The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-11-25
Federal Treasures the past year OF over three
and half millions Of dollars.
rmE cnrNrIoN or A slNk,N.i r1rnp.

crease in yaac. In addition To this. would S,i.r-
gcst the rropricty OF taking into consideration
the very able plan devised by u q. Holmes Est,.,
OF Charleston TO provide for 4 small sinking
fund, t'y which the entire State drbt ma, ne paid
or by thG redemption annually Hf Il small anoiln.
OF Stat" securities. IL is believed that fiiis pan
would enable MS Ia pay our entire debt IN few
years, aI'i won,d convince nioniCd men, ~
| home and N road, of our determination 20 pro.i,ic
lur the prompt payment OF ;ll securities rs
thry become due. The state being sovereign. no
action can be brou:.li. against it, 10 enforce pay
mcnt of claims against her. It's cr,tlii, ;hr...-
fore, ana The price of its bonds. ,lapcnd upon its
rcSourGcS, The hnnOr aud r0O'i ia!:i OF the State
Government The credit ~ the STATE siont he
| rcSaitteh as sacred :sasi.
| sYECii: PAYMENTS.
| The Governor advocates the policy pf Tie State
paying the interest on it's debt in ro!i, urging
that ,hiS course would ;,siis: very materially in
bringing gold and currency a par. This mcn
| sure. lie says, would attract foreirn capital, en-.
| courage Immigration, anl !ift the credit and
prosperity Ot the State. No section OF coua;ry
lr a'ldS, is 80 well prepared 10 ho;i pas 10 .,,id
| ami demand god III return for the products or
tile '"ii furnished TO the markets nt the world
INSURANCE coMr,*irs Anr .:AHgs
The message rccon:n;cnds that ~ Insurance
companies Ions business in The :Sa,c .:s wen rs
all banking institutions otlcr iran national
banks, hc required tn deposit with III: comptroller
General sufficient security TO protcc, The policy
| holders or dcposiiors against loss.
|
| In regard To ;lc ElGr Ridge isai,roa! ~. Gov
crnor says:
| A. the special session "i the Genera. assembly
| III Sci'Gn'rr, lsiS nn act was pass"i anihuriH
ing the endorsement and guarantee al oir mil
lions of ,inl!ars Of the .un Ridge i;aiiraad Com
ianS. which bonilS constitute 81 first mortgage
m m n,, M ie Irn,rsrty "t sa railroan company
| tennessee. NJ tina; time i. WAS believed that
four millions Of dollars, with such assistance AZ
could he procured from other SOURCES, wou,,l Ia.
sufficient To complete the great thorou,:l,!:,rc and
open communication hctwccn the Vest nnd
Southern scaboard. Every effort has hccn made
| by the PRESIDENT General }. w. Harrison, and
| other gentlemen interested in the result hut
| without securing the assistance hoped for wa
were. tlcrcrHrc, left to our own resources. he.
iicvtng that the interests of the people OF the
early Il day az practicable.
The company concluded to advertise for bids
for It's construction. On The Sth of Luly las; the
bluS received were opened. and the contract
awarded 10 Mcssrs. Crssvcll & Go. 4 new sur
| Vey and an estimate OF The cost OF tho work had
| cnt eigiucer. IL was then asCcrtaincd that the
great increase OF The COS, OF such work over the
millions OF first morga bonds provided for fell
| lar shor. OF the means necessary TO complete H.
anu'fhat IL would require about eight millions OF
| dollars TO put the road in running order. The
| company, Impressed win aciisc Of the ii:ror-
into All agreement with Crissvcn & Co, cni,t,
| gent on the Legislature intlnrsinc u further
| amount of bonds sufficient To coinnctc the wnri
IL must Inc apparent 10 every incmhcr Of The holy
tia: the frs mortgage, covering the entire pr,.-
periy OF Tue company aud the wOrs bmi it'll,
| more than half comrlc:cu. the whole investment
must remain aS deal capital until the means nrc
J provided to nish the road IN any failure on the
with the West, the State must he the sufferer. IL
would N,ou.,.. hn adding 10 2 direct investment
money conmgcnt ahili;y ' Of four a" ,nams o OF OF
dollars, neither OF which can he made To the
more capital for the completion of the road One
| OF two plans shoud lie adopted -; onC-. i1,c nsst
IL to abandon the whole scheme OF a drec, rail-
| hs fhrnn f,gln ,r
money Invested by the state, the City OF Charles.
