The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-07-08
MESSAGE OF GOVERNOR ORR.
Gentlemen efae Senate and House Of Representative

Gentlemen of fe Senate and House Of Representatives.:
While no legal official relation exists between the
present Executive and the General Assembly, avail
myself Of the opportunity to communicate TO your
respective bodies the information aid tatstics
which have come TO my knowledge during my sd
nnistration, pertaining to the material and educa
tonal inte of South Carolina The reports here
with transmitted to you from the various executive
officers and others connected with the public insti-
tutions, embrace period between the adjournment
Of the last session Of the General Assembly in 1866,
and the present time. They constitute part OF the
archives OF the country, and without them there
would be void in the history Of the various de.
partments to which they REFER during the time In
dicated.
Tic reports OF most Of the officers of the State,
and of those connected with public institutions,
have been brought to the 1st day of May under the
impression that my administration would cease about
the middle OF that month.
Without further preliminary observations. pro.
ceed to call your attention to the several subjects
matter Of public interest, and to such other facts
legislators.
THE PUBLIC DEBT.
By reference to toe report cf the ComptrollerGen.
era addressed to this Department on the 25th OF No
vember, 1857, copy Of which is herewith transmit
ted it will be seen that the entire public debt Of the
state, on the 1et day of October last together with
the interest which,had accrued up to the same date
amounted to S8,S78, ,255 Ga. Deducting ftom this
gum all the bonds and stocks issued between 1850
the same, amounting to 1854 1919 Os the debt due
by the State the LIST Of October last was S5 $685.,
SIC &C.. Of this sum s54o7.215 % is the principal
and SIG 361 33 is interest While this debt is small
as compared with that OF many other States yet In
the present impoverished condition Of the peope Of
South Carolina the annual payment Of 1881 414 80,
which is the interest uron the debt at per cent? IN
addition to the aintenance OF the State government
would be excessively oppressive.
The contingent liability of the State from endorse.
men;s of railroad bonds, is as follows:
South Carolina Railroad bonds, payable
in 1883, secured by first MORTGAGE. 093, ,312 40
Charleston and Savannah Railroad
bonds, payable in March, 1877, secured
by first mort yaee. -. ............... 6o5,OOo 90
Northeastern Railroad bonds. payable
March 1, 1869, secured by first mort
gage. SZ,VOU w
Laurens Railroad bonds payable in 1879,
: secured by frst mortgage. e............ $4,000 90
Spartanburg and Union Railroad bonds,
payable in 1878 and 1879, secured by
first mortgage. SoU,0uU uU
7Greenville and Columbia Railroad bonds
payable In 1881, 1882, 1883 and 1885,. 945 Al 81
Of the endorsements upon the Greenville and
Columbia Railroad bonds. s70000 is unier authori-
ty OF the uct of 1851 and S209e48 so ia under tbs
authority Of the act Of 1906 passed for the purpose
OF enabling the company to pay the interest past due
and to fall due prior to the 1st Of January, 1858, up
on coupons and upon the mortgage and guaranteed
bonds. This guarantee is upon certificates OF in
outstanding debt Of the company, upon which there
is no lien-the guarantee having been made where
the holders Of demands upon the company sur
rendered three dollars Of demand for one dollar Of
bonds
The ordinance Of ths Convention, adopted on the
10th of March, 1865 declares 'Ihat all acts or pre-
tended acts Of legislation purporting to have been
passed by the General Assembly Of the State, since
the Goth day Of December, A. D. 1860 pled2ing the
faith and credit of the State for the benefit of any
corporate body private ndi ddual are hereby sus
pended and declared inoperadve until the General
Assembly shall assemble aud ratify the same.
It is unnecessary to enter into any discussion at
the present time concerning the legal free and ef
feet OF the ordinances passed by the Convention,
various opinions being entertained as to the ques-
ton Of their legal validity. But, in any point OF
view, to remove all apprehension upon the subject
of the bonds Of the Greenville and Columbia Rail-
road Company now held by. citizens Of the State,
and guaranteed by the State, recommend that the
Act OF 1861, authorizing the issue Of 100000 OF
bonds and the Act Of 1906, providing for the guar
antce OF certificates Of Indebtedness. and also Of
bonds one for three to satisfy other Indebtedness OF
tic company upon which DO Lien existed, be vail
dated By the action OF your BODY. Persons holding
bends under the Actof 1861 hold them In lieu OF
the original mortgage bonds due them By the com.
pany, which MORTGAGE bonds were surrendered to
the company-the guaranteed bonds Of the State
being taken in payment of the same upon the faith
of the Act of 1851 1t would operate as gross fraud
upon these bondholders now to declaie their bonds
void Common honesty would require, If the act is
not validated. that all persons holding guaranteed
bonds should be allowed the privilege of surrender
ing the came, and of receiving in lieu thereof the
original mortga e bonds or their duplicates These
remarks apply with equal force to the bonds of the
Columbia and Augusta Railroad Company, and bonds
of the South Clrolina Railroad Company aud are
entitled to your early consideration.
It is believed that bonds thus endorsed to the
amount of nearly 49, 0J0,0 will be promptly Hqui
dated by the companies as they fall due and tina,
the guarantee of the state will be discharged to that
tho ofY,la thar ID 1Or1t,f
but in no contingency is it probable tha, in conse
quence Of the failure Of the companies to meet their
bonds the State viii have to provide for more than
$780, 600.
The report of the Comproler.G further shows
that the cash balance on hand on the 1st day o.
October, 1866, amounted 100 S
That the receipts from all sources from
the 1st Of October, 1866, to the 1st Of
October, 1867, was. ......... 454 500 2s
Making total Of. of................... s635, ,49s O6