Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1870-05-27

you in making the country better one for
them and for you to help you make the gov
crnmcnt n better on for all with each year,
and to aid you in improving and pcrfccting
your system of education
With this state Of things, other railroad
connections will be built as necessity NAV re.
qurc-promptcd from time to time by the
common prosperity Of the country.
The information in possession of your Com
mittcc convince them that the Air Line Rail
road will be built A contract with rcspon-
siblc parties has been entered into, with all
the details arranged for that purpose. The
only contingency being the contribution of a
sma! portion of the money necessary to build
it, by the people along the line, and its loca.
ton will be determined, in n great degree,
by the contribution or aid given by the differ
cnt localities.
Your Committee arc of the opinion that it
is reasonable to expect from the city and
County Of Grcenville, in consideration of tho
foregoing facts, the sum of two hundred und
fifty thousand dollars; and they respectfully
recommend the following scheme as, in their
Judgment, the best and most practical one for
raising that sum, to wit:
The County of Grccnvillc to subscribe
$500, 900 to the capital stock of the Company,
and issue their bonds for the same amount :;
the city Of Grccnvllc to subscribe $50, 600
and, also, issue their bonds for the same
amount both to carry interest at the rate of
eight per cent. per annum, and to run for n
series of years, say to mature in II, 16, 20
and ~ years. The interest or coupons upon
them to be receivable for city and County
taxes The stock received by both the city
and County in the Railroad Company, for the
| \ - l,> l,,,l.l
as security for the bondholders, and pledged
for the redemption of the bonds at maturity.
These subscriptions to be made solely on con-
diion that the road be located through the
corporate limits of the city of Grccnvilc.
The proportion Of city and County sub
scription appears to your Committee TO be
about just and prorortionatc, taking into
consideration the superior advantages the city
NAY hope to gain by its location. The asses
scd value of real and personal property for
taxable purposes, in both the city and Coun-
", is So,o24, 900, Of which about $3.50 900
is owned within the corporate limits &C ,he
city. In the scheme proposed tlio ''..xG.s a. rs
of the city will be assessed -'d, fequ'red m to
enc iifth) Of the nto,~st upon tho County
subscription of s2sJ,0O0; besides they will
have to pny the wholc amount of the interest
on the CITY subscription OF $ol00D in adj
dition.
re devise some scheme by which the mon.
cy can be realized from the sle of these
bonds, has been, to your Committee, the most
difficult question TO negotiate them in
New York is considered hardly practicable.
Whilst in the West it is the common and con,
slant practice to issue county and city bonds
as subscriptions to railroads, and they are
readily negotiated to capitalists in their prin-
cipal cities, and even in Wall street, New
York, and are considered good securities
commanding good rates; still, in the South
it is u new thing and an experiment. The
country and its resources are comparatively
unknown, aud tho bonds as security abroad,
would lack tho confidence in them, and of the
ability and good intention of the parties to
pay them and the interest upon them os it
natures. which is indispensable to their sue.
ccssful and satisfactory negotiation. Then,
we must rely upon our people at home. The
interest which must naturally be felt in the
enterprise by our own people, and their
knowledge Of the resources of the country
and the ability and the good intention to pay
the bonds at maturity, and the interest as it
natures, should stimulate all, who arc at all
able to do so, to take as many of the bonds as
luCy lcCi bpiC AZ Wv. III paw VI ooo'
scrbing to the capital stock Of the Company
and taking the stock in their own names,
they should subscribe for and take an equal
amount of the County and city bonds~--phe
terms of tho contract as your Committee 'un-
dcrstand it, is that the subscription is payable
in two years, in equal quarterly paymcnts.-
Then, by taking the bonds, the holder has
either County Or City bonds in place Of fStock
in tho Company. The interest upon tho
/ bonds is receivable in payment of city and
County taxes and, besides, the principal is
, secured by the pledge of the stock in the Com
, pany for which they were issued, which makes
the security ample and the invcstmcntin the
, bonds good and safe one; and, at the sarne
time, the holder has contributed an amount
towards the construction of this great enter
, prise, cqull to his Investment in the bonds
a liberal Investment in these bonds can
not be too strongly urged upon tho citizcus o
| this community. Their prompt action in
| the matter secures tho construction of The
) rsaa. and its location by this city; a failure
so, may lose the opportunity of doing
f 50 @f6yer, and divert it to other localities.
r Tho enhanced value ofproperty as consc
0 quence of railroad communication through
any communication, is too we'll understood ant
/ appreciated at this late day to require any ar
0 gdment to prove its truth. A distinguished
9 railroad man in South Carolina said, in Iii
/. report to his stockholders few days sinoe
q that no railroad of filty miles in length ha