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@ri't3tekli| Chronicle & Sentinel BY WILLIAM S. JONES gLljronicle (inst Sentinel. AUGUSTA, a A : THURSDAY MORNING, NOV. 6 Gov. Cobb’s Inaugural, Wk have the pleasure of laying before our readers this morning the Inaugural Address, delivered by Gov. Cobb yesterday on enter ing upon the duties of his office. It is brief, pointed and forcible, and wi. I commend itself to the favorable consideration of the thousands who have aided in elevating him to thtf Exe* • cutive chair of Georgia. Tile Governor’s Message. Our columns to-day are yielded almost en tirely to this document. We have no room for comment, even if we “deemed the game worthy of the candle," which we shall deter mine when we shall have given it a careful pe rusal. if we can afford the time to wade through it. Savannah and Philadelphia Steamers. Mr. Sweeney having left for the interior of the State, and Southwest/ has requested us, in presenting his regards to the acquaintances and friends made during his short sojourn among us, ufcMorm the public that the sub scription booksVf the Savannah and Philadel phia Steamship Company, have been left with VV. VI. D’Antignao, E r q. t who has kindly of sered to receive any subscriptions that may offer. The frien Js of the enterprise thinjc that Phil adelphia, seeking an acquaintance with the business men of our State, manufacturing, as she does, sixty thousand bales of cotton anno aily, besides being a distributing market tor a large additional amount, should clsim the : r respectful consideration and co-operation in the enterprise. Parties at MlUedgevllle. The correspondent, one of the editors of the Journal Sf Messsnger, writing from Milledge ville under date of the 3rd inst says: “The utmost harmony reigns in the ranks ofth° Constitutional Union party. Our friends ore deter mined that their great victory shall not boa barren orn; and I feel cenfiJent, that at an early day measures will be taken looking to a permanent na tional organiaation upon the basis of the Georgia Platfcrmand the adjustment measures of the last Congress. We bare now the power to coerce the Northern wings of the old parties into a policy which will result in giving full jns'tceto the South, and peiraanence and perpetuity to the Government." This intelligence will afford little comfort to those of the disunion phalanx, so recently dis banded, who have been looking forward with so much anxiety to a disruption of the Union Partj. THINGS IN MILLEDGEVILLE. Correspondence of the Chronicle and Sentinel. Milledgeville, Nov. 3, 1651. Mr, Editor’. —The Senate was organised by calling the lion. Peter Conk to the Chair.— The Senators having been dnly qualified by Judge Baxter, proceeded to the election of officers. For President of the body, the Hon. AJ. Miller had no opposition. On the first bal ot he received 36 votes of 44, the entire number cast. Messrs. Foster, Day and Moore were appointed a committee to conduct him to the chair. On assuming its duties, he return ed his thanks, in appropriate terms, for the hon or conferred. For the office of Secretary, there were two candidates, Mr. L.J. Glenn and Mr. John son. On the first ballot, the former received 38 votes, and the latter 4. Mr. L. S. Stewart was chosen Messenger.and Mr. A. B. Mitchell Doorkeeper. Having gone through with these elections, the Senate adjourned to 10 o'clock to-morrow. In the House, Mr. Scarlett, from Glynn, was called to the chair, for the purpose of or ganising the body. For the post of Speaker there were five candidates—Messrs. Meriweth er, Floyd, McDougal, Wofford and Henry.— After the first ballot, the names of the last three gentlemen were withdrawn. On the second ballot Mr. Meriwether was elected, and a commit tee consisting of Messrs. McDougal, Floyd art 1 were appointed to con duct him to the chair. Having taken which, he rose, and in an address of some ten or fif teen minutes' length, he tendered his acknowl edgement to the body, for so distinguished a mark of their confidence—touched, incidental ly, upon the political revolution through which the State h*s just passed; glanced at its pres ent and prospective power and prosperity, and finally hoped that the acts and policy of the present Legislature, would make it deserve and enjoy a higher des'iny than that of the Empire State of the South—he wished it to be called the Empire State of the Republic. On the first ballot, Mr. Thaddeus Sturgis, of Columbus, was elected Clerk, Mr. Jesse Oslin was chosen Messonger, and Mr. Wm. McCom mon, Door Keeper. Some resolutions were introduced, and per haps acted on, but as the Senate was not in session to concur in or receive them, it is use less to notice them until they shall have been fully disposed of. L. Syracuse, Oct. 31.—The Grand Jury of this county have found an indictment against James Lear, of Misslourl, and United States Deputy Marshal Allen, for an attempt to kidnap the ne gro Jerry. It Is reported here to day that a fu gitive slave, the wife of a colored man named Wandell, whom ihe Marshal had a warrant for, made her escape from the city by the aid of some friend who had acquired a knowlegs of the In tended arrest. This morning placards were found pasted about the city, warning the people against the kidnapper. Boston, Nov. Ist.