Charleston Mercury, 23J ins/,
The experiment of laying the wire under ,ws.
tcr was tried by a steamboat ascending the Wateree
River, a few days since. The wire, how.
ever, has been restored to its "post," and our
communication with the North re-established.
Hon. Jefferson L)a\'is has been re-elected United
States Senator by the Legislature of Mississippi,
for six years from the 4th of March next.
Expensive Joking. A publisher in Boston has
been arrested for selling valentines in the form of
banknotes. The fine is fifty dollars. Rather ex
pensive Joking.
"Mammoth Ox. An Ox was offered at auction
in Washington a few days since, which weighed
3*219 ponnds. The bids went up as high as 160
dollars, when the animal was withdrawn 200
dollars being the price set by the owner. '
Sew Post OJpce. A new l'ost Office has been
established at Bradford Springs Female li.stitution,
Suinter District, and Edwin Cater appointed
Postmaster.
A simple Rvle. To ascertain the length of the
day and night at any time of the year, double the
time of the sun's rising, which gives the length of
the night, and double the time of setting, which
gives the length of the day.
Sacics. The liondon Dispatch says that the
Russian is greatly superior to the English navy in
numbers, and is armed to a certain extent by the
intrepid Finlanders.
Depreciation. With regard to the depression in
the railway provcrty of Great Britain, it is estiina.
ted that the gross total Ics6 cannot be short of
eighty mi lions sterling.
We recently heard a good story of two persons
engaged to fight a duel. After the first fire, one
of the seconds proposed that they should shake
| hands and make up. The other second said that
| he saw no necessity for that, for their hands had
I been shaking ever since that began
Yankee Blade.
| Cabinet Meetings. The Presidenllias adopt!
ed Wednesday and Saturday of each week, instead
: of Monday and Tuesday, as heretofore, for the re!
gular meetings of the Cabinet. Upon emergency
and important occasions, they arc ordered by special
notice.
' The President has recognized Ferdinand Karck
..I Voiit oo P/manl nf t lia Prao o nrl T Jo r.ono
UI A Ul H| aa V/UIIOUI ui uio A I Vb ouu tinuo^atic
city of Hamburg, for that city.
S. CAROLINA MEDICAL ASSOCLVTION.
We learn from yesterday's Courier, that at a
stated meeting of the Board of Counsellors, held
immediately after tlie adjournment of the Association,
the following officers were elected to serve
j for the ensuing year:
Dr. J. MOULTRIE, President.
Dr. R. E. WYIJE, 1st Vice President.
Dr. E. GEDDINGS, 2d Vice President.
Dr. D. J. CAIN, Recording Secretary.
Dr. J. A. MA YES. Corresponding Secretary.
Dr. W. T. WRAGG, Treasurer.
Dr. T. Y. SIMONS, Orator for 1851.
Mr. Hannegan. The New York Globe, of
Tuesday, savs:
" We perceive that our late Minister to Berlin,
Hon. Edward A. Hannegan, has returned in
Piironn ami n iinruntiul fpinnri nf nnr<z wlin
knew him intimately abroad, authorizes us to
say that the letter defamatory of Mr.Hannegan,
published in the Whig papers in Boston, and
copied elsewhere, makes nothing but statements
utterly without foundation. Mr. Hannegan
never tasted a drop of ardent spirits during his
whole residence ut Europe, and his conduct was
of a most amiable and exemplary character un.
der all circumstances, Tlio stories, therefore,
of the letter writer Jn question aro most cruel
as well as uinnst, and were no dou^t the nianu
frtoturo of some jjersonal il|-looting and malignity,
We trust that the journals which gave unintentional
circulation to those malicious charges
against Mr. Hannegan, will copy this corrooti<HKw
5 - n>
TELEGRAPHIC INTELLIGENCE.
Reported F.xprwly for the Journal.
Charleston, Feb. 25,1850.
Tltere were no buyers t>day, the Steamer's accounts
having prostrated the market. Only 100
i _ i i j i.xi i e
oaies weresuia, hi 1^5. xreaiers are waning mr
their private letters.
Reported for the Charleston Courier.
Baltimore, Feb. 24.
New York Market Saturday Eteniug.
The Cotton market is firm. Dealers are awaiting
the expected advices by the British steamer.
Tim tt*ruil.*'w* coIuj oinnnnt tn crn'ontuuit
hales, and at the close of business, fair Uplands
were quoted at 13 5-Sc.
Disaster*.
The Silk store of L. N. Stevens & Co., in Pearlstreet,
has been destroyed by lire, and the loss
thereby is estimated at $100,000, of which $50,000
was insured.
The steamer Antelope, of Philadelphia, bound
South, was totally wrecked oflTHog I.-4an<j, on Saturday.
The passengers were saved.
New Orlfans, Feb. 21.