ton and private individuals, repcal the Of Sep
| OF honds, guaranteed by the State would he SUNK
or assist the company In their cirnrts to complete
them. un at the same time not injurc the crcl,
| OF the State This the committee authorized tn
believed c0ul, lac done hy an Endorsement of the
| ilrst mortgage bonds OF tile read by the State to
pn, an amount n 1nnnIm snSena 'p complete and put the
rect, then the whole project, from its inception
was blundcr, and conceived without thought rs
to its cost or the benefits tn he derived by the
| people OF The State bJ opening new avenue to
| trade and commerce.
| railroad that will not pay the interest OH its
| cost shonld never TIC constructed in q country
| where every well managed road does pay largely
| An arrangement was made In the Executive
Committee that the company should meet the in
terest on the debts put upon the market until the
| road WAS completed and put In running order
after which it was believed that lease for term
| or years might nc given by which the payment OF
| IT'S frst mortgage debt and interest could certain
|
out possible risk OF ever having to pay one dol
lar OF her endorsed bonds Of this road Having
assistance to raiiroads and against any in
| creisc or our State debt that won he liable to
burden the people or the State with heavy taxes,
] do not feel ~ liberty to make any direct re.
commentators In regard to the Blue Ridge Rail-
road. much as appreciate Its importance to the
state, and feeling confident that 1t IL the only
railroad enterprise that will develop our RESOURCES
! and make other roads leading To- our seuboard
| valuable | leave the question with you to con-
slider whether the credit OF the State at the present
time admits OF the prosecution OF work on this
further Endorsements Of bonus at this time would
not nnrlously affect the value of our securities in
inc c, market, i;, as many win not fully understand
would he a contingent liability, that the State
would only he compellcd TO meet on failure OF the
company u pay their bonds ut maturity.
SWAMP LANDS AND THE LAND COMMISSION
The message ndulges In some specuations ns
! to the possibility OF draining and rcclaming the
| swamp lands OF the State, and q rOsc-coored
picture IL drawn OF the grand results which the
execution OF such a scheme would bring about
Passing tlcn to the more practical subject of the
operations Of the new Land Commission the
Governor says:
| Up to the present time there have been pnr.
chased In the several counties for the purpose of
| the Land Commission, $4,000 ncrcs OF land which
| Is now In process OF survey and division into
pants. recommend on additional appropriation
to this hencacent object, OF securing homes
~, tne Wotny anu ln0uslrlouS mccfanic ana
lahorer. which Will establish many small for.
mcrs ,l:, IN IN the place OF the comparatively few
heretofore holding that relation, and consequent
y will insure tile better cultivation OF the soil and
the expenditure of greater portion Of their earn
ings at home, Instead OF being dissipaiel In lux
iry anu extrayagance in distant cities. The
bonds iSsned for the purposes OF the Land Com.
mission mus. become or Grst.class sccur,y as
they wrl not only have the credit OF the .; .tc,
Dnt the money arising from the sales or the lands
with their improvements hs an additional guar.
antee. The annual insialrnents OF payments for
these lands VIII be ample to meet the Interest on
them, ns well ns to provide u sinking fund for
Their redemption ut maturity, without the posi-.
bility OF having 10 resort to taxation for tha pur-
BILE injurious influence on The credit OF the State
but shopd rather enhance IL. as the subdivisions
0t large bottles OF land, much OF II uncultyated
INTO small and productive farms would nj once
treble I;s value and afford an increased basis OF
NntiOu the Same extent