—Efforts have been made this morning to postpone the Shadrach rescue cases on account of the absence of witnesses. Washington, Nov. 2d. —It is ascertained be yond doubt that Mr. Crampton, the British Charge des Affaires ad interim, has presented to the Government despatches in which it Is stated that the French and English Governments have issued orders in case of the sailing of any more expeditions against Cuba, to search all vessels of a suspicious character, whether sailing un der United States or other colors, CHRONICLE ASP SENTINEL. GOVERNOR’S MESSAGE. Executive Department. ? Milleigetille, Nov. 3d, 1851 < Fellow Citizens of the Senate and Howe of Representatives : In closing my official connection with the representatives of the people, it will be my object to place fairly before them the measures I have heretofore felt, and now feel it my duty to recommend, sednlously avoiding, as far as possible, the introduction of any topic not af fecting the interests of the people. .While abundant canae of profound gratitude exists, for the continue! kindness of that su perintending Providence, by which our State has been spared from the scourge of pestilence and famine, yet it is not to be disguised, that we are passing Ihrongh a season of bitter dis content that may well claim the exercise of the brighest of the Christian virtues, to enab'e us to perfrrtn our full duty to the State, the Union, ourselves, and our ch Idren. The beautiful system of a representative confederacy of sove reign States united upon the principles of Jus tice and Equality, reflecting the enlightened judgment of a virtuous, intelligent, industrious and pa'noticpeople, is only to be feared by the wicked and corrupt, while to the orderly and right-minded, it is a pillar of strength that will in the end insure justice to all. Let our object then be, to enlarge the basis of true civilization within the borders o' - our State, by plauting deeply, and nurturing closely, the elements of a moral and intellectual culture, with every class and condition of our people: that each and all may understand and feel the value ot free institutions, and be capable of devising the best means of perpetuating them. THE finances It affords proper ground of pleasure, that I should be able to communicate to the Logisla tore, the bighty prosperous condition of the Flounces of the State, and tho just apprecia tion of our public securities at homo and abroad. It is believed, that at no former period, have the bonds of the Stata commanded greater confidence, or maintained a higher value in the markets; nor dues this remark apply alone to that class oi ’he public securities known as the Domestic Debt, but equa ly to the remnant of the Foreign debt of £15,000, held in Eng land. The advance in the market value of the latter, within the last two years, and the increas ed confidence of the holders, have rendered all efforts to redeem it impracticable for the pre sent. The public debt, foreign and domestic, at the opening of the session of the Legislature in 1847, as communicated in a former message, was $1,578,875 60. In conformity with the recommendation con tained in the last message of my predecessor, in which 1 fully concurred, the General bly of 1847 appropriated the sum es $375 000 for the completion of the Western and At'antic Rail Road, a detailed statement of the expen diture of which, is contained in a former com mon cation; and, at the same session, $32,- 222.22 to satisfy the claim of Peter Trexevant, for which bonds issued, and were paid, as here tofore communicated. The last Logisla ure provided that Messrs. P. O. Reynolds, James F. Cooper, and Rich ard Peters, shonld investigate the claim of John D Gray Sc Co., c directors on the West ern and At’antic Railroad, for extra work, &e , and that the Eieontive should issue bonds, re deemable by the Road, for the amount found duo by them. Bonds for the sum of $24,- 541.10 were issued and paid to Mr. Gray on the 29;h day of August, 1850, in pursuance of the law and the report of the Committee, a copy of which is transmitted. A further ap propriation of $20,000 was made, and directed to be paid over to tho Milledgeviile and Gor don Railroad Company, npon its completion ; but no evidence having been famished of the completion of the Road, this appropriation still stands where it was left by the Legislature. It will thus be seen, that the liability of the State has been increased, since the close of the political year 1817, to the close of the political year 1851, $337,2.2 22. The objects of these several appropriations are so generally known and approved by the country, that further de tail, in this respect, would not now be desi able. Since ihe close of the political year 1847, to the close of the financial year 1851, there has been paid, of interest on the public debt, fo reign and domestic $414,770 91, and of prin cipal, thesnm of $261 559 72, leaving the debt at this time $1,724,722 22 If from this amount is taken S3OO OCO, which is the balance of the appropriation for the com pletiou of the Western a d Atlantic Railroad, unredeemed, and which under the act appro priating the same, must ultimately be paid off, and discharged from the net income