Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1859-12-24
Sl,Sl6,G10
Sl,l76,610
S1,176,G1O

OuO-S'iS HG on cents IN the
dollar, 81 ,200,001-will pro-
VIDE Tor the baunce S1,176,G10
1T is believed that additional subscriptions
Will be obtained sufficient, not only to conpen-
safe for the diininution of the sum total of in
dNidual subscriptions by death, insolvency,
and other causes, but even to increase the
amount which is assumed in this statement.
Within two months past, two counties in
North Carolina have resolved to subscribe
each $4,000. Two other counties are ex.
pected to follow their example, and the Board
have received reliable assurances that the in
dlvldua subscription list will be enlarged.
by the Act of 1854, granting aid to the
road, 1T was provided that the four. companies
in South Carolina, Georgia, North Carolina
and Tennessee might secure S5,500,00O. by
mortgages of tho road and all the effects of
the several companies in those States One
million of these bonds the State undertook
(condtionally) to guarantee The other 81,
500, 900 were to be issued by the company on
the security Of the mortgages The sum of
$640, 900, to be obtained from the State of
Tennessee on a loan of its bonds was, however,
to be Il first lien on the road in that State.
All the companies have scverally given the re-
quircd mortgages to secure the 81 100000.
If the State does guarantee one million of
the company's bonts they will be secured by
a first mortgage on the whole road, from An
derson to Knoxville. The amount received
on sale of the bonds will be invested in the
construction of the road. That, with the pri-
vatc subscriptions, will make t, tai invest
ment in the road, of S3,000,000 This will
be the amplcst security to the State against
its guaranty of one million Of bonds
If the State should subscribe one million
more after that is expended, the company will
have invested S3,000,000 of chpital in the
road On that Investment, il should be ablc
to borrow an equal amount and the aggregate
would exceed the estimated cost Of the road
More than one of The finished railroads I'M
South Carolina have raised money on bonds
to an amount equal to the capital paid in, and
there is no reason why t!Ie Blue Ridge Rail
road' Company should not borrow as much.
The Stockholders and the Legislature have
been repeatedly and fully notified since De.
ccmbcr 1856, that it tmay be necessary to call
on the State for second additional s,ibscrip-
tion of $1,000,000 If the State should
make that subscription, the capital stock of
the conpany, which would then be invested
in the road, would be S4,900,000 1t cannot
be doubted that with capital stock to that
amount invested in the construction Of the
road, the balance Of the estimated cost, S2,--
825,0O0, couiduudbub ubtcdly be raiscdon bonds;
and much moro it more were required
The receipts on account of the road, to the
LIST of November, amount to 80, ,T09,950 83,
and the expenditures to 50 2,594,7l2 48. The
Treasnrcr's exhibits will show the sources CT
the receipts; and the several subjects of cx-
pcndturei
Under il,c Act of 1854, granting aid to the
company, the City Council of Charleston can
have norcpreseutativc in the Board Of Direct
ors, because that Act requires a qualification
of $4,000 in the stock of tho company, to be
held in his own right by Director.
phat qualifications Can serve no other pur-
pose thm to embarlaTsthc management of the
affairs of the company. AS a contribution BY
individual subscription TO the chpitaf Of the
company il is trifiing aud nugaSory. rs any
security for an honest and faithfal manage.
ment, itisaltogetier insufficient The Board
recommends chat application be made to the
Legislature at its next session, for a repeal of
the qualification required to be a Director; !;
aud that the City Council be allowed repre-
scptation of two members in the Board.
AT the lhss March Term of the O. S. Dis
trict Court, for the Western District of Geor-
gia, tho bin of Anson Bangs & Coz, against
the Blue Ridge Railroad Company, was dis
missed: the complainats to- pay the Costs
Notice OF Appeal was communicated tosthe
President on the 9th instant. st
The construction Of the road must be wholly