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THE COWSTiTUTIONALIST, j JAMES CARD NEK, JR. * TERMS.' Daily, prr annum 00 Tri-Weekly, per annum G 00 If paid in advance 5 00 W eekly. per annum 3 00 If paid in advance .2 50 To Clubs, remitting $lO 1N advance, FIVE COPIES are sent. This will put oar V\ eekly pa per in the reach of new subscribers at TWO DOLLARS A YEAR* iCrSubscribers w ho will pay up arrearages, and send four new subscribers, with the money, can get the paper at $2 00. All new subscriptions must be paid in ad vance. djr’Postage must be paid on all communications and letters of business. [From the Baltimore Sun, 4 th tnsf.] JBy Telegraph. 15 DAYS LATER PROM EUSOI*fi. Arrival of the Steam Ship Hibernia. More Great Fa4lnres in Europe—Decline in Cotton —Advance in Breadstuffs — Condition of the Money Market—As sistance of the Pope tendered by Sar dinia. The steam ship Hibernia, Capt. Ryrie, was .announced as being telegraphed ofl‘ Boston at 10 o’clock yesterday morning, aid she reach ed the city at twenty minutes of two o’clock in the afternoon, but it was 8 o’clock last night before our despatch came through by tele graph. She sailed from Liverpool on the 19th nit. an-l was therefore fourteen days on her pas sage. The FommaN Mails.—Arrangements have been, made by the Post Office to have the for eign mails brought by the Hibernia conveyed by the special express to New' York. The ex press train would leave Heston on Sunday, (yesterday afternoon) and arrive at New York this morning. The following are the names, places of busi ness, and liabilities of insolvent bouses abroad: Allison, Camburlidge & Co., London —a- mount not stated; Thos. Booker, Sons & Co., London, £50,000; Burnet & Co., London—not stated; A. & A. Custin, Genoa, £80,000: D. & A* Denny, Glasgow*, £400,000; Dennison & Co., Limerick — not stated; Ende Bordo, Hon fluer, £120,000; Eels & Co., Venice—not stat ed; Egenet, Glasgow, £200,000; A. A. Gower, Nephew & Co., £1,000,000; Harris & Hutchin son, London, £100.000; Oogle & Co., Venice, £30,000; MatthewPorclin* Glasgow, £45,000; Reid, Irving & Co., London, £1,500,000. Thos. U. 17. Born .Sc Co. and Thos. Booker Sc Rons, in London, have been well known, and their faiure caused considerable alarm, but when the houses of D. & A. Denny & Co., and Gurnnell & Brothers, of Glasgow, were known to have suspended payment, a general feeling of apprehension, beyond the limits of the corii trade, spread far and wide. It is thought, on this side, that the losses of Messrs. Denny will be felt severely in New Orleans and New York. The London discount houses are great suf ferers. The stoppage of Messrs. Gurncll Bros., was caused by tbe non-arrival of the last China Mail, and its effects have already widely extended, as the commissions of the bouse were considerable with Canton, Lima, and Valparaiso. The failure of Arouai, (reported in a former arrival,) in Paris, also connected with the Pacific trade, created a great sensa tion, the lirbilities being between 2 and £300,- 000. The failures,in Venice, Genoa and Paris, in. .reased thegi’ii.r d gloom. It may therefore be imagined *what counteraction, was caused in London on the llth Sept., when it transpired that Messrs. A. A. Gower, Nephews & Co., of Coleman street, had stopped payment. The extensive banking and commercial rela tions of the house with Italy, Spain, France, America, India and U. S. cannot fail to pro duce corresponding mischievous results. The house had been established nearly a century, and the founder died 20 years ago. at an ad vanced age, with about £40,000. His nephews have since carried on the business. Mabel Lewis Gower, the present chief, has been at director of the Bank of England for many years, and has also taken an active part in the Company of Koval Copper Mines, but his con nection with the latter body is said to have lately ceased. The liabilities of the house upon acceptance alone, was said to amount to £600,- 090. The other engagements, we should think, cannot fall to bring the total amount to nearly half a million, the house of Cumberbridge &. Co , of London and Valparaiso, of which linn one of the Gowers is a partner, was immediate ly compelled to stop pa}*ment. It would be improper at this moment lo ani madvert upon the act of the parties in Messrs. Gowers’ firm, which may accelerate its ruin, but it is plainly stated that losses on railway shares have contributed to their insolvency, whilst the firm of Messrs. Gurmell& Brothers, of Glasgow, and the turn which political af fairs, have taken in Spain, with which country Messrs. Gowers were deeply compromised, have no doubt been the immediate cause of the catastrophe. The failure of another Bank director so re cently after the disqualification of Mr. Robin son, has revived angry animadversions against the establishment of the Bank of England. Mr. A. L. Gowers being at present out of office