of said Road, the public debt at this time, is $1,424,- 722 22; less by $154,153 38, than it was at the close of the political year 1817. The available funds in the Treasury, applicable to the future reduction of the public debt, at the close of the present fiscal year, as appears by the Treasu rer’s Report, is $54,038.09. This amount, ($54 038 09,) being the surplus in the Treasu ry, should b 8 applied, as early as practicable, to the further reduction cf the public debt; after which, the liabilities proper of the State would be $1 370 684 13. It will be borne in mind that the sum of $130,000 was appropriated by the act of 1845, for the extension of the Western and Atlantio Railroad, of which sums, $lO7 5000 > was ex pended under the direction of my predecessor, and the balance applied by the presen'. Chief Engineer, by my approbation, to the purchase of Motive Power and Cars, for the use of said Road. This sum, however, is no charge upon the Treasury ; as by express stipulation, the holders of this class of the public secarities are to look alone to the profits of the Western and Atlantic Rail Road, for principal and inter est. In this connection it wonld not be deemed, 1 trust, oat of place to remind the General Assembly, that the great difficulty experienced by my predecessor, in converting these bonds into cash, or its equivalent, it is believed, in duced the Georgia Railroad and Banking Company and the South Carolina Rail Road Company, to endorse or guaranty the pay ment of principal and interest of a large amount of them; whereby negotiations were effected in one of our neighboring States. That this transaction was one of good faith, I have no denbt. How far it is incumbent upon the General Astembly, by suitable legislative provisions, to substitute the credit es the Slate for that of these Rail Road companies, in this particular instance, I submit to its sense of jus tice and liberality. The remaining probable charge upon the Treasury to be considered, grows out of the legislation heretofore had in reference to the Central Bank, the original capital stock of which may be estimated, in round numbers, at $3 560,000. ’ The requisitions on the Bank, in the form of Treasnry warrants, as appears by an official report on this sub ect, from ’33 to '4l, inclu sive, was $2,893,500, and for construction of AUGUSTA, GA. FRIDAY MORNING, NOVEMBER 7, 1851. (he W. and A. Ra lroad, at different periods from ’4O to 43, the additional sum of S6BO 000, making the amount actually paid, ard liabili ties incurred by the Dank for various objects of Internal improvement; the support of the Government and other objects not included in the above estimates, not far from $3,200.- 000. In the face of these heavy drains npoa the Central Bank, by tbe act of 1834, for the education of the poor, 1733 shares of the Bank of the State of Georgia, and 890 shares of the Bank of Augusta, which constituted a part of its capital stock, amoanting to $262,300, wes transferred to the Treatary, and the income from this source pledged to the object of Education. From that period, the Bank has not been deprived, merely of this amoant of its capital stock, but the dividends which have actually accrued and beep paid into the Treasury, amoanting o the snm of $139 132 50 in cash, and the additional rum of $18,600 of the stock of tbe Georgia Railroad and Banking Company; making tbe aggregate, estimating the Bank Stock at par, of principal and inter est, $410,032 50. What principle of publio expediency or financial exigency, warranted this diversion of the asrets of the Central Bank, at a time when its liabilities were proba bly not less than $1,500 000, when its bills were below par, when there was an extensive and general derangement of the curroncy of the whole country and when Banka, as wall as the people at large, were laboring under a pressure, more desolating and dis astrous than had been sxperienced for years, is to me incomprehensible. Asa finan cial i easnre, its effects npon the credit of tbe State if not the pockets of bill holders, were not more instan’aneous than unavoidable. Public confidence was destroyed, the moment it was apparent that the Legislature had de prived the Bank of a large por ion of it* assets which were pledged forthe redemption ofita lia bilities and app’ied them to another and differ ent object If it were within the competency of the Lsgislature to divest individual rights which hat accrued to the creditors of tbe Bank, what guaranty was there that the nn step might not be taken, and the Bank be deprived of all its assets, without providing for the ultimate redemption of its liabilities? It is no answer to this objection that the Bank stock referred to, was applied to the great object of educating the poor, as it will be seen by reference to the records of this de partment, that forthe years 1848,’49 and ’SO, inclusive, the beneficiaries of the fund re ported, number 96 869. and the sum distribu ted under the act of 1843, for the same period is $69 842 50 ; being a fraction less than sixty three cents to each per annum, and not suffi cient, under the lowest rates charged, to pay for twenty days tuition. Whatever may have been the policy in which this measure originated, from the best consideration