The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1869-02-25

may be funded in the same security it has.
The very large interest which the State
has in the road is the strongest reason
why it should be disposed to aid the com
pany.
The interest of the State is
In stock k................ S4oo, ,Sou.Vo
Guarantor of tho bonds of
the company 945,471.27
Whole interest of the State. 81, BIS, ,43l.7
For the guarantee the State holds the
first morIgag upon the entire property.
In the message it is stated that the
guarantee is void. That, Of course, is
legal question which | do not propose to
discuss here l have, however, never
heard lawyer, who had examined the
question. nor do I believe there is Il re-
spectable lawyer in South Carolina who,
after an examination, would come to any
other conclusion than that the State is
liable for tho whole guarantee; nor do |
believe there is u court in the State, or in
the United States, that would not SO de-
eide.
The course proposed in the message is
that which of all others will be most like
ly to iniurc or destroy the interest the
State has in the road, b. Gripping the
credit of the company, preventing it
from re adjusting the balance OF its debt,
and leaving it in such condition that it
may be so embarrassed ard annoyed with
suits and otherwise, thai its usefulness
will be impaired and it prevented from
the payment of its interest. If sold, Of
course it must be in the interest of the
first mortgage bondholders, if possible to
the exclusion of all others, whe, cby the
the State, in common with all other stock
holders, will lose its stock, and be left
with chances Of trouble growing out of
all the complication connected with its
guarantee.
In the message it is stated that some
Act might be passed giving the proper
endorsement, with proper restrictions
but, up to The present time, have heard
of no suggestion from the Governor az
to what those terms and restrictions are,
and how inc proposes to protect the inter
csts of the State by any new Act or
amendment. Perhaps the same restric-
tons and protection to tho State would
be acceptable which arc imposed in the
Act granting aid to the Blue Ridge Rail
road, wlicl. is understood to be his pet
measure have never examined the
Act but have heard it frequently spoken
Of by those thought competent To Judge.
as Il curiosity in legislation, and that
there are no restrictions 9: protection TO
the State whatever. The debt which is
proposed TO be guaranteed for the Blue
! Ridre Road is iur the identical and same
| purpose or class of debt as the debt of the
t;rccnvllc and Columbia Railroad Com
pany-thal is. for constructing the road !;
and should, ut least so fur as the State Is
concerned, stand on the same basis. do
not desire to he understood as being op
posed to the Blue Ridge Road, or to the
States granting aid to it. am far from
1t, and decidedly favor it, and look upon
it as an important extension of the Green
vile and Columbia Road, and exceedingly
important TO the State; and if, when
completed, it realizes one tenth of what
its friends claim for it, then there
certainly could be no question as to the
ability of the Grecnvile and Columbia
Road taking a stand amongst the first
roads IN the country.
| must confess that l was surprised
when was informed that q veto message
| had been sent in, and especially so, as L
had understood the Governor frequently
to assure me that he would DO nothing
whatever against the bill. During the
special session, in a conversation upon
the subject, lie requested me to postpone
.l l.; 81,
as reason. that he wished to make a
loan for the State, and as the new gov
crnment was just being organized and
more difficulty than would naturally be
met by State Government of longer
standing in making loans, and desired to
represent the Indebtedness Of the State
as small lis possible; he remarked that if
it was postponed, he would give me all
the aid and Influence he had, to pass the
bill at the regular session. | consented
at once, and instructed my friends when
the bill came up, 10 move its postpone
mcnt, which was done.
When the Governor was preparing his
annual message, called to sec him for
instructions as to what was required to
be done in response to II resolution adop-
ted at the special session, requiring all
railroad companies whose bonds were en-
dorsed by the State, to make some salts
factory exhibit of their ability TO pay
their interest / handed him Il memo
randum, in pencil, of what desired to
say. lie remarked that it was very sat
stactory, and if L would write it in mix,
hc would insert it in his message, and
refer to it as an accompanying document.
| did write it in ink and sent to him. and
he refers to it in his annual message at
the appropriate place, as IN accompany
ing document, and as very satisfactory
1t never appeared amongst the printed
accompanying documents and although