by rotation, no change of officers will be ren dered necessary. The public had scarcely recovered from the shock when it further transpired that Messrs. Sanderson & Co., bill brokers, which house stood second in the metropolis in their branch of business, had suspended payment. They were known to be heavy sufferers by Messrs. Leslie, Alexander & Co., and Gower, Nephew & Co., and a very severe run having been made upon them for money of their depositors held at call, they were compelled to stop. It is quite impossible to estimate the extent of their liabilities, as the amount of their endorsements on paper in circulation must be enormous. Whilst closing this fearful catalogue of fail ures, the intelligence reached us that Reid, Irving & Co., of London, one of the oldest houses in the maritime trade, besides having considerable business with the continent of the United States, have been compelled to stop payment by the death of Mr. Irving, M. P. for interior, which happened about two years ago. The house lost the benefit of his sagaci ty and experience, but his property descended to his ncpheM', a partner in the house. Sir John Rey Raid, the present chief, was Gover nor of the Bank of England in 1839, and still holds a seat in direction. Thus no less than three Bank Directors have succumbed to the times within the last four weeks. It is stated in the London Exchange, that a gentleman connected with the firm of Prime 4 Ward & Co. of New York, arrived by the American steamer, and that his presence jn the city had given confidence and satisfaction. The bills of this nouse upon. Overend, Gurney, & Co., which arrived by the Cambria, have been accepted in due course. The amount, however, was only £2,000! Messrs. Gowers’ failure will, it is feared se riously affect a monied institution in the United States, which is in the habit of drawing them. The Ohio Life and Trust Company, m which has stood high and deservedly so, in public estimation, being one of those which ipi 1837 honorably fulfilled all their en i gagements, it was anticipated, would have | a large amount of their drafts on Gowers’ i house returned by the Hibernia, but it has been arranged that the Ohio Company’s bills, accepted, will be taken by Messrs. Bernct, Iloares & Co., the London bankers. The bills received by the Cambria, the Gow ers’ offered to accept, but the holders will I probably prefer returning them to the LTnited | States. It is said that the Ohio Life and | Trust Company will be creditors to Messrs. 1 Gowers, Nephews & Co., for not less than £50,000. The relaxation of the stringent measures of the Bank of England in allowing loan on bills ; and stocks at 5 per cent, till the 14th of Oc ! tober, however it may have rendered facilities j in some quarters, has not, as wo anticipated, improved the position of the Bank itself/ in the last four weeks there has been a de crease of bullion in the Bank of England to the amount of £471,865. In the last three weeks only, the securities and the bills dis counted increased to the extent of £1,687,039. The bullion increased £315,546, whilst there i sei’ve fund, which had decreased considerably, has recovered itself in the last week, under the circumstances, with a smaller amount of bullion than the Bank has ever had since the bank charter act. It could have been only an earnest desire to relieve the commercial body, which induced the bank directors so far to de part from principles as to lend money at 5 per cent, when its actual value was higher in the market. At Paris on the 3d Inst, the Sardinian Am bassador resident at the French court, pre sented at the office of Foreign Affairs, the di plomatic note from his government, of which the following is the substance: in case his Ho liness, Pope Pius IX, should claim armed as sistance of his Majesty, the King of Sardinia, against the Austrian invasion, his Sardinian Majesty will consider himself bound not to refuse the Sovereign Pontiff that assistance, it being his duty, as an Italian power, to cause the independence of all the Rtates of the Peninsula to be respected, as guarantied by the treaties of Viena. The communication was forwarded to the King and M. Guizot, both of whom were absent from Paris-. As the chief of the political and diplomatical cir cle, this movement of Sardinia excites the greatest sensation. Liverpool Corn Market.