I have been able to give the subject, lam forced to the (conclusion that the example established, of transferring a fund, after being pledged to a specific object, before the purpose of the pledge is fully redeemed, should not be encouraged ; and that the policy of withdrawing the assets of the Central Bank, and applying them to other objects, and thereby depriving it of the means of meeting its liabilities, is wholly indefensible upon princ pie. The Sta e has gained noth ing, nor have the people. By the transfer of the Bank stock to the Treasury, a necessity is created to supply the deficiency in the Central Bank, by the State. It can only be dona by taxation ; and the result of this whole measure is, that every dollar distributed has to be re turned back to the Bank by the people, with out any substantial good, as I have shown, in educating tbe poor children. From the view presented, let not the im pression preva'l, that I am opposed to a sya tern of free schools, or to providing the means, amply and liberally, to educate all the youth of the country. But to accomplish ’his ob ject, let the policy of the State be straight forward and direct ; let tbe eonntry know that a claim is made npon the property,the people, the intelligence and virtae of the Btate, to furnish adequate means for extending to all the youth a legacy of incalculable value, a general d ffusion among all classes and condi tions, of the rudiments of an English educa tion ; for instilling into them by early training, just conceptions of the social relation of mar to his fellow man, a love of country and of liberty, and the duty of habitual reverence and humble obedience to the laws, principles, and teachings of the great Author of man’s existence, without which, all government is but a fiaud, liberty but a name. The liabilities of the Central Bank, at this time, consist of Bonds issued to redeem its circulation, amounting to $371,000. Os this amount, $9,000 is redeemable in 1854, $39,- 000 in 1855, $31,500 in 1856, $17,000 in 1857, $21,500 in 1858, $50,000 in 1859, $35,000 in 1860, $5 008 in 1861, $37,000 in 1862, $43,- 500 in 1863, and $74 000 in 1864. The available assets, as reported to me by the Cashier, may be estimated at SIOO,OOO. This probable deficiency, therefore, will have to be provided for hereafter. Within four years, ending with the close of the present fiscal year, the liabilities of tbs Bank have been reduced $279,069.87. A large amount of the assets, within tbe period referred to, regarded as insolvent or donbtful, has been realized, or secured by the officers of the Bank: and much the latger amount of these claims, 1 have no doubt, wonld have proved a total loss to the Bank, had the assets been transferred.to tbe Treasury. I have not be lieved it to be to the interest of the State, to order this transfer heretofore, nor would I now recommend it to be done. I believe the discretion vested in (he Executive, as to the transfer of its assets, sound and salutary, and there I would advise, it should remain. TAXES. Upon careful consideration, I felt it my duty to invite the attention of the last General Assembly to our system of levying and collect ing taxes. The inequality of our tax laws appeared to be so obvious, as to encourage the hope that the Legislature would not adjourn, without (he substitution of the ad valorem, for the present specific and objeetionable discrim* inati >n principle, adopted in 1804, and con tinued up to this time with slight modifica tions. Ooe of the defects of the old ay tern was remedied at the last sossion, bat the highly objectionable feature of arbitrary specific taxa tion of proporty, whether real or personal, irrespective of its valaa, as ascertained by the price it would command in tha market, or otherwise, is still retained, in violation of the most obvious principles of jnsiioe and sound policy. Taxes, however raised, whether by the State or General Government, may be re garded as a charge upon property and people for the protection of both. In what mode, and to what extent property shonld be burdened to raise the required sum, whether by specific levy with discrimination, or strictly open the ad valorem principle, has been, and will doobt* less c mtiuue to be, the fruitful source of dis cussion, and diversity of opinion. The principle of diaerimination that so largely enter* into every system of specific taxation, bad its origin in no clear, or well- ! defined notions of just'ce, and should only be resorted to in behalf of property in which all classes and conditions of society have, or are supposed to have, an equal interest. Leave man free to engage in whatever lawful pursuit may be congenial to his teste, habits and inte rest, bnt let the State beware how the proper ty of one of its citizens is exompted from taxes, while, by as unequal and unjust discrim ination, heavy hardens are imposed npon that es another. The obvious duty of the Legisla- ‘ ture, as it seems to me, is to ascertain with precision, or approximating it, tbe snm re quired to meet tbe demands upon the Treas ury, and then, from the property of the coun try, raise the requisite snm ; not by saying that 100 acres oi land, thoogh worth one thousand dollars, should pay no more tax to the