The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-08-03
he citv has received the benefit of the money


Bill. Pending the second reading of the Bill Al
lerman Gerdts moved postponement Of the Bill,
md for the purpose OF supporting his motion, Oh
cred the following preamble and resolution:
Whereas, tits expected of Council to act in mat
er of which it has received 50 little information,
md rs it has involved the expenditure OF several
millions OF the City and State funds, and whereas
tho Stata of South Carolina, by its joint rGsolu-
ton passed IN September, 1866, placed speclal con
ldence in the wisdom of the remaining stockhoid-
ers, of whom the City of Charleston is the largest
it therefore becomes Council to be doubly careful
to investigate the matter thoroughly before
actions ore takon for the interest of the State Is
the interest of the city, Be it, therefore, %
Rescued, That tho President and Directors Oh
tho Blue Ridge Railroad be requested TO furnish li
Council with a statement Of tho affairs OF the
Company is to say, how much OF the caPltal
expenditures was furnished by tho City and stat
how much BY other corporations (lt any, anu NJ"
much by private individuals; also the presGnt ila,
bilities Of tho same, and II the ROAD Is un9eI as
mortgages. Fnrthor, to give the number OF miies
that are completed of said road, and tho numper
of miles tn It are vet unfinished, in order to rcacn
tho boundary of the State; also to glvc II ossiplo
the cost of the road that has been completed, OF
eIso an estimate of tho same, and the amount that
has been expended on that portion that has been
under construction. Further, to give the receipts
and expenditure of the road since tho GreenVihe
and Columbia Road has been IN order again; also
ii an annexation t. the Greenvllle anu ColulnDla
i
ed daily train from Walhalla to Bolton, and Dack
a~ain. would not increase the receipts OF the
road considerable, and reduce the expenditure IN
comparisons; and further, to give information
whether all agreement was ever made DeI"ee1
them and the Greenville and Columbia Road, and
the South Carolina Road, respecting the equal
ratio charges. .,-,o
Previous to putting the question to postpone,
Alderman Marshall arose and made short STATE
ment, showing the great Importance OF passing
r.1t
postpone and lost. "a
Tie question then recarred on the passage Oh
the Bill as amended to it's second reading, 49,,
Alderman Gerdts moved to lay the Bill on the
table, and said: n.,, 49,,
nredeccssors were on rating the money for the
building of the road. object to the Bill because
there never was road in South Carolina that PAID
seven per cent per annum and w>dld d n;
be equal to giving it away. l object 70 the Dlii
because it will not create confidence, 10 lnuuco
capitalists and others to embark into this schemo
They would say, it is truo you abstain from ta9lIi
any dividend unless it is over seven per cent. put,
at the same time by tho large amount o. s.oIn t,n
that YOU own, you retain entire cohtrol ofIt NY
raad: and your mode of management might n9t t
snit ma. object, because thcro ls reasonable
Certainty that we will be ousted of the road IN the
some manner as wo have been OF the SaYanliaii
Road. for two classes OF shareholders WI VIII prln9
this about sooner than anything else. Ihese are
my to donae the S to apd pause for there is
Old adage. ssbetter not to mako q bargain at al,
than @ to mike bad ONE" say let us inv :stigato
this matter thoroughly first, and, as 1ar as my
knowledge has reseho4 now THINK can prEd5
pose better plan that tns FIJI I'm ne, .nit ns for
the nresent to contribute more funds toward this
road Init have, nevertheless. full confidence IN
the enterprss, and believe that II the road couia
only be built that 1t not only would De gren. DGn G
eft to Charleston, and tins country gonelaes, s,,ti, g
would also be one of tho best paying roads South,
on accG ~ of it's proximity to the coast, and, as
the CITY Of Charleston is very anxious to haye
this road built, they would offer the following ln'
Council is willing to have the capital or shares
t. owns in the Blue Ridge Railroad cut down to
onehalf if C. sufficient amount OF capltsl could DC
obtained to have the road built, andi any addls
tionaI ipstalImepts should be called in, the city
would be willing to have her shares cut down SUN
further; out correspondlnSty could not turnlsn as
more money. rather would cut down the snares
to anything than to bscome SECOND clsss snaie
The yeas and nays were called for and the fol-
lowing was the result:
g.
Naue-Aldermen Ravenel, Small, Willis, Stein
oey oakss a0GSnr MGrs9s Pnse destun
the Mayor-15. The motion was lost.