— The continued failures in the Corn mar ket sufficiently account for the further depression in the prices of grain during the last wet kof the month. On the market day of the 6th, prices still contin ued to recede, but towards the close of the week both wheat and flour were in active re quisition. This improvement was further maintained on the market day of the 13th, when wheat advanced about ss. per quarter on the quotations of the 6th; and flour, for which there was an immense demand both in i London and Liverpool, advanced from 3s. to j Is. per barrel. The top quotation of the latter ! descriptions of wheat was 625. per quarter in Liverpool. The best Western canal flour, which on the first was quoted at 255. per bar rel, and barley fetched that price, was selling on the 18th at 28s. to 30s. Indian corn had also been in more demand, and higher rates had been paid for it. The coni market, at the latest moment, ap peared firm, but as larger supplies were still expected from abroad, and the English harvest was admitted to be nh abundant one, it was very doubtful whether further fluctuations would not take place before prices reached their natural level. Considerable purchases have been made in the market for Belgium and Holland, in consequence of the diseased ap pearance of the potato crop in those two coun tries, and these purchases have tended to strengthen the market. ’die ssta'e of commercial affairs, and of the corn trade especially, render it a TrfS&ir trt great difficulty to form a c >rrect judgment of : the future course of prices at Mark lane. Both ! rn the loth and 18th Sept, prices were a little I higher. There was a limited supply of wheat | and the stocks of the houses which had failed, being withheld from the market, aided to pro duce a firmer tendency. Tne tenor of the advices from the U. States, by which it is ascertained that no great sup plies can go forward, has contributed to create a better feeling in the corn trade. Flour was quoted in Liverpool, on the 18th, at 235. 6d. a 30<., and in London on the 17th, at 295. The great want of confidence which the late important Loudon failures has produced in the money market, and the fact of the consump tion of cotton still continuing upon a very con tracted scale, together with the alleged unre mitting state of trade, have tended through out the week ending on the 17th Sept., to con siderably depress the Liverpool cotton market, and to reduce quotations three-eights of a penny per pound. This quoted reduction, however, is perhaps rather more than the re ality, except for the qualities winch have been mostly acted upon, viz : the middling and in ferior, and these are tbe descriptions which are not fixed b}* the Brokers’ Association in the standard price. It is in these that the greatest decline has been seen. It is quite certain that all reasoning still continues in favor of Cotton, but it is especial ly certain that if money is not only to be dear but scarce, the trade of the country must suffer to such an extent as very soon to force upon government the necessity of considering whether the monetary system of the country is fixed upon a right condition. Brazils, Egyptians, and Surats have all partaken of the fall equally, and the transactions at the decline have boon very limited. The sales for the week ending the 17th, with 2,000 bales on that day, aud a quiet market, amount to 14,- 800 bales, including 120 American on specu lation, and 3,000 American and 50 Surat for export. The quotations, according to the standard Brokers’ Association, are fair Upland, G a 6|; fair Mobile, 6J; fair Orleans, 7£. The imports for the week were 40,703 bales, inclu sive of four vessels arrived, but not reported. England—Her Cotton Policy. A special delegate meeting of the operative spinners of Lancashire was held at Manchester on the 29th August. Resolutions were agreed to, setting forth the long prevailing distress, which is ascribed to the higher price of the raw material, the dearness of food, aggravated by the great demand for money for railway extension, and a consequent crippling of com mercial credit. In order to mitigate the evils yet apprehended, they suggest a suspension of operations in all the cotton mills, for a few weeks during the mild season, when other employment may be obtained by the operatives with greater facility than during the winter.— The operatives profess to proceed in a manner perfectly respectful to their employers; and they have forwarded their resolutions to se veral influential public men. The comments of the London Times, of the 4th ultimo, on this subject, are of great inter est to this country, and especially to the South ern States. They acknowledge that Cotton is in fact the daily bread of the population of of Lancashire; that it is to some 2,000,000 of Englishmen not only a necessary oflile, but the paramount necessary that includes all others; and yet that for all this, the people of Great Britain are content to depend upon a single market, and that market a foreign one. The Times then depicts the dangers of such entire dependence upon foreign country, de precates such a condition of subordination, and then points, as follows, to what it supposes to be a remedy to some extent, for the evil. “We cannot it is true grow cotton at home, ■ if the application of that term be confined to the surface of these islands, but we can grow it in our possessions—upon fields and plains i