State,' than the same of acres adjoining it, not worth one hundred dollars ; not by exempting the property of one man, and taxing that of another ; not by saying that, as between two individuals possessed of equal amounts, but different species of property, the one ahonld be assessed, at the rate of fifty dol lars, whereas, of the other, only five dollars ts demanded ; but by levying the same rate of iax upon all of the property of the State, accor ding to its value If discriminations are to te tolerated at all, I am clearly of the opinion, it should be in favor of real estate as against person <l, bnt certainly there is no equal tv,' or justice, in a system of finance, exacting dif ferent rates of taxes on lands of the same value. One of tbs objections offered to a system of taxation based upon the value of tbe pro perty itself, is the want of reliable data by which the principle could be tested. All must foresee the imminert danger to the credit of the State, its eharacter and prosperity, result ing frem an inability in the Treasury to meet promptly all demands upon it, by whatsoever means produced. But it is believed, the pre sent period is exceedingly favorable, either for a total, or partial change of the present eystetn. The da'a famished, of the value of real and personal property of this State, uflder the au’hority of an act of Congress, dittoing the last year, would be highly usefal. Mtony interesting statistics, that would serve to direct the research and investigation of the Legisla ture, in fixing the proper rate of levy to raise a given amoant, might be obtained from the Census books deposited in the office of the Secretary cf State. It may not be unworthy of notice that, upon lh'.a authority, thu real estate of Georgia was estimated at $120,663 - 283, i he personal at $210,081 254, ancj ihat one eighth of one per cent, on the gross smount, would bring into the Treasury about $347,- 282.82, af.er allowing sixteen per cent, fol* assessing, collecting and paying over the same; an amount exceeding the presen income, and nao’e than adequate for the present and accru ing liabilities. Having discussed the subject, somewhat at length, in a communication submitted to the last Legislature, I feel that it would he an un necessary tax upon your indulgence, again to repeat tbe arguments then sobmitted. I most respectfully refer you to what was then communicated, as containing not merely my opinions at the time, but smee greatly atrengtbened by further obse. vaion, reflec tion aqd experience, I cannot, therefore, too earnestly, urge upon you a strong and abiding conviction, that justice and good fai:h, as well as expediency, imperiously claim at the hands of the Legislature, aa entire chinge of the prino : ple of your tax laws by the substitu tion of a tax bated npon the value of proper*, ty Whatever may be the fate of this meas are beforo the present Legislature, I shall over cheriih the hope that a sense of right, a love of equa'ity and justice, will ultimate'y prevail; and that the sound principle of taxation, that the burthens of Government should rest upon the objects of its protection, so earnestly pressed upon you, will become firmly riveted upon the public mind. THE TREASURY. Tbe Reports of the Treasurer and Comp troller General, for the financial years 1850 and 1851 are herewith transmitted. The duty im posed by law upcn the Treasurer, has been complied with, and his estimates of tbe prob able receipts and expenditures, for ths next two years, are submitted. The total available balance in the Treasury, at the close of the financial year, is sllß,- 069 45, from this sum deduct $37 180.7 J, of undrawn appropriations; $30,219 40 of the tax of 1851, collected before tbe close of the financial year, and $10,582, dividends on * Education Fund,” leaving a surplus at the close of the fiscal year of S4O 087 34. " he amount of undrawn appropriations, that will revert to the Treasury, will probably not vary far from $13,950.75, making the actual surplus in the Treasury, subject to any future appropriations made by the Legislature, or applicable to tbe public debt, $51,038 09. At the last session, an Act was paAsad,•pro viding $70,000 as an annual sinking # fund. It was early foreseen, after tbe adjournment of the Legislature.from the extraordinary expense of that session exceeding, as it did, the esti mates of the Treasurer, by $39,301 03, inde pendent of an extraordinary appropriation of S3O 000, the expenditure of which was depend ent upon contingencies that did not arise until near the close of the fiscal year, that the Trea sury might be somewhat straightened, if snap p’ication of the sinking fund to t o redemption of the Bonds was made before any portion of the taxes of 1850 was received. Efforts, how ever, were made abroad, by the agents of the State, to ascertain at what rates the £15,000 sterling could be obtained; and from causes already meßt oned, it was deemed injudicious to redeem these securit es at the time. Nor was there any application made, or opportunity afforded the Treasurer, to redeem any portion of the domestic debt before March last, when $72,000 of the 6 per cent, bonds were offered and redeemed. Ddligent inquiries have since been made to obtain the bonds of the St