The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1869-04-22

approaching maturity, a large interest ac-
count accumulated, their Road seriously
injured and broken up, their depets and
bridges burnt, and the country looked to
for patronage prostrated Under these
circumstances, disheartening as they ap-
pear, the Company went to work to re-
build their Road, and again applied to the
Legislature for aid. On the 2Oth Decem-
ber, 1866, an Act was ratified authorizing
an additional endorsement of their bonds
to the amount of S350,000 to fund the in.
tcrest on their mortgage and guaranteed
debt at par, and $3.50, 900 to re-adjust their
bonded debt outside the mortgage OF
S6OO,OOO, with the interest upon it, at the
rate of one dollar for three. These two
Acts of the Legislature contemplated the
guarantee by the State of the bonds OF
the Company to the amount of 81 ,5OO,ooo,
which was sufficient at that time to ar
range their whole bonded debt, and that
hereafter the Company would owe but
one class of bonds, and those guaranteed
by the State; and would have but one
mortgage or lien upon their property, and
that to the State.
A statutory lien to the State was con-
tanned in each Act upon all the property
of the Company as security for the guar
antee. The Company again proceeded to
fund their interest and re-adjust their
bonded debt, with fair prospect of sue
cess. when the Convention, which con-
yened in Charleston to frame Constitu-
tion, passed an Ordinance suspendng all
Acts of the Legislature passed since DE.
cember goth, 1860, lending the name and
credit of the State to corporations, until
thew were re-enacted and declared of
force by subsequent Legislature. This
being the only Company whose bonds
had been guaranteed under an Act passed
subsequent to the date mentioned, it was
framed and passed with special reference
to them. The operations of the Company
was again interrupted, and they were
forced to suspend the funding of their in
terest. because, withent the endorsement
of the State they could not fund it in the
same security which the holders then
held Application was then made to the
present Legislature, and on the 9Th OF Of
February, 1869, an Act was ratified, vail
dating and re-enacting the previous Acts,
and declaring them of force. The Com
panv is again in condition to proceed In
the re-adjustment of their debt, with a
prospect, it is believed, of not being again
interfered with or annoyed. The Board
of Directors at a meeting held on the
4th day of March last, adopted resoiu'
tion signifying their acceptance of the
Act recently passed, and directed that a
copy of the resolution be furnished to the
Comptroller-G General and Secretary OF
State. in accordance with the require,
ments of the Act, which was done. Your
concurrence in that resolution is respect
fully requested.
In the meantime, during all their diff
cultics, the Company has gone steadily
forward in the rebuilding and improving
of their Road and property, whilst their
income has been steadily on the increase.
1t has certainly ceased to be question
now as to whether they will be able to
nav their interest and operate their Road
successfully; and the holders of their
bonds past due are respectfully invited to
como forward and renew thcm, and take
others endorsed by the State. They are
now paying their six months interest
upon their mortgage and guarantee debt
falling due on the lst day of January
1869, and funding all interest maturing
previous and up to July !, 1868, in their
bonds guaranteed by the State.
The following is q statement OF the
bonded debt Of the Company on the lst
day of January last:
standing, sta sS2o,5oo 90
Interest on same to jan
uary l, 1869, llI,oZo oV
Coupons outstanding on
first mortgage bonds, 22,O32 5o
'A,sr'I arv !. 1853, 1857 5s-s46s,2l5 oa
Guaranteed bonds issued
under Act of 1861, 629,oVo w
Coupons on same to jan
uary /, 1869. o6,lII 5U
Interest on same to Janu- -,
ary /, 1869, lO,24Z 'o-'-o'0oo 20
Guarant'd bonds and Ger
tiicates of indebted
ness issued under Act
of 1866 246,6iS 5Z
Coupons on same tc jan
uary |, 1869, I,2eS ~
Interest on Same to Janu-
ary l., 1869, oO4,2z-Zos'4oo Vi
Bonds outstanding, not
secured by mortgage 4o5,5oP w
Interest on face Of same
from maturity to Janu-
ary /. 1869, 1922 so
0Varu' same 12O,715,OO
Interest on same to jan ~
uary l, 1869. 29,Z92 iS-'oo'"' "
Bonds and certificates OF
der second mortgage, 5O,6sS 6s