The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-12
FROM THE STATE CAPITAL.
He CHARLESTON ELECTION BILL IN
THE SENATE.
coRBIN's. LAST APPEAL.
Trnom OUR OWN oonnEspoNpENr.l

co RBIN'S. LAST APPEAL.
[FRoM OUR OWN CORRESPONDENCE
| COLUMBIA, S. c., February 10.-The pro
ceedings in the Senate to-day were OF an un
usually interesting character. A few minutes
after the call to order by the President an6
the reading Of tho journal, Message No. 8:
from his Excellency the Governor was an
nounced. All other business was mmediatel,
suspended and the message read. During the
| reading the most intense silence prevailed
The veto, for such it proved to be, of tho "Ac
to re-enact certain acts lending the name and
credit of the State to the Greenville and Co.
lumba Railroad Company, and to validate
the action of said company thereunder." was
totally unexpected, and caused no little dis
may to the friends Of the measure, both on
the floor Of the Senate and in the lobby. The
message is quite an elaborate document and,
after various motions and questions raised as
to the expiration Of the time allowed by the
constitution for its return, was made the spe-
ca order tor Friday, February 12 at p. NJ.
The act was handed to the Governor last Satur-
day, and it was believed by some had become
a law from failure to return within three days;
the time allowed by the constitution. The fol-
lowing is the message:
STATE OF SOUTH CAROLYN.
EXECUTIVE DEPARTMENT.
COLUMBIA, February 70, 1869. }
TO the Sendte Of South Carolina:
GENTLEMEN THE SENATE-Ireturn to the SEN
ate, III which it originated IAN act to re- nact GER
tain acts le ding the and credit Of the state to
the CSreenville and Columbia Railroa mpany and
to validate The sction or sad company hereunder,
without signature.
to the Greenvilie and Columbia Railroad Company
i'll the leadjustnaent Of their dc It" passed. by
Arc
on tue 29th Of Japnnry, 1861, more than month
after the State had seeded from the Union, and
scaimed ailesiaAce to the Government OF tue
General should endorse the bonds OF the Greenvile
and Columbia Railroad Company to the au ou1t of
nipe hundred thousand dollars one hundred thou
saud OF which sum to be applied to the ex-
tirgulshment OF floating debt, consisting of notes
and accounts. which appears to have been all the
del t of The company outside of the bonded debt
that existed at that period. The remaining eight
hundred thousand was for the purpose Of guar
OF the bonds OF the company becoming due in 1862
1868 and 1854, by substituting for he1n bonds guar
anteed by the Sae and for the security the State
the bonds taken up to be dep sited with the
President Of the Bank OF the State ''sand as sec
rity to the state, aud thereby give the State the
secured by mortgage shall be retired" Az a fur.
ther security to the state, it provided that af
tho lapse of three years. time OF the guarantee of the
bonds referred TO, the company was required to set
apart two per cent. per annum the amount of
bonds thus guaranteed, to be used in the purchase
the Governor of the State the Comptroller Genera
ana the president Of the company should constitute
hoard of commissioners for the management of
said funds TO invest the in the bonds Of the
State or the company when they be obtained
And in case tn company failed to comply these
provisions it was made the duty of the Comptroller
General to report the fact to the Legislature who
were directed to enforce compliance with them in
snch annsr as \ ny nee ae fourth
SGreenvilla aud hia Railroad Company should
20 pay any Of the bonds at maturity the Cover.
ttsan
cult in which the cempany had its place OF business
who should Immediately file oii in the Court of
Equity to enforce the lien of the State which cou
should appoint receiver, order sale tho re nd
and all the property and effects of the company and
otherwise decree may be best to protect the inter-
est of the State.
I. will thus be that in those turbulent times
when the Confederate States required every assist
ance in transportation, &C.. to meet the exipences
of the war; the Legislators of that period felt it their
duty to place the mt st prudent and wholesome
guards and RESTRICTIONS that the interests of the
State might be protected while granting the re-
quired aid to the Greenvile and Columbia Railroad
Company.
II, 1866, under the Provisional Government the
legislature was called upon to alter and amend the
foregoing act, not only to reaffrm its proyis
ions endorsing the bonds and debt of road to the
extent of nine hundred thousand dollars, but in
addition to give the endorsement Of the State to the
certificates Of Indebtedness OF the company issued
for the payment of their interest to the full
which had accrued from the issuing of the ponds.
and to accrue up to January l. 1868. to the amount
of three hundred and fifty Thousand aSiiars-tnese
ter to the bonds of the company, with interest at
seven per cent. payable seni-annually, and running
ton, there was another provision for tbs endorse
nent by the State OF bonds to cover floating debt
of the company then due, of seven hundred and
fifty thousand dollars, principal and interest The
Legislature however restricte the amount OF bonds
to be issued to the rates Of to three of the debt
making the additional responsibility of the Stete for
the company two hundred aud fifty thousand dollars
aid the entire amount endorsed and Tor he pa ~.
ment OF which the state is responsible one million
five hundred thousand dollars.
1t will thus be seen that the company from 1891
when the onfederate Legislature gave the indorse.
ment Of the state to its bonds. has not paid dollar
of its debt principal interest. but has baen an
nually accumu ating a floating debt, designated in
the act of 1866 as "oond debt for which 10 mort.
gage other lien haa been created amounting TO sIx
hundred thousand dollars and, notwithstanding the
extraordinary amount of business the must have
had duiing the war in the transportation Of troops
and of military stores, it shows that it was spending
every year upwards Of one hundred and twenty-five
thousand dollars mole than it earned.
he bill OF 1859, now under consideration, piyes
the sanction of the Legislature to the acts above re-
cited, wherein fail to anything TO encourage
hope OF the solvency Of the road. the seauity Of
the state for the amount for which its Endorsement
has been given; but, the contrary the cen vcton
is forced upon that it will eventually have to pay
both the principal and accumu ated interest of the
bonds thus lndorsed But the bill goes still further
tn N the acts to which 1t processes to be All amend
meut and provides for the Endorsement by the state
ofthe bonds OF the company to meet the interest
that accrued between January / and July i, 1865
still more decidedly demOnst ating the inability OF
the company TO meet the interest upon is debit and
the inference is unavoidable that similar applica-
tons for assistance will be periodically made to the
Legislature as the company interest becomes due
or It's floating debt becomes unmanageable. Whether
which is reversed by the road insufficient % snp-
port 1t. or from the neglect incopetency uf those
having the management of ITS affairs, tie fact is
patent does nei earn money enough to pay the
interest on the debt which 1t asks the State to in
dorse and guarantee
The legislation Of 1866 and 1869 is especially obec
tona5le, inasmuch as It endorses debt contracted
during the war;, which is specific lily prohibited by
that no debt contracted by this state in behalf Of
the ate rebellion in whole or In part shall eyer be
paid " And although the company may claim that
the Confederate Government did not pay them tor
their services or that the funds which they received
therefor becae worthless at he close Of the war; the
5ting on that account do mot wish to he lrnter.
stood as desiring to interfere between nartiesindi