Yesterday the Cotton market wastirni, and 10OO
hales sold. The letters by the Europa have come
to hand. Sugar is steady. Prime Molasses quoted
at 21 cts.
To-day 5000 bales Cotton sold at unchanged prices.
Middling quoted at 11 3-8.
Gaine*' Casr, <fr.,
The Gaines'cat-e, which has been in course ot
trial for a number of days, was decided this forenoon.
The decree, which was against Mrs. Gaines
at all points, was given hy Judge McCaleb of the
District Court. Judge McKinley declined giving
the decision on account of a disagreement with the
other Judges. It is proliable that there will be an
appeal to the Supreme Court of the United States.
For the Camden Journal.
Suggestions to the Stockholders in the South
Carolina Rail Road to vrhich their special
attention is respectfully inriled.
At the late meeting, in Charleston, of the
Stockholders in the South Carolina Rail Road
Company, a report and resolutions, drawn up
apparently with great care, and remarkalde
clearness and ability, were ltrought in by a committee
of which Mr. Daniel RaveneL was chairman.
Pending a motion to lay them on the table,
when they were thoroughly discussed and
well understood, one of the resolutions which
contained the point of discussion, was amended
to read as ioiiows :
* Resolved, Tliat it be referred to tbe Directors
to call upon the Stockholders for payment
of the balance of $25 due on the shares of the
Capital Stock, by instalments, provided, however,
that the instalments shall not exceed $5
each, nor be required at shorter intervals than
90 (lavs. And provided,that the same, in whole
i l it i < % % %
or in pan, stum do iounu indispensably necessary.
The report jfoos on to eaj " tliat they
recommend the payment of the balance due.
Without it the probable increase of indebtedness *
will be $420,000, with it, the aspect of our affairs
would be materially improved. The $*25
per share on 38,810 shares held by the Stockholder*.
would produce $970,350
If inn of thi* fund tlie contemplated expenditure*
be paid, *ajr 635,000
j . ; I .,1.1
There will lie left about $334,000
To be applied to the de!rt* !ie*id < which in thi*
event, the proceeds of tlie safe* of the Iron re
moved from the Hamburg road would reduce
the debt 315,000
Making tlie probable reduction of debt .'00,000
Other cofiiderations commend tfie measure. "
Tlie right to call for instalments has depressed
our Stock. Investments will not, in general, be
desired when they involve a liability to farther
payment, and at uncertain times, which it may
not he convenient to meet. This apprehension
i b dug removed the Stock would become tytore
i saleable. The oavinent of neariv a million of
capital could not fail to increase confidence in ,
the enterprise, and to operate favorably upon
the interests of the Stockholders. Nor is there
reason to apprehend that the additional payment
would not prove a good investment; on the con
trary, it Is a fair assumption that th.* sooner and
the better the road is prepared for the business
in prospect the sooner and the more fully will
this and the outlay already made be rendered
profitable.
The iuterests of the Stockholders, and of the
Company are identical. If the Company be disembarrassed,
the individual members will immediately
feel the benefit. N or ought they to think
hardly of the proposed call."
The motion to lay on the bible was lost by a
vote of 29 to 33, and they were then referred to
the Directors. This was a close vote, and whether
this large minority, among them the stateproxies,
think hardly of it or not as Mr. Ravenel
seemed to anticipate, they certainly are opposed
to the call. This money was not subscribed as.
an investment or as subscriptions are usually
made to a bank or other money making con
cern, it was from the promptings ot public spirit,
in answer to eloquent appeals to their patriotism,
and the duty of every good citizen to promote
the common good. This was, as is well
known,more especially the case with those who- subscribed
to aid in building the Camden Branch,
for if to invest alone had lieeu their object they
could have went into the market and bought the
road and bank shares together for about the
same money that they paid for their shares in
the road. Many took stock imprudently, who
were really not able out of their own means to
pay for it, and were therefore compelled to l>or
row the money or sell property to pay the 875*
No chance was left them to forfeit the first pay*
montsas in the original charter. They were
told that the shares were 875, and as far as they
had to do with it, that was the fixed price, as tin*
number of shares held by many persons will
clearly show. When called upon to help along
the rail road, some said they would go so much,
for instance I know men who named 8*2,000,
and took 2G shares. Now, it is not doubted,
that the Directors have the legal power to force
the payment of 8*25 a share, but because they
have t/.e power, do.es that justify the proceed*
ing?
The truth is, as ;vs$erted Ivy Cot Gadsden in
Ids last report, and that is the real source of alt
our trouble, which should be deeply impressed
on every one interested, tlyit our rail road was
begun to be built, and has been struggling on
with inadequate means, which forced it to go in
debt to go on at all, and this debt, like other
borrowed capital, has to be attended to first,
while the owners of the road, as in any other