now almost profitless, but which would pro j duce this precious and convertible commodity in the most abundant profusion. Why, then, is this not done: Is it because the inhabitants of our Imperial dependency are unable to compete with the enterprising freedom of i America? Is an instance at length discovered • where protection is indispensable to the exist ! ence of commerce, and may Sir John and ! Lord George point with confidence and chuck -1 ling to the untilled plains of the Deccan or the dcsested slopes of Caudeish? Not a bit of it. There is not the smallest space for any 1 protective argument in the question. “The simple fact is this; that the single cot ton market of the universe does not exporta i certain supply sufficient for the regular con sumption of England. Protection would do no good; protection would not shorten the dis ' tance between the cotton fields and the coast, ' or transform droves of miserable bullocks into cleanly and expeditions carriers. The only result of protection would be that we should shut ourselves out of the only market existing, and in the stead of a short supply of an excel lent articles get a still shorter supply of an ar : tide not half so good. We are not afraid that our foreign imports should be intercepted. — As long as cotton fetches a better price in Lancashire than in Louisiana, it will find its way from Lo lisiana to Lancashire, though all the folly of all the Governments of the two : j worlds should try to stop it. '‘They who think that edicts can step in | between supply and demand, should recollect | fie year of the peace of Tilsit, when the light horse and lancers of that very grand army i which was to crush the commerce of England were sparkling in the sky-blue and scarlet fabrics of Manchester and Leeds. What we want is not native cotton instead of foreign cot ton but r. a five cotton besides foreign, cotton. 1 After taking all Georgia Can grow or gath ' er we want the additional crops from the banks of the Teptee and the Toombudra. ‘ This nothing but railroads can give us. Pro tection could no more guarantee the salvage L of cotton over 200 miles of abullack track than 1 it could insure the transmission of white bait ’ from Blackwall to Hong Knog. What we have to Overcome or compensate is not the natural unfitness of the soil, or the overbur dened condition of the laborers’, but the wear and waste, and dust and dirt of a three months’ journey, at two miles an hour. This it has been left for steam and Stevenson to do; L and if the mission which is this month to sail for India be but backed, as it should be, we shall never again have to sympathize with the spinners of Lancashire on the failure of their daily bread. i»m mm ■iramiii* nrmnr "■wryHawaggfe £1 «gus ta i ocorg i a•. THURSDAY MORNING* OCT. 7. Rumored Death of the President; A slip from the Charleston Courier office* ■ dated 10*i a. m. Wednesday, says— “ Passengers by the steam boat this morn- ing, report that Mr. Polk was so ill at Wash -1 ington that the recent Mexican news was not S communicated to him. At Richmond, it is ; j said that a telegraphic despatch announced 1 his death. We give the rumors as they come t i to us.’’ We sincerely hope that this report may be 1 ; incorrect, but we fear the worst. A letter, » | we understand, passed through the Post Office | last evening, directed to Mr. Kiddle, who ruaS the express between Montgomery and Mobllc> ) on which was written —“Dead, in ha>te.” , * Election Rotnms. t | hr. v e ■ ecciv efi the f/iorVVyj v turns 1 which we hasten to lay before our readers. 1 Thev look favorable to the Democracy, and i * m leave but little doubt that Georg * W. Towns , i is our next Governor. 1847. 1045. Towns. Clinrh. McAlßst r. Crawford. > 1 Bald will* 31-3 317 268 315 ■ I Bibb, 6*>7 508 724 651 J ! Burke 370 500 312 540 5 1 Cass, 7(k)maj. 944 tifh Chatham, 5* 776 715 700 Cherokee, 052 680 740 533 ! Clarke, 437 615 398 * 538 ; Cobb, 978 713 835 637 ■ Columbia, 282 489 277 622 ■ DeKalb, S9O 759 1782 577 Fayette, 230maj. 651 428 Greene, 131 767 115 753 Gwinnett, 694 742 680 757 Hancock, 321 456 3f)7 607 Henry, 50maj. 815 884 Monroe, 665 - CB6 64i 733 Morgan* 281 • 303 299 415 Murray, SOOmaj. 624 403 Newton, 412 913 471 895 Oglethorpe, 152 470 17i 670 | Pike, lOOmaj. 