te, that the surplus now in the Treasury might be ap plied in redeeming the same, bat with little suc cess. At a more recent date, notice was given in the public gaget es of the readiness of the Treasury to redeem an additional sum, and after all proper means used to induce holders to part w:th the bonds of the St its at par, with in the last two fimal years, just closed, the amount presented and redeemed at the Trea sury is $103,750 00, of the 6 per cents; thus furnishing the most satisfactory evidence of the prosperous condition of the financial af fairs of the Stats. In this connection, it would be an acceptable announcement to make, I apprehend, to the Legislature, that, a r t>r years of delay the sum of $65,683 44, exclusive of commissions has been collected from th-» General GovjrTnent for advances made, and the interest accruing thereon, in the Indian disturbances of 1836. Under the of a Joint Resolu ion of the last Legislature, I appointed Joseph Stur gis, Esq., the Attarney in fact of the State, tr nrge upon the Authorities at Washington, this just claim, of fifteen years standing. To his untiring zeal, assiduity and skill in the man agement of this long neglected claim, the State is in do email decree indebted for the respecta ble sura received, so very generally regarded as utterly worthless. A claim of the Central Bank against the United States, of like charac ter, was also placed in the hands of Judge Sturgis, wi'h like happy revolts; the Bank having received for this claim $'21,044 00. WESTKRH AND ATLANTIC RAILROAD. The Reports of the Chief Engineer of the Western and Atlantic Railroad, for the years 1650 and 1851, and the Reports of the Finance Committee, appointed under' the Act of 1845, 'are also transmitted. To these Reports I in vite the calm and patisnt attention of the legis lature, for many valuable suggestions, and much useful information. Questions of deeper interest to the future prosperity of'he State, will not engage yonr attention than those connected with this publio work. They rise above ay party, se'fisb, or sectional considerations, and, to the enlarged and cbmprehensive views of the Stilesman, address themselves with a force too irresistible, it is believed, not to iusure the adoption of wise measures. It was early foreseen by the friends of this work, that sectional jealousies would spring np, and that it would have to enconnter opposition from this quarter, not less virulent in its charac ter, than from that equally deplorable infirmity, nnfortunately too prevalent with certain class es, to busy themselves most in matters of pub lic conc3rnment, in which they are most igno rant The Report of the Finance Committee, and the views there as well as the policy in which this Railway had its origin, would seem to demand at my hands, in retir ing from'.he public trust conlidedto me, to enter somewhat into the derail of facts connect ed with the administration of the affairs of this Road, since ray official connection with it com menced. This seems to me proper, that the public, as well as the Legislature, may undar stand the policy that has governed me, and the difficulties with o hich the management of the affairs of the Road hi s been invested, from the mutuant of iny connection with it. It will be conceded, I apprehend, that the successful management of a Railroad very much depends upon the financial ability wi'h which its income and disbursements are con du ted. When the present Chief Engineer was called to perform the threefold duties of a Board of Directors, President and Chief Engineer, the name affiied to those duties by our statute, was that of Chief Engineer. To find blended in one man, the highest at tainments in these several departments, com bined with practical experience in each, was not to be exp- cted, at least, for the inadequate sa’ary of SI,BOO per annum, a compensation below what is beliov«d to be paid on most of the impotent roadt in tho State, to the Chief Engineer alone. Being quits sat sfied of the eminent qualification of the present incum ber t. in everything connected with the fintn cial dut es of this truly multifarious office, to which he combined an accurate theoretical knowledge of Civil Engineering, superadded to which I may mention his elevated charac ter for probity, intelligence and strictly busi ness habi's, with ah intimate acquaintance with legal principles, and the necessity of such knowledge in the adjustment of many vexed questions, left as a legacy by the preceding ad ministrations, clearly indicated Mr. Mitchell as a suitable person to Invite to this responsible st tion. Being sat&fied at the time, that the public interest would be promoted by calling the pre sent incumbent to take charge of this branch of the public service, I have had no just cause to change that opinion since. The propriety of this remark will be seen, when it is known to the Legislature, that in every ins'ance of a charge involving the mismanageme tof the Road, brought to my attention in a form that would warrant official notice of the same, the accusers have invariably failed to adduce proof in support of their charges, The conclusion would seem irresistible, that allagations have been prefeired throngh a misapprehension of toe facts, or from