The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1869-12-02
ANDERSON S c. THURSDAY DECEMBER g 1889
policy holders against fraud or attempted

ANO411OOO4a, NJ V.a LII ~
policy holders against fraud or attempted
frauds.
THE BANKS.
In this connection 1 would further re-
commend that all Banking Institutions
that are Banks of Deposit, other than
National Banks, also Savings Banks,
Trust Companies, &C., be required to de-
posit with The Comptroller General sufi-
cient securities in bonds and stocks, to
protect depositors against loss in case of
failure. Some of our banking institutions
are now receiving deposits where neither
the stockholders nor any Of the officers of
the Banks are in any way personally re-
sponsible, and if in the event of fuctua-
tions of the money market any of these
institutions should fail, the depositor
would have no security to protect him
against loss. 1t has been the policy of all
old States to protect the poor man, the
widow and the orphan, for whose benefit
these banks are professedly used, by limit
ing their investments to certain securities.
1 would also recommend, that in the case
of guardians and others having money of
miners and others in trust, investments in
State bonds shall protect the guardian,
Courts or party holding the trust against
the Quotations of the money market. This
will operate as a greater security for
careful and judicious administration of the
investment. There is no possibility of the
security becoming worthless, and it pro-
tects the guardian and trustee against
chances of investments in something more
perishable or doubtful.
TAXATION AND EQUALIZATION.
Under the law for the collection of
taxes on the adj valorem system, there was
expected to arise many embarrassments
in consequence of the difficulty in the Sc
lection and appointment of persons suffi-
GENTLY acquainted with the system, or
those who took sufficient interest to thor
oughly understand it. Many irregulari-
ties and perhaps cases of hardships may
have occurred to individuals in the une.
quail taxation of property in the State.
For information on this subject, | call
your attention to the very full and able
report of the State Auditor, who has
charge of that department, and has made
himself fully conyersant with all the de-
tails of the system, and the necessary
changes that should be made.
BLUE RIDGE RAILROAD.
At the special session of the General
Assembly in September, 1868, an Act was
passed authorizing the endorsement and
guarantee of four millions of dollars of
the Blue Ridge Railroad Company, which
bonds constitute a first mortgage on oil
the property of said Railipa1 IN South
Carolina, Georgia, North Carolina and
Tennessee. Al that time it was believed
that four millions of dollars, with such as
sistance as could be procured from other
sources, weuld be sufficient to complete
che great thoroughfare and open commu-
nication between the West and Southern
seaboard. Every effort has been made by
Che President, General J. W. Harrison,
and other gentlemen interested in the re-
suit, but without securing the assistance
hoped for. We were, therefore, left to
our own resources, believing that the in
terests of the people of the State demand
ed the completion of the road at as early
d day as practicable.
The Company concluded to advertise
for bids for it's construction. On the 6th
OF July last the bios received were opened,
and the contract awarded to Messrs. Cress-
we'll & Co. A new survey and an esti'
mate of the cost Of the work had previous
to that notice beer made by the present
engineer. 1t was then ascertained that
great increase of the cost of such work
over the original estimates made it appa-
rent that the four millions of first mort
gagged bonds provided for fell short of the
means necessary to complete it, and that
it would require about eight millions of
dollars to put the road in running order.
The Company, impressed with sense OF
the Importance of putting the work un-
der contract, entered into an agreement
with Cresswell & Co., contingent con the
Legislature endorsing further 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 property of the Company, and the
work but little more than half completed,
the whole investment must remain as dead
capital until the means are provided to
finish the road. In any failure on the part
of the company to open communication
with the West, the State must be the suf-
ferer. 1t would be adding to direct in
vestment already made OF million and
half of money, a contingent liability of
four millions of dollars, neither of which
can be made to meet the accruing interest
without the expenditure Of more capital
for the completion of the road. One of
two plans should be adopted at once. The
first is to abandon the whole scheme of a
direct railroad route to the West, lose the
three millions of money invested by the
State, the City of Charleston and private
individuals, repeal the Act of September,
,oco ,uharehy four million dollars mora