753 642 : Richmond, 488 GBl 474 717 i Taliaferro, 67 362 54 412 Twiggs 114maj, 403 321 Upson, 250maj, 385 646 Walton, 721 523 505 Warren, 250maj, 372 607 Wilkes, 80maj, 354 439 THE LEGISLATURE. In Chatham County, the whig ticket has suc ceeded. Snider is elected to the Senate, and Bartow and Clarke to the House. Baldwin. —Senate —Buffington, d. 522; Ter rell, w. 217. Haase —Rogers, d. 245$ Harris w. 312. • Cobb. —Senate —Hunt, d. leads Bird, w. 250. House —Maloney and McConnell, both demo crats, elected. Burke.. —Senate —McLeod, w. 523; Morris, d. 425. House —Brown and Greshar-, both whigs elected. Cherokee. —Senate Hunt, d. 722; Bird, w. 774. House—Wiliamson and Fields, both democrats, elected. Columbia. —Senate —Miller, 439. House— Fleming and Shockley, whigs, elected. Drane, d. was beaten by Shockley by only eleven votes. Morgan. —Senate —Rees, w. 456. House— Harris, w. Walton. —Senate —Hill, d. 789; Wilt&mson, w. 429. House —Jackson and Kilgort, dem ocrats, elected. Cass. —Senate —Irwin, d. is no doubt elect ed. House —Smith and McConnell, d. DeKalb. —Senate—Simmons, d. SG6 ; Cal houn, w, 787. House —Wilson and Parnall. democrats, elected. Newton. —Senate —Williamson, w r . isl; Hill, d. 330 —three precincts to hear from, touse— Reynolds and Pace, whigs, elected. Bibb —Senate —Napier, independe4 demo crat, 531; Wiggins, nom. 526; Riley, iadepen dent, 101; Wiggins is probably elected by the vote of Twiggs county. House—Jis. A. Nis -bet, w. 671; R. 11. L. Atkinson, i 600; R. Bivins w. 670; J. Newsom, d. 515. , Monroe. —Senate —Cochran, 668; Sargent, 1 649. Battle, w., and Pinckard, d., elected to the House. Taliaferro. —Senate—Darden, whig, 361. House—Harris, whig. l [communicated.] 1 The Wilkes County Kail Road. Mr. Edit an : — The attention of your rcad | ershas been repeatedly called to the two Rail j Roads which have been successively contem ! plated from this place: in the first instance to Gumming, and in the second, to Tonnillo. I trust that a candid review of the action of our j citizens, and of the Board of Directors of the Georgia Rail Road, may gain, as it solicits, | the farther attention of the parties interested, j In discussing some points at issue, incidental reference must necessarily be made to articles which have already appeared on each side. 1 j It has been for years a most desirable object with the citizens of Wilkes to connect them selves by a rail road communication with their markets, and the world at large. The fact has settled into a truism, that those villages I ° , through or near wdiich a rail road passes, de cline in size and prosperity; the common roads ; to market, and between neighboring villages are neglected, and the rail road, which has be -1 come the main channel is supplied with arte ries from all sides, while facilities for inter com munication, other than its own, arc cutoff. On the road itself each successive terminus becomes a thriving town, only to be swallowed up by the next, and when the road is completed, it is i a rare occurrence to meet with a flourishing place betw'een its extremes. While the place continues to be a terminus there is no compe tition except with the depot next to it. To a point half way from this depot on one side, and for many miles on all others, it has Un ; disputed command of trade. When the road " passes, however, the depots on each sido draw * off their own share of the eustom, leaving the : place to sink to or below its original level. — ’ I By drawing lines at right angels to the road . from the intermediate points between the va j rious depots, we might mark off, with tolerable : accuracv, the sphere of each one’s trade —ta- i I king care however to extend the sphere of \ ° X ; any village which thrives in spite of the pas * sage of the road, somewhat beyond the above dimensions, and the sphere of each terminus ' considerably beyond them. From such a drawing it would appear that only a single limit would boiind the trade of each terminus, - so far as the rail road affects it. By the in creased amofint- of trade, and therefore of com ’ petition, the prices -would be lowered, and ac cordingly* Us was said above, the terminus would encroach on the trade of the neighbor t ing depots; J ; The effects of the passage of the road upon i | villages on each side of it, arc frequently still | more disastrous. They never receive the im ? petus w hich those on the immediate route at f i first feci, but quickly siiik from the first, as , their trade is withdrawn from them. Our 3 own village has not been without her propor tion of these results. Some years ago, the main stage line front North to South passed through it, and our’s was one of the distribu ting pest offices. The rail road of course dfi ! verted the former, and the latter went with it. | ThefC were at that time sold here (as intelli i | k i gent merchants state) two, three or four times ! as many goods from each store as are now sold; the number of stores being much larger.— Much trade from the up country, not of our .