motives less creditable to the human heart and looking to nlterior objects connectjd with party, or the creation of a pub lic opinion that would devolve upon the Legis lature the necessity of disposing of this valua ble property, to private individuals, or com panies. In January, 1848, when the former Chief Engineer, Mr. Garnett, turned over the effects of the Road to the present incumbent, about one hundred miles, commencing at Atlanta, and extending to Dalton, were completed: and the entire equipment for this extent of Bailway, consisted of six locomotives, one of which wa9 purchased after the Ist of Novem ber, 1847, two Passenger Cars, Bnd two Bag gage Cars: with an t utnanding debt, amount ing to $42,167 43, and a cash balance in the bands of tne Treasurer of $1,878.75. This equipment would bo admitted by expe rienced Rail Road men, as wholly inadequate; admitting the Engines and cars al! new, and fit for uae. The Passenger cars were at best rofighly constructed, and not likely to attract the admiratiop of travellers, either for the comfort afforded, or elegance of finish. The Motive Power wsefmiierably deficient. Since January, 1848, to the present time, the motive power has been tP crea8 °d by the purchase of 7 lpcoraotives of the first class at a cost of s44,ra)o; making the present equip ment in motive power, to consist of thirteen engines, seven'of which have been bought and paid for since April. 1848; and most of which are in good order, and are believed to be barely sufficient to do the business for the present. But the deficiency in Freight cars still exists, and until it is supplied, it may ba expected that the business of the Road will not be con d acted with dispatch, or satisfaction to the public. It is believed that, from the earliest experience to the present moment, few, if any, examples can be found, where either a State or Company, with one hundred and thirty eight miles of Rail Road, has attempted to do the business of transportation, for any considerable length of time, withont a fall equipment of freight cars. If the question is considered, alone in reference to the net in come of the road, economy would demand an immediate equipment. For, let it be borne in mind, that the present Chief Engineer fonnd, upon entering upon his duties, a subsisting contract wi'h the Geo. Railroad, and the Ma con vnd Western Railroad Companies, made by the former' Chief Engineer, Mr. Garnett, that one eighth of the gross Amount received for freight, transported in the cere of those Companies over the State Road, should he paid aa hire or rent, for the uae of the seme, together with tho expense of repairing all oare which might be broken or injured, while en gaged in such transportation.* These items, lor the last two years, amount to the sum of $45,845 69, exclusive of an unadjusted claim of the Georgia Railroad ConJbany, tor repairs of cars, of $17,111 51. The con of freight cars, nece-sary to nave performed the transportation for thesame time, would not have exceeded $60,000 estimating the number of cars to be one hundred) while the entire cost of the comtroctioii oft .a West ern end Athntio Railroad, up to this time, amounts to $3,916,862 28. From this data it VOLUME XV.-KO. 134. will be seen, the Georgia Railroad, and Macon and Western Railroad, have pro* bably received, upon their capital invested in cars, from this State, in tbe form of rent and repairs alone about thirty-eight per cent per annum for the two years just ended, wheroaa tha State has received, upon the capital ex* pended in the construction of its Road, about 14 per cent, for 1850, and 2£ for the year just terminated. But a complete equipment of freight cars is demanded, not merely from the consideration noticed, but it is essential to the faithful dis charge of a duty to the public, undertaken by the State. Freights in large quantities, accu mulate occasionally at different points on the Road; the owners or shippers are deeply in* , terestedin having them-sent forward-to meet bq advance in the market, actual or anticipated, but how often is it the case, when the freight care are most needed on the Western aud At lantic Railroad, (he Georgia and Macon and Western Roads are not Bble to meet the de mand. And if injury result to the owne* or shipper of produce or merchandise, by a de cline in the markets, from sach unseasonable detention, is not tho State, by its mistaken and ruinous policy in refusing to equip tho Road, morally, if not legally, answerable for the damage 7 There is no obligation on the Georgia and Macon and Western Railroad Comparies, to furnish cars for ihe use of tho State Road ; and it may not be expected they will do so, unless it suits their interest or convenience. But another insuperable objeoion *0 tha longer continuation of the existing arrange ments, grows out of tbe fact, that the business of transportation of three Roads, becomes so mixed and blended, as to create much confu* •ion in filing tbe liability of each, for tbe loss or damage of merchandise and produce in transitu. Much more might be said, but it is deemed unnecessary, as this branch, with all other questisns connected wi h the subject, is forcibly presented in tbe Report of the Chief Engineer, and accompanying documents of the Finance Committee, here transmitted. It is generally known, that the iron used on fifty miles of this Road, is of the most ihfeiior class, aqd wholly onsuitod to its peculiar cur vilinear structure, or the nature of its business. 