The Bill yassed its second reading. On motion,
tho Bill was taken up for its third reading; the
Bill received its third reading and passed It's tltie
changed to an Ordinance, aud ordered TO m be M en-.
crossed for ratification. The Bill read as lolioRs !
q BILL IN RELATION TO THE BLUE RIDGE RAILROAD.
UWhereas, tho General Assembly OF the state
did. on the eighteenth day of September, IN the
wear eighteen hundred and sixty-six, pass Jolnt
Resolution of tho following tenor anu enect' TO-
wit: =, 90
the Blue Ridge Railroad Company in Sonth caro-
lima be, and are hereby, authorized to deal with
the shares held by the Stato IN said company IN
the same manner as With the shares OF all other
stnckhollers, in any arrangement that may be
made With any other Companies On lndlvlouais'
for the completion of the said Road, by the ls-
suing of preferred shares, or reducing the number
of shares held by the State in the same rltlo III
which the City OF Charleston and other st9ckno.u-
ers NAV consent that their shares shall be re-
duced, or in any other manner IN which 10 may %
found necessary to surrender portion OF the
capital already invested to accomplish the con,
struction OF the said Railroad; Prootded, Ihat
IN any arrangement that may bo made, the State
shall not be held liable for any additonal ASSESS
ment on the shares held.
And Whereas the City Council are deslrous OF
aiding in tho completion OF The Blue Ridge lall-
road BY any reasonable arrangement that Will con-
duce to that end: ,.,o.,
Cha lesion do hereby consent to defer their claim
for dividends on all stock now held by the Corpo-
ration in the Blue Ridge Railroad Company IN
lavor Of any new stock that may be duly taken IN
said Company, so far as, and until such new stoch
holders shall receive diVioends az rue mU' tSo
ceeding seven per cont per annum upon tne
amounts Of their stock respectively Pror,ded,
however, chat if tho earnings OF the Company
which are divided as profits shall be IN excess OF
the amount necessary to pay said preferred aiYl,
dcpds on the stock, such excess shall DC appieu
n. IL In Nnr y
provided, also, that tho stock held by the City
Council shall not pe subj to any additional
AID proraded JM'Iher, tnat II inc
dividends fol any one year shall be short OF sevon
per cent, the deficiency thereof shall be made up
out of the earnings of any future year:
A Bill to regulate the dredging OF decks came
up fol its second reading.
Alderman Ravenel moved to postpone tho sccona
reading of the bill to the next meeting. Carried
BILL TO REGULATE TIE DREDGINd OF DOCKS. :,
Whereas, the best interests OF tho city, as well
as the convenience of the shipping visiting .he
port, demand that the channel OF Cooper River DG
kent omen with sufficient depth OF water for all
purposes, and free from obstructons;;
Be it ordained, That in future oil mud removed
from any of the city docks by dredge machlnes OF
Otherwise, shall be deposited on the east sido OF
HOG Island, between Castle Pincknoy and Mount
Pleasant, and in no other part OF tho harbor. -,
The Harbor Master shall be furnished with
COPY Of this Ordinance which he Is required strict
y to enforce, and to report for prosecution all VIZ
ations of tho same, which shall subject the party
so offending to fine not exceeding one hundred
dollars for each and every offence.
Alderman Cosgrove moved that the remarks @ OF
Alderman Gerdts, on tro Bill in relation to Tho
Blue Ridge Railroad, be published. Carried. -,
Alderman Marshall, Chairman OF the Committee
on Railroads, stated that at meeting OF the Com
mittoe on Railroads, held last evening, he was re-
1uestcd to offer the following resolution:
Resolued, That the Mayor bo and is hereby
to appoint Messrs. Henry Cobla anu
w. j. Masrath our proxies to represent the stock
held by the city OF Charleston in the Nashville and
Chattanooga Railroad, at the annual meeting OF
vile, on the 1ith Of August next.
Alu.....an Whllden moved to amend the rcsolu-
ton, so as to include Aldermen Marshall and Will
lis in the list of proxies. Carried.
alderman Ravencl moved to amend the rcsolu-
ton so as to include any other Alderman who may
lesirc to attend the meeting. Carried.
Alderman Stcinmeyer offered the following reso-
luton:
Rescued, That licenses to retail ale and lager