The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-12-22
THE BLUE RIDGE RAILROAD.
Report OF the President and Director

rHE BLUE RIDGE RAILROAD.
v.,or, ar ,he President and Directors.
The report Of the President and Directors OF
the Blue Ridge Railroad, presented at the
meeting of the Stockholders on Saturday last,
is as follows:
The President aud Directors respectfully
snbu,it to the Stockholders Of the Blue Ridge
Railroad Company, in South CaroIna, tne iol-
loving report of the operations Of last year,
ard the present condition Of the company:
The persistent and Jealous efforts Of the
Board for the last eighteen months in calling
/. ihe atte1,t:on Of capitalists, at home and
abroad, to this great connecting railway pc
tp een the West and the Atlantic sea5oard,
has at last aroused that interest and investiga-
tion which will, doubtless. soon secure lts
Completion, The Stockholders and Board OF
Direction are under many obligations to the
Hon. James l.. Orr, late Governor, and his
Excellency P. Z. Scott, present Governor OF
the State, for the able e1positions Of the i'm
Nnortaace and value of this railroad to the peo-
I,je of this State, contained in their messages
10 the Legislature. Such testimonials of the
necessity for the completion OF this railroad
had great weight with the Legislature, and
doubtless encouraged that body to lnaugurate
and adopt scheme fol additional aid to the
enterprise.
The bill passed by the Legislature in Septem-
- her last q certified copy OF which Is herewith
furnished, after reciting part OF the Act OF
1854 directs in the first section that the Comp
treDer General ehall endorse the guarantee OF
the State on one million Of dollars of the first
mortgage bonds Of tho company, with the sim
gle proYiso that the present bonded debt OF the
Company, not to exceed three hundred thous-
and dollars, ehall be retired by such issue.
The second section provides for the guaran-
tee of the State on three millions Of dollars ad-
ditional Of the bonds of the company, upon the
condition that these last mentioned bonds
shall not be used for less than par In curren-
The third section provides for an increase Of
the boards Of direction to fifteen members, of
which the Governor Of the State shall be e1 Of
ticio a member, for the creation of an addition
al officer, viz: a vice-president, and for the re-
presentation of the State stock, &c.
Section four authorizes the Governor OF the
State to advance to the company twenty thous-
and dollars, from the treasury OF the State, to
repair and keep in working condition toe
road, &c.
This bill is liberal, and the amendments of
the charter of the company should be at once
Z. accepted, and the changes made whenever the
necessities and interests of the company will
warrant it. The aid afforded, If judiciously
used, will 60 very far to complete the road, and
is, perhaps, all that ought to be expected from
ths State in the present condition OF her
finances. But much remains to @ be done oner;oS oy
to secure the full benefit OF this wise ano gener-
ocs policy Of the State.
The credit of the State must not only be
sustained, but the real value OF her securities
must be made known abroad by the confidence
Of her own citizens II them. When such con-
company, endorsed by the State, will COM
mand near their par value, and can be used in
construction without loss to the company or
the State.
Upan recent visit to New York the Presi-
dent, accompanied by hls Excellency Governor
Charleston, brought the condition and pros
poets Of this railroad, and the securities otfer-
ed by the company, prominently before sew
eral OF the capitalists Of that city, and alter
investigation, assurances were given that at
an early day these securities would be sought
after, and that ne dltilcuty WouIa De e,, e1pe.
rienoed by the company IN negotiating them at
proper rates. In connection with THIS 1t was
suggested, however, that new estimate OF
the work to be done should be made, and such
changes adopted as would conform to the pre-
sent price Of iron, labor, materials, &c. This
The action Of the Legislature contemplates
that the Congress- Of the United States shoui.
be appealed to for aid, and certainly no gcnd
reasons exist why great military and postal
road, crossing latltudes as this does, should
not commend itself to the government as po-
tently as the great Pacific Railway. :,
The board would recommend that commit
tee be appointed to memorialize Congress
upon this subject, and that the different MEM
bers Of Congress and senators Of the several
States directly interested be invoked to lend
their influence.
The City Of Cincinnati, more largely interest
ed in this Southern connection than any other
rifv or 1a~t mQnifa9tln0 lpt6l-
.tion to meet us at Knoxville, and also to con-
nect directly with Nashville and Chattanooga.
The opinion so long entertained that, by the
new constitution Of the State OF Ohio, no city
could incur debt for the construction OF rail-
ways, is now questioned, and bill has re-
Gently been introduced IN the Leglslatnre
to allow first-class cities in that State 20
lend their credit to such enterpl lses. Hopes
ara expressed that this difficulty will thus
be removed, and that this great and powerful
city will be enabled to add to her wealth by
this, to her, most important work. The City
of Louisville has her Southern road Tar ad-
yanced, and will doubtless reach the Tennes-
see line, and thus secure through road to
Knoxville in twelve or eighteen mouths. That
these cities and the great railway corporations
directly interested in this Southern road are
sbundantly able and should perhaps extend
some material aid to us, ID q ,prcposlCan long
advocated and pressed upon them, and va are
still not without hope that they will eventually
como to our assistance. But the road is now
vital necessity to us, and we should no longer
delay in evincing to our Western friends our
determination to cross the mountain barrier
and Join iron hands with them.
The great value of this road to the people of
our own State, and especially to the City of
Charleston, has been so often and 80 fully
urged, that word more would seem TO be
superhuous; but the board are impressed with
the belief that the Importance OF the early and
prompt completion of the work is not sufficient
" felt and appreciated. The earnest efforts of
the cities on the east and west to secure the
western trade, the rapid progress Of railroads
intended to divert this trade from our sea-
board. should excite the attention and arouse
the energies of our people, aud especially those
of the City Of Charleston. Although we may
congratulate ourselves of new lines OF trade
and travel being opened, and through connect
ions made by enterprislng companies 30 that
freights may pass through our seaboard city
as rapidly and as cheap as by any other route,
vet this should not satisfy the people OF the
State nor the City of Charleston. Charleston
is worthy of better fortune by location than
mere way-station for the transit OF reights.
Justice to her location; to the energy, enter
prise and ability OF her merchants and busi-
ness to the pride OF the citizens OF the whole
State, demands thai she shall become great
depot and market for the sale and exchange OF
the productions Of many latitudes. 10 pros
per she must put forth all her strength to
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