80 radical is this defect of structure, the asser tion may be safely ventured, that a succession of &ccjdents, with a heavy loss of properly, and possibly, human life, may be appreheudad, unless me early blunder is remedied, as far as possible, by the substitution of a heavy iron rail for the use. «• Upon this subject, a becoming solicitude was manifested two }ears ago, as also in relation to providing a new organiza ion for the gov eminent of the Rjad. It need not be said, that these subject, of great interest then, but of vital moment at this time, did not receive the favorable consideration of tho Legisla ture. The Road was left, although in the process of completion, under the management of the Executive and Chief Engineer, rcst.icted by statute in many of their duties, when a sound discretion would seem indispensable to its best interest; without means or equipment, forced from stern necessity, to incur heavy expendi tures for erecting a bridge over the Cnaitahoo ehee, and substituting heavy and expensive embanking for th« rapidly doenying bridges at Noonday and Proctor’s Creeks; the wonder should rathes bo, to a calm and impartial ob server, net that oomplaiuts may have oeen heard, but that so much has been achieved, and •o few accidents occurred, under circumstances so embarrassing. From the coudition*(of the Road, and its obvious incapacity to meet the daily increasing bnsiness of transportation I was forced to as sume the responsibility of making suitable Sirovison, for tho purchase of heavy iron rails or abont fi'ty miles of the Road. Feeling sensible that no authority was vested in me, or the Chief Engineer, for this object, by law, the contracts were made binding, upon tho condi- ' tion they were ratified by the Legislature A fall and detailed statement of the purchases of iron from Messrs. Padelford, Fay & Co., of Savannah, is contained in the report of the Chief Engineer, to which I respectfully refer the Legislature. In that Report copies of ail the correrpondence had on the subject, and of tbe contracts entered into, will be found ; with a clear and fa thful statement of the facts and circumstances that, in my judgment, rendered the purchase of iron a duty I could neither postpone or avoid, without the most reckless disregard of the public interest. It is true, if I had been capable cf entailing upon my suc cessor inextricable embarrassment, or could have derived pleasure from seeing the interest and character of the State sunk and degraded, I might have fo'ded my arms, and permitted the Road to fall a wreck on the hands of oth ers The purchase of one thousand ton 3 of iron was made in April last; which is now being laid and will extend over about twelve miles. Ia addition, 3290 tons have been contructed for, and from the last advices from Messrs. Padelford, Fay & Co., may be expected in Savannah, sometime in this mouth and Decem ber next. It will be seen, by the terms of the contract, that it is expected the cost of tho iron will be provided for at an early day of your session. The cost of the first 1000 tons, at Savannah, was $43,74218; and the 3200 tons, will not Erobably exceed $124,800; making the sum to 0 provided for $128,542.18. This may be done, if the Legislate re should ratify the con tract*, by an application of a part of the tur pins now in the Treasury, and by issuing 6 per pent, bonds, redeemable by the Road, aud gua rantied by the State. Should this course be pursued, there een be no doubt of the entire capacity of the Road to meet the interest promptly; and ultimately redeem the principal; so that, in fact, the public debt of the State would not be increased. It is believed, the facts disclosed by the Fi nance Committee and by tbe Report of the Chief Engineer, are quite sufficient to demon strate ihe propriety of providing an indepen dent equipment of freight car*. • By reference to the Report of the Chief Enginrer, it will be seen, that $500,000 would c*ver the cost of relaying silty miles of (ho . Road with heavy Trail iron,and equip iv with Locomotives, freight and passenger cars, suffi cient to do the increased business that will ne cessarily result from the completion of tha Railroads now in progress in Tennereee, connecting with ours; to say nothing of the in crease from the developments being made in oar own State. I oaucot doubtmt the true policy of the State, is fully to equip this Road, pledge it with its income afler the discharge of its liabilities, as sacred to the cause of Educa tion, perfect its organisation by a Board of Directors, of whom one should be aiade the President, vesting in the Board the ordinary corporate powers ( and thereby, as far as pos sible, disconnaot it and it* government, from all improper influence, or the appearance of it. To do this however, successfully, the example farn’shed in the organization of ihe Supremo Court, of sole-ting gentlemen of qualification from both political parties ia worthy of imitation, and it would relieve the Governor, of respon (CQNCIVPXO OF r«MT# fAM.j