The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1869-12-02

consideration the very able plan devised
by Prof. J. G. Holmes, o Charleston
to provide for small sinking fund, by
which the entire State debt may be paid
off, by the redemption annually OF q
small amount of State securities. 1t is
believed that this plan would enable us
to paw our entire debt in few years,
and 1ould convince monied MEN at
home and abroad of our determination
to provide for the prompt payment OF
all our securities as they become due.
The State being sovereign, no action can
be brought against'it to enforce payment
of claims against it. Its credit, there
fore, and the rice of its bonds, depend
upon Its resources and the honor and
good faith of the State Government
The credit of the State should be re-
garded as a sacred trust. 4 x
At Especial session of the General
Assembly in September, 1868, an Act
Aas passed, authorizing the endorse
ment and guarantee of 100000 of
bonds of the Blue Ridge Railroad Com
pany, which bonds constitute a first
mortgage on all the property of said
railroad company in South Carolina
Georgia, North Carolina and Tenncs.
see. At that time it was believed that
S4,000,OO0 with such assistance as
could bs procured from other sources,
would be sufficient to complete this
throughfare, and open communication
between the West and the Southern
sea!boara. Every effort has been made
by the President, General J. W. Har-
rison, end other gentlemen interested
in the result, but without securing the
assistance hoped for We ~ere, there
fure, left to our own resources. Believ-
ing that the interests of the people o
the State demanded tie completion of
the Roa at as early day as practical
Bile, the company concluded to advert.
vv-ffo-tbIidi. ACKNOWLEDGEMENTS
9Th of July last, the bids received were
opened, aud the contract awarded to
Messrs. Cresswell g. Go. A new SUI
vey, and an estimate Of the cost ofthc
work, had, previous to that notice, bee"
made by the present engineer. 1t was
then ascertained that the great increase
of the cost of snch work over the orisi-
inal estimates, made itapparent that
the 100000 of first mortgage bonds
provided for fell far short Of the means
necessary to complete it, and that it
would require about sS,OOO,O 600 to put
the road in running order. One Of TWO
plans should be adopted at once. The
frst is to abandon the whole scheme OF
direct railroad route to the West, lose
the three millions of money iuvcstcd by
tire State, the city of Charleston and
private individdals; repeal the Act Of
September, 1868, whereby { $4,000, 900
more of bonds guaranteed by the State
would be sunk and made valuelcss, or
asst the company in their efforts to
complete the work by such means as
would be valuable to them, and at the
same time not injure the credit OF the
State. This the committce authorized
to makea contract for the prosecution
of tire work believed could be done by
an endorsement of the first mortgage
bonds of the road by the State to an
amount sufficient to complete and put
the road in running order. X x x
Up to the present time, there have
been purchased in the several Counties,
for the purpose of the land commission,
$4,000 acres of land, which is now in
process of survey and divisions intotracts
of eligible size for purchasers and occu-
pants. x x x
In accordance with the joint resolu-
tion to provide for the fitting up of GER
tain portions of the new State House, l
| advertised for proposals for the execu-
ton of the work in the newspapers of
this city and Charleston. Mr.. James M
Allen, being the lowest bidder, was a
warded the contract. Of the manner
iu which it has been executed, it is I'm
necessary for me to speak. You are sur
rounded by his work which is its own
ealogium. x
transmit for your consideration the
annual report of the Regents of the Lu
natic ASYLUM, accompanied BY the re-
ports of DR.. J. W. Parker, the Super
intcudent and Physician, and of Johr