The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1868-07-15
ANDERSON, s. C.. WEDNESDAY, JULY 15 1858 NO.

the mortgage and force the road to u sale.
This was resisted by the Company and by
counsel representing the State. Suisse
quently bill was filed by those holding
the guaranteed bonds, very properly main
tanning that when surrendered by them
the bonds were simply retired and not re-
deemed or paid until the conditions OF the
Act ere fulfilled and claiming that they
should bs permitted to come in and share
equally with the original bond holders in
the proceeds of.the sale ; and further, that
the reservation by the Slate of the orig
inal lien for the benefit of the State should
be declared to inure to their beneht,
which would seem to be honest and proper.
Subsequently. another bill was filed oy
a class of creditors who represented the
second guaranty upon the road. With
the view of having all parties in interest
properly before the court, the Attorney
General was instructed to file an. informa-
ton in the nature of "u cross bill and bill
for injunction and relief" in which bill all
suits and creditors were. enjoined from
proceeding further against the Company,
und required TO come in as parties defen-
dant to the bill filed by the Attorney
General. 1t is insisted in this bill that
the State, or the parties holding the guar
anteed bonds of the State, shall be per-
mitted to share equally in the proceeds
resulting from the sale of the road and its
entire estate. if it should be sold; and
there is little reason to doubt that such
will be the decision, since it is SO mani
testify Just Any other decision would
operate as fraud upon the State and tile
guaranteed bond-holders.
: These cases have not been brought to q
final hearing, and it is not known whether
the court, at tho instance OF Il very small
portion Of the bond-hplders, represe
less than one-tenth of the general interest
Of that class, will permit them summarily
TO f,reclose the mortgage and bring the
road to sale; but have feltit to be my
duty to- lay the subject before you and
invite to it your special attention, in con-
sequence of the large interest which the
State, owl ns.in this corporation.
Its interest as stockhoder. $433 1850 90
Under the Act, of 1861, in
guaranteed bonds. (only
100000 of the 100000
aHy"er, aIiy endorsed ).......... 100000 90
Under the Act of 1866, en-
dorsing certificates of in
and coupons 203,84S SO
Under the tonrth section of.
the Act of 1866, where de-
dersd eLa three for one. 1892 3s
An aegreratc Of. 81, ,379,45l 81
Itan arrangement could be made by
which the remaining S326,o00 of original
mortgage bonds could be redeemed and
cancelled. there would BE no pressure OF
creditors which. would interfere with the
operations of the rond for years to come.
There could be no greater misfortune to
the public, or no proceeding more runous
to the Stule, than that the road should be
brought TO sale at Il time when the tinan-
cal EN- surrounding indlrid-
uuls and corporations arc SO widespread.
II decree should be made for its sale, it
is not improbable that this large interest
of the Slate would be entirely lost, and
that the people, by future taxation, will
have to make good the whole amount CT
the guarantees upon the bonded debt, to
wit S945 5,029.S7.
; I therefore recommend that provision
be made for the satisfaction Of the original
mort gage bonds upon some basis tair:and
Just alike to the State, the Company and
the creditors; or, if that cannot be done.
that such action be taken as will to some
extent, Mt lenst, secure the large interest
of the State in this corporation, in the
event of it's beiug ordered to be sold. l
have felt it to be my especial duty to
postpone and defeat the foreclosure OF the
mortgage, at least until the subject could
be brought to the attention Of the General
Assembly, and ample time be given your
body 10 make sneh provision to guard the
State against ruinons loss, az in your dis
cretion may be judcious.
THE BLUE RIDGE RAILROAD.
I commend, with great earnestness, to
YOUR favorable consideration the compile
ton Of the. Blue Ridge Railroad. This
national highway, intended to connect
the great West with the sen, was COM
menced in South Carolina long before the
inception of any of tho enterprises in the
North and East looking to tho same end,
and more than thirty years ago enlisted
the active energies of the brightest intel.
Iects of the State. The financial crash of
1897, however suspended This great work
after it had reached the city Of Columbia;
but, in 1852 or 1858, it was again revived,
u new lire of survey was adopted and the
work was carried ON with redoubled ac-
tivity. The war alone prevented it's
completion.
The interest of the State, financially
and commercially, in this undertaking
cannnt be cr.cstimaled Tho stock