The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-09-07
THE BLUE RIDGE RAILROAD.

The following is o copy of the bill introduced
into the legislature on Friday last, with view
to fastening the construction Of the Blue
Ridge Railroad:
BILL to authorise additional aid to the Blue Ridge
Railroad Company in South Carolina
Whereas, the General Assembl J, of the State
OF South Carolina by an act passed the 2lst day
of December, 1854, entitled IAN act to author
ize aid to the Blue Ridge Railroad Company in
South Carolina provided that the faith and
funds of the State Of South Carolina be and
the same are hereby pledged to secure the
punctual payment Of any contracts which shall
be mado for borrowing money by the Blue
Ridge Railroad Company In South Carolina,
from any person or. persons. com 2any OF CON-
panies, corporation o. corporations, 10 any
amount not exceeding one million dollars.
either in the United States or Europe; and
when such contracts shall be made by bond or
bonds, signed by the President OF the Com
pany, under Its seal, and countersigned BY the
Secretary or Treasurer thereof, 1t shall be the
duty of the Comptroller General to endorse
thereon, that the faith and funds of the State
are pledged to the faithful erfJrmanco OF said
contract or contracts, as 1t respects the pune
tual payment of both the principal and inter-
est, according to the terms OF the SAID con-
tract or contracts; provided that certain condl,
act be first executed, and the said Blue Roge
Railroad Company in South Carolina secures
the said endorsement by mortgage OF all
their property in the States OF South Carolina,
North Carolina and Tennessee, duly executed
and recorded. A d whereas, tn Comptroller
General of the State has not endorsed any of
the bonds issued by the SAID Blue Eidge Rail
road Company in South Carolina, under the
authority ofthe said act; and whereas, the con-
dltions imposed upon said endorsement by said
section z, have become impossible and lnJudlcl-
GUS. while the necessity OF the completion OF
said road has become more urgent IN the IN
terest OF the State; therefore
Be ii endc!ed by the Senate and House OF
Representatives of tho State OF South Caro-
lima, now met and sitting in General Assembly,
and by the authority Of the same, That with
out reference to the said provisos and condl-
tions, whenever any contract or contracts may
be made by the President of the said COM
pany, under its seal, and az prov ded by said
act, and not exceeding one million OF dollars,
that it shall be the duty OF the comptroller,
General tn endorse thereon that the faith and
funds of the State are pledged to the faithful
performance OF said contract or contracts, as
respects the punctual payment both OF the
principal and interest, according to tho terms
Of said contr .ct or contracts; ,,rovded tn It so
much of said issue as may be necessary, not
exceeding $780, 900, shall be applied to the re.
demption OF tho present bond debt ot said
Company
SECTION 2. That the faith and the funds OF
the State of South Carolina be. and tho same
are hereby pledged, to secure the punctual
payment of any co itracts which shall be made
by the Blue Ridge Railroad Company in South
Carolina, for the borrowing OF money from any
person or PERSONS corporation or corporations,
to an additional amount not exceedin@ 3D.
900 900, either in the United States or Europe,
and when such contract shall bo MADE Dy
bond or bonds, signed by the president OF tho
said company under its seal, and countersign-
ed by the secretary or treasurer tnereol, IL
shall be the duty of the Conptrolei General
of this State to endorse thereon, tina. the faith
and funds Of the State of South Carolina are
hereby pledged to the faithful performance OF
the contract or contracts, as it respects the
punctual payment beth OF the principal a"d
interest, according to tho terms OF said con-
tract or contracts; provided that the interest 70
be made payable thereon shall not exceed
seven per cent per annum, in half-yearly pay
ments. And that as soon as the Comp
troller-General shall have made any
such endorsement, on any SUCH con,
tract, the whole estate, property and
funds in the States Of South Carolina, Georgia,
North Carolina and Tennessee, which the said
company may then possess, or shall afterwards
acquire, shall thencefurth stand pledged and
act or deed on the part OF the company, for the
faithful and prnctual performance OH the part
of said company of such contract, IN priority
and preference OF any other debt wnlch tue
said company. may thereafter create or incur.
And, further presided, that the SAID bonds oI
any part thereof shall not be used except upon
the express condition that, u..on app lcatioh
to the Congress of the United States or 10 prl-
yate capitalists, the amount OF s3OOO'O0 ID
currency, or so much as may be necessary,
Shall be furnished III exchange, OF upon the
security Of said bonds. :,
SEC. g. That the said company shall have tue
right to increase the board Of directors to I'll
teen members, of which board the Governor
of the State shall be ez-oficio member; that
there shall be an additlona, officer to be kno vi
as Vice-President, whose duty and salary shal
be prescribed by the board, and that III al
future meetings Of the stockholders Of sald
company, the Governor of the S-atc is hereby
authorized to represent the stock OF the STATE
either in person or by the appointment o.
proxies.
SEC. 4. That the Governor of the State il
hereby authorized to advance TO tho said COM
pany an amount not to exceed twenty thous
and dollars, from the easury Ct the State, II
bills receivable or other currency, not other.
wise appropriated to repair anG keep in work
ing condition the said road, il such amour