* ownfctate only, but of Tennessee and the Ca rolinas. centered here. This trade scarcely > now exists, and though other causes have co i operated, there is no doubt that the Georgia | | Rail Road has been, the chief agent in the ► ! I i change. In the year 1837, a charter was obtained for ’ a road to unite Washington with the Georgia Rail Road at Gumming. This however was before we had felt the effects of the Georgia Rail Road, and although meetings were held, it was considered that the stock would be un profitable and the necessary amount could not be raised. If the minds of our people had been prophetic of the future, the unprofita bleness of the stock would scarcely have de tcred them from the enterprise. In the spring of the present year, the effort was revived, and the spirit which was display ed, even though it was still supposed that the stock could not pay over 4 or 5 per cent, was a strong evidence of the conviction that it was our dernier resort. The details of the action of the two committees then entrusted with the negotiation, are doubtless familiar to the read ers of both your city papers. Before proceed ing to comment upon them, let me remark, that the proper parties to the discussion do not appear to have been kept very distinctly in view. These parties are the citizens of Wilkes and the Georgia Rail Road, not the former and the city of Augusta. What the feelings of the citizens may be in relation to our new pro ject, is not the present question. The present enterprise comes nearer home to their interest, and if they should view it with something of hostility, I for one, should feel little of resent ment at a feeling so rational and so common under the circumstances. But as to the first project, the information which has reached the writer -would not warrant the opinion that the mass of the citizens were opposed to it. Some individual opponents there undoubtedly were, and these may have had considerable silent in fluence in the ultimate issue of our proposi tions. The writer is perfectly willing to admit, that our first proposition required more than, in his opinion, the Georgia Rail Road could have j been reasonably expected to grant, and more j than he (and the large majority at least, if not i all of our citizens) supposed it to ask. The : proposition virtually was, “that the Georgia Rail Road should carry our freight from the point of junction to its destination, at its low est rates per mile.” In proving the illiberali- J ty of this proposition, the Editor of the Chron- j icle <Sr Sentinel has fallen into a singular error, j which he does not seem to have detected even yet, although pointed out in the reply of “ Wilkes.” Our proposition was that our freight should be carried at the lowest rates per mile from the point of junction , not from Camak, as the Editor assumes in his argument. It would be unnecessary to refer to this point after the publication of “Wilkes’ ” communi cation, were it not that his subsequent com ment shews it to have been still undetected by himself, and perhaps therefore by some of his readers. From Augusta to the point of junction, (probably Gumming,) is 67 miles; just one third of the entire distance to Atlanta. The proposed rates of freight, therefore, were just one third of those from Atlanta. Taking cot ton as the standard, to avoid multiplicity of figures —the rate per hundred pounds, by the printed bills then in general circulation, was 25 cents for the whole distance, and therefore, would have been about 8 cents for the dis tance from Gumming to Augusta. The regu lar rate between the latter places, is 20 cents. The rail road then, by accepting our first pro position, would have transported the freight and received 8 cents, while our company would have received the remaining 12 cents. It has been urged, however, that, although this looked unreasonable, yet, if the Georgia Rail Road could carry freight 171 miles for 25 cents, it could afford to carry it 57 miles fur 8 cents —one third of the distance for one third of the sum. This position assumed in the article -written with the characteristic ability and boldness of “Wilkes,” I conceive to be untenable. The position is substantially this : A rail road can afford to carry freight at the same rates per mile fora short distance as a hug. I would call special attention to this propo sition, as upon it the fairness or unfairness of our terms in a great measure turns. I con sider the proposition to be false, because Ist. There are items of expense which do not vary with the distance. This may be best illustrated by resolving the price paid into its constituent parts’. The company has to incur the expense of weighing or measuring articles of freight —of putting them on andoff the cars —of keeping traiftportation accounts —and of the actual transportation-. The price paid must of course cover all these expenses, and . leave the company a reasonable profit. Os the four elements of expense above mentioned, three remain constant for any distance; and the remaining one varies with the distance. Is it not evident then that increasing the dis tance in any given ratio, increases only one ele ment of the expense in the same ratio, leaving the other elements unaltered. In other words increasing the distance in a given ratio, does not increase the total expense in the same ratio. Os course then the company need not increase its charges pro rata. To realize equal profits per mile, is an entirely different thing from making equal charges per mile. To ac l complish the former object, it is necessary to render the charges per mile unequal, by di minishing them in a certain proportion as the distance increases. ! 