Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1860-11-17

The required additional aid was not granted
by the State until the session of 1854. In
the meantime the work was not prosecuted
with vigor by Bangs & Co +; and even, after
| they became obliged to perform their contract,
to construct the entire road they would do
nothing but the earth grading, which yielded
to them small profit. When they were dis
missed in April, 1854, not stone had been
laid in the foundation of any bridge, and, in
effect nothing had been done on the tunnels.
They lett the work not nearer, in point of
time, to completion, than when they signed
the contract, After they were dismissed, the
grading was suspended until the arrangement
was completed by which the contractors OF
Bangs & Co. resumed work, under the as
sumption Of their contracts by the Company.
1t was necessary to advertise for contracts
for the tunneling and masonry; and, after
these were closed, the contractors could not
make the necessary arrangements to begin
work until late in the year 1856
Before the close of the year it became ap-
parent that the work on the road could not be
continued throughout the year 1857, without
the payment by the State of the second in
stalment $500, ,000) of its subscriptions
BY the Act of 1854, it was provided that
the Company should obtain subscriptions to
its stock to the amount of 81 900 900 before
the first ustalment (S500,000) of the State
subscription should be paid. And before the
second instamcnt should be paid it was re-
qnircd that the Company should procure an
additional subscription of S500,000, by res
ponsbIe persons, companies or corporations {;
and that, at least one fifth of the subscribed
capital should be held by individuals or pri.
vatc corporations. The Company had the
required amount of subscription, but less
than one fifth was held by individuals or pri,
vate corporations. A petition was presented
to the Legislature, praying that the require
mcnt that cnc-ffth of the entire stock should
be held by individuals or private corporations
might be remitted. 1t was not granted
The work was, in consequence again sus-
pended in January 1857, and so continued
until June of that year, before which time
the required subscription by private persons.
amounting to S27l 900, was obtained, and
the second instalment of the State suhscrip.
ton thereby secured. Thus occurred Sc
cond suspension of the work for four or five
months.
With the fluids derived from the State
and City, and individual subscriptions, the
work was kept in progress during the re-
moindcr Of the year 1857, and the year 1858.
The private subscription made in 1857 was
payable in four annual instnlments The in
stalment due in 1858, and balance of the
City subscriptions, comprised all the resour-
ccs of the Company for the continuation of
the work through the year 1859. BY the
act of 1851 the State undertook to guaranty
the Bonds of the Company, on condition that
the Company should show available means
sufficient to give reasonable assurance to the
Governor of the ability of the Company to
complete the road. The contract of Bangs e.
Co. stipulated that for the construction of the
entire road they should accept payment of the
cost, one-half in cash. one fourth in bonds,
and the remaining fourth in stock. These
terms of payment were relied on by the Com
pany, when the work was undertaken, ms am
ply sufficient, with the guaranty of one mil
lion of its bonds by the State to finish the
road. And so they were But in conse-
quence of the failure of Bangs & Co.. the
fourth of the cost for which they were to
receive payment in stock, had to be supplied
by cash, as we'll as the discount on the sale of
the Company's bonds, which they had agreed
to take in payment at par. At the session
OF 1893 petition was presented to the Leg
lslature, setting out these facts, and praying
that the State would guaranty the one mil
lion of tie Company's bonds without rcoui-
ring the performance of tho condition an
nexed by the Act Of 1854. The Mayor. with
Committee consisting of Aldermen and
citizens OF Charleston, went to Columbia to
aid in procuring the grant of the petition.
The Committees of both Houses reported
tavorably on the petition, and bill was in
troduced to give effect to the prayer of it
The bill was, however, lost, by small MAORI.
ty In the Senate. Notwithstanding this fail.
urc, the friends of the enterprise were encour-
aged, from the expressions of favor or approval
received from members who voted against the
bill, to hop that the State would tsfo up the
work The City Council of Charleston, in
January, 1850, resolved to pay the balance of
the city subscription and, with this amount.
and what was received from private subscrip
tions, the work was continued through the
year 1889. But, it was restricted to the bridge
masonryin South Carolina, which was compile
ted in that year; and to the Stump House
tunnel, on which the contractors were required
greatly to reduce their force Thus, with the
exceptions stated, and the embankment at
Seneca River, the whole work was suspended
during the year 1850, ,.
The petition was renewed in the session of
1850, but the grant of the required aid was
defeated by few votes, Instead of the guar.
anty prayed for, State subscription of $780,
600 was granted to finish the section between
Anderson and Walhalla In obedience to the
resolution Of the Legislature, no work has
been done during the year 1860, except upon
that section.
B ID d. - Al a. tt