The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-12
.FRoM THE STATE CAPITAL.
THE CHARLESTON ELECTION BILL IN
THE SENATE.
coRBIN'S LAST PPEAL.
rrRoM OUR OWN CORRESPONDENCE

usually interesting character. few minutes
after the call to order by tho President and
the reading of the journal, Message No. 81
from his Excellency the Governor was an
nounced. All other business was Immediately
suspended and the message read. During the
reading the most intense silence prevailed.
The veto, for such it proved to be, OF the "Act
to re-enact certain acts lending the name and
credit of the State to the Greenville and Co.
lumbia Railroad Company, and to validate
the action of said company Hereunder" 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 q1ite an elaborate document, and,
after various motions and questions raised as
to the expiration Of the time allowed by the
constitution for it's return, was made the spe-
cial order tor Friday, February IL, az l 2. NJ.
Tue act was handed to the Governor last Satur-
day, and it was believed by some had become
law from failure to return within three days,
the time allowed by the constitution. The fol-
lowing is the message:
STATE OF SOUTH CARoLIs:.
EXECUTIVE DEPARTMEST,}
COLUMBIA February 70, 1869.
To the Senate of South Cdrolind
GENTLEMEN OF THE SENATE-1re.ur 10 the 81 n
ate III which it originated An act to re- -ra,t Ger
tain acts e dung the name aud credit CT the state 70
tho Greenvile anh columbia Rairoa, Comr1ny, and
TO validate he action OF 81 company Hereunder"
without signature.
"An act to leud the name and credi. OF the State
to the Grcenville and Columbia Railroad Company
in the ead dustment If their de It" was passed. by
the General Assembly of h, State of South Carolina
on the 2sth of January, 1861. more than month
after the state had seeded from the Unlon, anu
d sclaimed allesiI. ce to the Government OF toe
United States. 1t provided that the Comptroller
General should endorse the bonds OF the Greenyille
and Coumoi Railroad Company to the au ouat OF
nine hundred thou sand dollars, one hunsred thon-
sand OF which sun was to be applied to the c1-
tingmshment OF q fo-1h1 debt. Consisting OF notes
and accounts, which ape RS to have beei ull the
del OF ,he company outside Of the bonded debt
that existed at that period. The remaining elglt
hundred thousand was for the purpose Of guar
auteeine the pa, meu of the principal and interest
of the bonds OF the company becoming due in 1852
1868 and 1861. by substituting for hem boaes guar
anteed by the state; aud for tue security OF the STATE
the nds taken up were to be dep 'sited with the
President of the Bank OF the state to stand as secu
rity to the state. aud thereby give the State the
Ii. under the first mortgage, until All the oonds
secured by mortgage shall be retired =" AZ 4 tar'
ther security to the state II was PROVIDED tna eier
the lapse of three years time of the guarantee OF the
bonds referred 10, the company was required to set
apart two per cent. per annum on the amount Of
bonds thus guaranteed, to te used IN 'he purenase
and cancelling of said bonds. 1t aso provided that
The Governor Of tho State. the Conptrollet-Gene
and the president Of the company should constitute
a roard of commissioners for tho management Of
said funds 10 invest the same In the bonds OF me
State or The company when they c. IN be obtained.
And in case tn company failed to comply with these
provisions it was made the duty Of the Comptroller
General to report the flct to the Legislature who
were directed to enforce u compliance with them in
~ dpnr r.
section OF the act further provided that ii the said
Gre,nyille aud Columbia Railroad Company should
fail 10 pay any of the bonds at mtturty tho Cover
nor OF the state shoul1 notify the solicitor OF the cir
emit in which th2 company had is place OF bufiness.
who should irnmed iaely file bill in :he Court of
Equity to enforce the lien OF the State, which couct
should appoint receiver, order sale OF tho re ad
and all the property and effects OF The company AID
otherwise decree as may be Dest 10 protect the inter-
est of the State.
/. viii thus be seen that in those turbulent times,
when the Confederate States required every assist.
ance in transportation, &c, to meet the eIgencies
Of the war; tue legislators OF that erlod 1e It their
dut TO place the most prudent and wholesome
guards and restrictions, 80 that the interests of the
State might bo protected while granting the re-
ouired aid to the Greenviile and Columbn Railroad
Company.
