The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-10-03
TIE BLUE RIDGE RdILRo4D
Be NDS.
Are They Direct Liability and Bona
Eide Debt!

statistics of his garsled and sophistlcal state
ments of the public debt, says: II do now
make this charge. that the including OF the
Blue Ridge bonds in the statement OF our pub
lie debt is a trick, q subterfuge unworthy OF
serious men seeking office at the hands OF
their fellow-citizens; q gross and palpable at
tempt to deceive and mislead their political
friends and the public"
Messrs. F. ]. Moses, Jr., and others, commit
tee of the so-called Republican Convention, in
their recent address, wherein the said hero Oh
Fort Sumter and ex-Confederate Colonei n.
F. Graham descend so low in the scale OF de-
pravity as to denounce as unworthy OF conh-
dence all who were sincere in their devotion
TO the pure principles Of constitutional liberty,
involved in that memorable "Lost Cause, "
among whose supporters they were so impos-
ingly conspicuous. who were either false then,
or false now, or false now and then-these
s.honorable" men, in said address, declare .'the
attempt ito include these bonds among the
debts of the State,) too transparently unjust to
need comment"
"Ter,taS,' (lacus q non lucendo,l DR.. Hicks's
sympathizing anti-Reform friend, says: "At
most, it can only be counted contingent liza
billty, not iona tide debt"
shall show that they constitute an immedi-
ate and present debt to the State, as to the in
terest, and debt as to the principal, from
| which the State cannot extricate herself but
by the expenditure of another sum of four mil
lion dollars.
Governor Orr, a friend Of the administra-
ton, a friend of the Blue Ridge Road, and fa-
vorable to the issue of the bonds, In his mes
sage of July, 1868, says vf the Blue Ridge
Railroad Company, 'The present bonded debt
of the Company, for which mortgage has
been executed, amounts to about s230,0
But as the road terminates upon tue edge OF
the mountains, stops short of any connecting
lines, and is dependent alone upon small
tract of country between Anderson and Wal
halla, 1t has not yielded q sufficient income TO
pay eren the interest upon the first mortgag e
bonds" The italics are our own. he recon-
mended the State to take up these bonds By
its guarantee to prevent the sale Of the road
under foreclosure. Hosse Journal, 1868, PIP.
%, a.
Mr.. Harrison, president of the company, in
his report at that time, says, "All that is eI-
pected of the State is that she shall guarantee
the bonds OF the company for, say, three mil
lions of dollars, to be issued in such sums, and
at such times, as the progress Of the work may
require and that tie State shall proride for
the payment Of tie interest on the bonds ,chile
the road is being built" House Journal, 1865,
D. 81. And Governor Scott adds. $50 that by
an expenditure of four hundred and twenty
thousand dollars, to be raised BY taxation in
three years, this enterprise would be secured.
The State would have ample security for her
guarantee
Under the manipulations Of the two Cover
nors and President Harrison, the Legislature
authorized the endorsement by the State OF
the bonds of the company to the amount Of
four million dollars, pledging the faith and
funds Of the State to the punctual payment OF
:sboth the principal and interest," Tie inter-
est was limited at seven per cent, the first
mortgage was required 10 be redeemed, and
the State reserved q first mortgage to secure
the bonds. A. A.,ls6S, p. &c. In his message Of
November 24th, 1869, Governor Scott says on
this subject that new survey and estimate
had been made, and adds: 1T was then as
certained that the great increase OF the cost OF
such work over the original estimates made 1t
apparent that the four millions of first mort
gage bonds provided for, fell far 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.
1t must be apparent to every member oil the
General Assembly that the first mortgage,
covering the entire property OF the company,
and the work but little more than half CON-
pleted, the whole investment must remain as
dead capital until the means are provided TO
finish the road, 1t would be add
Ing TO direct investment already made Of
million and half of four millions OF dollars,
neither of which can be made TO meet the ac-
cruing 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, re-
peal the uCL vi Otlleuloeis iooS: teHefeVJ ~"
million dollars ,s,nore OF bonds, guaranteed by
the State, ,couldb be Stutk and made UaLneleSS, or
assist the company III their efforts to complete
the work. &c. Message and Documents, 1869,
p. 8.
We have proven by these extracts. Governor
Orr being the witness, that the Blue Ridge
Road, until it crosses the mountains, cannot
pay the interest accruing annually on $3.50, 600.
President Harrison being the witness that the
State would have 10 pay the interest on
three million dollars which he estimated 10 be
sufficient TO complete the road; and Governor
Scott being the witness that unless the State
would 60 on and furnish four mllion dollars
more 10 finish the road, the tor million dollars
OF bonds endorsed under the act OF September
1865, :',rougd Je Su,.H and s,ude raluciess."
would therefore state this as a liability OH the
part OF the State to pay the interest on the
bonds. what time they have 10 run and TO pay
the principal at maturity, il being demonstra-
ted that the company can Pay neither 1t IS
no answer TO say that the State may make the
debt good by sending another four millions
after the sj,5o0,00O already sunk in that trans
action Who now is the trickstcr, lei honest
people decide. CENSOR.
MARINE DISAsTER.-The Savannah ReNutli-
can. Of yesterday. has the following:
The French brig Michel ct Anna" of Port
VanIrps loaded with CARGO o. salt. arrived