The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1869-12-23
THE aaEENy1ILE AND COLUMBIA RAILROAD.


series of years, we have interested ourselves to
procure reliable information in regard to the mat
ter, which we give below. This consists of q copy
of the original proposition submitted to the Pres
ident of the Road, and the letter Of Col. MCCLURE
Withdrawing the same on account of opposition
which it seems it encountered from members of
the Board of Directors. The parties making the
offer were as we are informed, the agents Of cor
porations and capitalists at the North, who are
abundantly able to meet any engagements they
might make, and who were prepared to pledge IN
advance, as surety for their undertaking, any
amount Of bonds and stocks of either the State or
Federal government that might be required. The
proposition itself contains stipulations of the
highest Importance to the present stock and bond
holders Of the Road, well as to every citizen of
the State who feels an interest in its material
prosperity. Ample security was to be given that
the interest on the funded debt of the Company
would be paid promptly, as we'll as the entire
floating deb as it fell due. The light iron on the
Road, which is we'll nigh past use, was TO be re-
placed with heavy rail in the space of two years.
and the rolling stock improved within twelve
months equal to the requirements of the Road,
and kept up to the improved standard during The
term of the lease. These improvements would
have given the country first class road, adapted
to rapid and safe transit, and would not only have
enhanced the value of the bonds but secured their
redemption at maturity. A telegraph was to have
been erected on the whole line of Road and its
branches Immediately, and the rates of freight
and passage reduced twenty per cent. below the
present rates at once These stipulations were of
vast Importance to the country, pecuuiarily, So
cially and politically, and would have been more
than the equivalent of any ordinary dividend on
the stock to every stockholder in the Road. And
finally, it was agreed to pay to the holders of
stock, any time within one year, two dollars per
share for the same This is apparently small mat
ter, and yet it is Of no mean consideration, when
it is considered that the stock never has been and
In addition to the stipulations contained in the
paper herewith appended, we are informed that it
was the purpose of the lessees to construct at
once several important branches and extensions of
the Road, for which charters were long since eb-
tanned, which the present Company can never con-
struct, and which are of the highest Importance
to the development and prosperity of this section
We think it much to be regretted, therefore, that
the Directors of the Road did not promptly accept
the terms offered, thereby securing something to
the stockholders, and to the community a perma-
nent and prosperous line of railway. 1t is proba-
BILE that arrangements will yet be made TO place
the parties Offering to lease in possession of the
Road, thus securing to the up country permanent
railway connections with the outer world, and
which under the present organization might be
irretrevabIy lost, if Providence were to again
visit upon us freshct like that of 1852 or 1865
With these remarks, we give the document referred
to for the consideration of our readers:
Memorandum of The proposition to Lease the Green
ville and Columbia Railroad by Ihos. 4. Scott
President Of Tie Pennsylvania Central Railroad
and Henry Clers. Banker, of New York.
l. To lease the Road for 20 or 25 years.
2. To pay The interest on the entire funded debt
of the company, and to continue to pay it prompt
ly rs it natures during the lease also to pay the
floating debt of the company ut the time the lease
commences
8. To buy all the stock offered within one year
from the date of the commencement of the lease
at s. per share.
d. TO take up and relay oil the light iron on
the Road (say about 55 miles) with rail of not
less weight than so lbs to the yard, within two
years from the commencement of the lease, and
to relay all the balance of the Road when needed
with similar iron.
s. To improve the condition of the rolling stock
of the Road, within one year, and make it equal
to the requirements of the Road, and to keep it
up to the improved condition during the lease.
G. To build telegraphe line along the entire
Road MS soon as it can be done after the com.
mencement of the lease, or within one year, pro-
vided charter for the same, with the necessary
legislation, be obtained from the Legislature.
Z. To reduce the rates of freight and passage at
once 20 per cent. below present rates. and not to
increase them above that reduced rate during the
lease
s. To deposit sufficient amount of bonds and
stocks with the company, or in any place ogreed
upon, as security for the faithful and prompt ear
rying out of the contract or lease
Q. To rup the Road regularly during the term,
and to turn it over to the company at the termi-
nation of it, in its improved condition.