Lva:s,ature was called uI,n to alter ard amend the
foregoing act ns not only to reafrm Its prov1s-
ions eraorsine the bonds and debt OF the road to the
e-tc.,. of nine hundred thousand dollars, but. in
addition to give the endorsement Of the state to tue
certificates of indie otedness OF the company issued
for the payment of their interest. to the full amount
which had accrued from the issuing OF the oonds,
ana :o :ss-ue up 10 January l. 1863 to the amount
of three hundred and hity thousand dollars-these
certificates in all respects being similar in charac.
Ter to the bonds Of the company, with interest at
seven per cent. payable sea-annuaily and runnlr
not ore than twenty years. STILL further, in ai =
ton, there was another provision for tn endorse.
mept by the State OF bonds to cover floating deb.
of the company. then due, Of seven hundred ard
fifty thousand dollars, principal and interest The
LEGISLATURE however, restricte the amount OF bonds
to be ssuej to the rates of one to three Of the debt
making the additional responsibility Of the state for
the company two hundred aud fifty thousand dollars.
a d the entire amount endorsed. and Tor he pay.
ment Of which the State Ia responsible, one million
Ave hundred thousand dollars.
It will thus be seen that the company. from 1861,
when the onfederate Legislature gave the indorse-
ment Of the state to its bonds. has not paid dollar
OF It's debt principal interest. but has ben al
pually accumu ating o fosups debt desiguated in
the at Of 1866 as "pond debt for which 90 mort.
gage other lien had been created amounting to sz
hundred thousand dollars; aud, Notwithstanding the
e1,raordinary amcunt OF busne SIS the 70 I'd must have
had during the war in the transportation Of troop
aud of military stores it shows that it was spending
every year upwards Of one hundred and twenty-five
thousand do lars mo. thaa it earned.
The bill OF 1869, row un'ler consideration. pivcs
the sanction Of tho Legislature TO the acts above
cited wherein fail to see anything 10 encourage
hope of the solyeIcy of the road or the SC ity
the state for the amount for which its Endorsement
has bee given; but, the contrary the conviction
is forced upon inc that it will eventually have to pay
both the principal and accumu ated interest OF the
bonds thus Endorsed. Gut the bill goes still further
tn n the acts to which processes to be All amend
eut and provides for the Endorsement by the state
| of the bonds Of the company to meet he Interest
| that accrued between January l and July ]. 1868
still more decidedly demonst ating the inability o.
the company to meet the interest upon its debit ano
| the inference is unavoidable that similar appica
tions for assistance will be periodically made to The
Legislature the company's interest becomes dut
or its floating debt becomes unmanageable Whether
1t arises from the fact that the section Of country
which is triversed BY the road insufficient to sup
port 1t, or from the neglect or ucompeteucy Of those
having the management of Its affairs, the fact Ii
patent that does moi earn money enough to pay th
Interest on the debt which it asks tile State to in
| dorse AND guarantee
The legislation Of 1856 and 1869 is especially obec
uonable, inasmuch az it endorses debt contracted
during ,he war, which Is specific lily prohibited b,
article TX, section l6 of the constitution declaring
that mo debt contracted by this state in behalf
the rate rebellion, in whole or ir part, shall ever b.
| paid I" and although the company may claim tha
| the Confederate Government did not pay them TO
their ssrvic g. that the funds which they received
therefor worthless at Ihe close OF the war h
provision OF the constitution is not the less protb
| jting on that account. do not wish to be under
stood as desiring tc interfere between partieSindi
vdual or incorporate-who coUtrsc ed Obligation
during the wIr; but when those pa ties attempt t
involve the state endorsar or gul anter Of suci
obligations, il is my day to remind our legs atdr
of the constitutional provisions which restrict thei
actlop Ihe act Of 1851 regard as void and OF moi
effect as it was passed by body OF men organize
in violation OF the OF the )aud ard sctns uude
the authority Of those whe were engaged III evylI
| war against the United States. ! the upholdln
and rrosecution of that wer the Legislature OF ls6