2d. The cost of transportation, although it ' increases with the distance, docs not increase in so rapid a ratio. The company must make ! stated trips whether there is a sufficient ’ amount of freight to require the full force of their engines of not. The expense of one of the-«o trip* wlihOMt freight—without a snffici ■ ency of freight—-of with a deficiency for a por tion of the distance passed over, is of itself 1 heavy, and an increase of freight would not make a corresponding increase of expense, for the weight of the engine, and of the cars necessarily carried to provide for contingen cies would remain constant, though the freight should increase. The same number of firemen would also be employed. It is evident enough ■ from these facts, that the company can afford to carry a large amount of freight cheaper, pro rata, than a email amount. although equally true, it may not be eqdfilly evident, • that it can afford to carry the same amount cheaper for a long distance than a short. The principle is the same. The receipts for carry ing freight are to cover all the expenses incur red from the starting place to the final desti nation. If the freight be taken in at a point 1 midway between these, the gross receipts : would be found by multiplying the price per mile of the total amount of freight by the num ber of miles it was carried, equal by supposi tion to half the cnt : re distance. The expenses would be the firemen’s pay —the expense of the engine in carrying itself, and frequently employ cars—and the additional expense of the freight superadded. If, however, the | freight had been taken in at the starting point itself, the expenses would have been the same as before, except that the last item would have been doubled, while the entire receipts would have been doubled. Would not the nett . rofit in the latter case evidently exceed that in the former? If so,the company could have realiz ed an equal profit by charging less per mile when it carried the freight for the longer dis tance. If the engine leaves with a small train, in- , creasing at each depot, the effect would be the same in kind, though not in degree. There is a second latent consequence of our proposition which served to render it objec tionable. The Georgia Rail Road according to it, would have received but 8 cents per hun dred pounds, yet the producer would have paid 20 cents (12 being the share of our road.) j Now the reduction of the entire price to 8 cts. would have given .a powerful stimulus to transportation—which stimulus the portion to be paid over to our company prevented. No such obstacle obtains as to transportation from Atlanta—and therefore the G. R. Road could afford (even if other circumstances did not j concur) to carry cheaper pro rata for them than ! for us. Again, their published report gives the aver age ratio of expenditures to receipts as 38-100. i Now the fraction of the receipts they were to ■ retain, according to our proposition, was 8-20, or more accurately 8J twenti ths, equal to not quite 42-100. The G. R. R. would then have received but 4-100 of the profits. Acknowledging then that our first proposi tion was objectionable (as the others may have • been in some degree) but disclaiming any in tentional unfairness, I will pass onward to the : ' action of the Directors. Were they liberal in their feelings towards , i [ our road? Did they offer sufficient induce ments for a junction? Did they leave room for anticipating more favorable terms on a per ; sonal conference? Considering their resolutions fairly inter | preted, as the exponents of their feelings and | intentions towards our road, they were not I inclined to be as liberal as even their interest might have prompted them to be. In their i first resolution they agreed to carry freight from Gumming (the probable point of junc tion) as if from Camak. Now the rates of freight from either of these : depots to Augusta is the same. The directors, like ourselves, therefore, were ignorant of the | effect of their proposition, for no one can sup pose they intended an imposition upon our company. Their intention, beyond doubt, was to give us a portion of the profits of their road.