The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1869-12-01

oould i1soty chole hao poou ihduo
by tho president, General j. w. Har-
rison, and other gentlemen Interested
iu the result, but without securing the
assistance hoped for. We were,
therefore, left to our own resources,
believing that tho interests of the
people Of the State demanded the
completion of the road at as early a
day as practicable.
The company concluded to adver-
tise for bids for its construction. On
the 9th of July last the bids received
were opened, and the contract award
ed to Messrs. Crissvcll 81 Co. a new
survey and an estimate Of the cost Of
the work had previous to the work,
been made by the present ongineer.---
1t, was then ascertained that tho great
increase of the cost of such work over
the original estimates made it ,appa-
rcnt that the four millions Of first
mortgage bonds provided for fell far
short of the means necessary to .oom.
plete it, and that it would require
about eight millions of dollars to put
it i'll running order. Tho company,
impressed with sense of the impor-
tancc of putting the work under con-
tract. entered into an agreement with
Crisswell & Co., contingent on the
Legislature indorsing futile amount
of bonds sufficient to complete the
work. 1t must be apparent to every
member of the body that the FIRST
mortgage, covering the entire proper
ty of the company, and the work but
little more than half completed, the
whole Investment must remain as
dead capital until tho means are pro-
vided to finish the road. In any fail
ure on the part of the company to
open communication with the West,
the State must be tho sufferer. It
would be adding to direct invest.
ment alrea IL made of q million and
half of money a contingent liability
of four millions of dollars, neither Of
which can be made to meet the acoru-
ing interest without tho expenditure
of more capital for tho completion of
the road. One or two plans should
be adopted at once. The first, is to
abandon the whole scheme of direct
railroad route to tho West, lose the
three millions of money invested by
the State, the City; Of Charleston and
private individually, repeal tho aot of
September, 1868, whereby four mil
lion dollars more of bonds, guaranteed
by the State, would be sunk, or assist
the company in their efforts to com.
plcte the work. by such means as
would be valuableto them, and at tho
same time not inirre the credit Of the
State. This the committee, author
lied to make a contract for the prose-
cution of, the. work, believed could be
done by endorsement of the first mort
gage bonds of tho road by tho State
to an amount sufficient to complete
and put the road in running order. If
their view was incorrect then the
whole project, from its inception, was
q blunder, and conceived without
thought as to it's cost or the benefits to
be derived by the people Of the State
by opening new avenue to trade and
commerce. - r,stE
A railroad that will not pay the in
terest on its cost should never be con-
structed in country, where every
we'll managed road does pay largely.
An arrangement was made in the Ex-
eoutive Committee, that the, company
should meet tho interest on the debts
put upon the market until the road
was completed and put in running Or
der, after which it was believed that
a lease for term of years might be
given, by5which the payment Of it's
first mortgage debt and interest could
certainly be guaranteed, thereby
leaving the State without, a possible
risk of ever having to pay one dollar
of her endorsed bonds Of this road -.
Having hitherto taken strong grounds
against any assistance to .&4railroads,
and d,against any increase of our State
dobtthat would be liable to burden
the people of the State with heavy
taxes, do not feel at liberty to make
any direct recon mendations in regard
to the Blue Ridge Railroad, much as
| appreciate itsE Importance to the
State, and feeling, confident, that it is
the only railroad enterprise; that will
develop our resources and make other
roads leading TO our seaboard. valua-
ble. 3 Ileaye tho question with you to
consider whether the credit OF the
Estate at the, present time, admita of
1.-The prosecution of work On, this enter
lprise. IhaYo grave doubts whether
! the further: endorse soments of bonds at
this time would not injuriously affect
the value of our securities, tho market
the as many will not fully understand
that the assistance to the Blue Ride
Railroad would beht. contingent liza
bility, that tho State, would only be
compelled to meet, on failure Of the
eompanystos Pay their bond. at gmaturi'
/ ty. <., i, tef s,.t,., ,,,,,t,,.s ...s..
SWAMP LANDS ANp TnE LAND coMMIs'
/ lf%h sI0NER. $50
i The messa 90 ind uipst, In az, Il, s. Il an