- How great a portion? is a question which can not be certainly decided. The average differ ence in the rates for ten miles difference of i distance, is very small, fur there are 105 niltfs on which no difference is made in cotton, flour, rice and salt, namely, from Craw ford ville to | Atlanta; 91 miles on which no difference i* made in carriages, wagons and some other-ar ticles of freight; and 68 miles in grain. Theror are still other articles on which the crease although the distance is increase da* iff- I precise difference inten led cannot thcrefo e 1 ft kuov n—and doubtless was dlff.reutly esti i mated by different members of the board of i directors. Some may have supposed their offer to be ' 10 parts out of 57 of the gross receipts. Others may have intended to give us cents out of 20, or i of the gross receipts. This latter sup position is based- on the fact, that 5 cents dif ference per 100 pounds of cotton is made be tween Gumming and Thompson, which would be at the rate of cents from Gumming to Camaß. On neither of these suppositions, j viewed in the most favorable aspect, (nor on ; any other which has suggested itself to the writer,) does the offer meet with our expecta tions. We could not, of course, expect the board to have been governed by our ideas of what would be liberal terms, but we arc wil ling to leave the question to public opinion. As, with the greatest bonus that we anticipat ed, the estimated profits of the road would not have paid more than 4 or 5 per cent annu al dividend, Would a bonus of J of the net profit have been too milch, for us to have ex pected? The company would have received two thirds of the net profit, on a largely in creased business, while wo would have receiv ed, even with the bonus, considerably less than ordinary interest. Viewing the proposition of the directors in its most favorable light, we would have receiv ed less than we might reasonably have antici pated—c:f course there were other lights in which we would have received still less than on this. The second proposition, however, was that which struck an effectual blow, not merely at ; our terms, but at the possibility Os making terms at all. It reads thus— ''Resolved, That it is deemed inexpedient id i hind this company to any further; future or i prospective arrangement with other companies; ! or to make any agreement to allow the cars of j the Washington road to pass over the Georgia j Rail Road.” This resolution is, as to prospective arraitgc i ments, final and conclusive. It operates as an entire estoppel to further negotiation. There iis nothing loft for implication. The action plainly and unequivocally covers the whnlb ground, barring “ any farther, future or pro spective arrangement.” Not satisfied with the one proposition offered him, and cut off frota' the expectation of better terms, our Agent of course declined the compliment of an interview, which the previous resolution had made j empty. The bare fact of passing resolutions, vro readily admit, would not have shut the door ! upon further communication. It was the na j ture of the resolutions whioh-did this. These resolutions did not stop with rejecting the prospective arrangements which we offered,but declared any further, future or prospective arrangements inexpedient in the opinion of the directors. Would it have been the part of prudence for our company to have accepted terms which left them for the long future en tirely at the mercy of a company whose only offer we did not consider liberal? Could the J stock have been raised under such circum stances? Were we not driven to the abandon ment of the enterprise? To state the matter somewhat differently— The company by its first resolution, indirectly rejected our first proposition without explana tion, and by its sole remaining resolution re jected our remaining propositions without even the hope of substitutes. Their second pro position would have rendered their first nuga tory, even if it had been liberal, for we could | have had no surety of continued liberality Does this appear to be the action of a compa ny liberally inclined, or of one, which having us completely in its power, was rather indiffer ent as to the whole subject ? No one can question the rigid of the compa ny to act in accordance with its own views of its own interests. But when the question of j liberality arises (or even, as the result has proved, of an enlightened attention to its own interests) it must manifestly go against it,* One error in the editorial article of the Chronicle Sr Sentinel has already been adverted to. There is another and material error to be pointed out. The Chronicle asserts that a com pliance with our proposition would have been a virtual surrender to our road of J;he entire business of the depots between Camak and Athens. And this because we could afford to carry at lower rates, by dropping a portion of the 12 cents profit for which our proposition stipulated. This is an error in. the editor, resulting from a misapprehension of the mode of collecting freight. Taking the State Road as an illus tration, the farmer who puts his produce on the cars at Dalton or any depot on that road, docs not pay freight separately to each road, but his agent pays the whole amount in Au gusta, and the Georgia Rail Road retains its share, and pays over the share of the State