The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-07-07

and that tho said Mayor and Aldermen
are body corporate by act OF the General
Assembly of the said State, ratified the l5t1
day of August, 1888. and altered aud amended
by acts subsequent thereto, which saio acS anu y
amendments appear in the ordinances OF tne
| City Charleston, published in 1874, and here
| shown to the court.
Second. That by the said act and amend
ments, the said body was appointed 10 tne OF.
| flee of municipal government in sald city: That
the functions of said Office are speclhcallV
| indicated in said acts and amendments 70 oe,
the charge of streets, lanes, public buildings,
warehouses, markets, wharves, public houses,
carriages, wagons, carts, drays. pumps, BUCK
cts, fire engines, the poor, the seamen, dlsor-
derly people and negroes; and therein they
are vested with the power to make sucn oy-
| laws and regulations as shall appear 10 pe re-
aulsite and necessary tor the security, weilare
and convenience of the said city, oul Wl!ho9t
express power to take, hold or create for itself
| n Corporate capital, without the designation OF
any commercial object upon which corporate
canital could be expended; without express
mower to make investments of Individual capl-
| tal. or to borrow money, or to make any form
of security for the performance OF any monied
obligation, or to raise money in any form Wnat-
ever. but by assessments Oh the inhabitants Oh
Charleston, and those holding taxable proper
ty therein; nor by assessment, out 1or tne saie-
| ty. convenience, benefit and advantage OF the
said city.
Third. That under the said act and amend
ments, the Mayor and Aldermen for the time
| being. of said city, at various times, from
the wear 1918 to within a period short
" preceding the filing Of this com
plaint, transcending their office OF NUM-
clpal government, have assumed large
obligations to objects not Indicated IN Inc sald
acts, and to meet these obligations have issued
securities OF Acknowledgements thereof In the
form of stock, whereon they have borrowed
large sums of money, which sums oil money it
Is declared In the said stock that at distant
dates. and with certain rates OF annual lncer-
est, shall be paid by the said City OF Charles
ton.- v.., - -,,or
these several securities nave Deen lssueui
some have not been specifically indicated. and
yery large part have been declared to De IN
the construction OF certain railroads, some be-
yond the limits of the State OF South Carolina,
and ali beyond the limits of the said City OF
Charleston, and beyond the Jurisdiction OF Vne
said municipal body, as follows:
lst. In the year A. D. 1887, TO tne LOUIS
Vile. Cincinnati and Charleston Railroad, by
nav of an investment In the stock thereof,
SOD. 600. bearing interest at the rate Of per
cent per annum. Also. in the same year, by
Way Of loan thereto, si0n,0O0, with like inter-
est which said road was intended 70 COM
mence of Brauchville, In the State OF Soutn
Carolina, and extend through the State OF Ten
nessee to Louisville, In the State OF hentHcky.
I'd. In the year A. D. 1850, to the Nash
Vile and Chattanooga Railroad, 0O,OOO, in
terest per cent, a road commencing at NASH
Vile. in the State of Tennessee, and extends
to Chattanooga on the Tennessee River.
I'd. In the year 1853, to certain other
railroads. to wit: the Blue Ridge Railroad, the
Northeastern Railroad, the Cheraw and OAR
lington Railroad-the first OF which ROADS was
to extend from Anderson, in this State, through
the State of Tennessee, and the last from
Florence to Cheraw, in this State, and also to
certain public expenditures, $1,000, 600.
4th In the year A. D. 1854, to the North
eastern Railroad, road extending from be-
yond Charleston to Florence, In the State OF
South Carolina, sl50, 900, interest per cent.
5th. In the year 1854, to the Memphis ana
Charleston Railroad ROAD narfs g9f
bama. Mississippi to Memphis, in Tennessee,
$3.50, ,000 interest per cent
9Th. In The wear A. D. 1855, to the Blue Ridge
Railroad. mentioned above, 100000, interest
per cent. n,.o ,,,,.. po,,
road. mentioned above, and the CharieSton
and Savannah Railroad, q ROAD oeyona e. tne
limits of Charleston to Savannah, lc tue SCate
per cent. interest.
Finn. THAT the said municipal body Is the
creature of its said charter OF lncorporatlon,
and can exercise no power not conferred on II
by its charter, and cannot exercise tne powers
conferred on 1t by Its charter In any other form
than ia therein specifically indicatedi and IN
assuming powers not conferred by its cnarter,
and proceeding upon forms not warranted
therein. its acts are null and void, and utterly
without the efficacy to charge the. .lnhaoltants
| and holders of property OF the sau cltyi anu
that the construction of railroads beyond tne
limits of the city is not On object indicated
| in the charter, and 1t Is not vesteo
With power to issue any sucn SUCH. seGnti, ;atc
obirations to the construction Of sald railroads
and The executing such securities for monies
applied. OF pretended to be applied, to those
or to any other objects, not within the ONCE OF
said municipal body, the said body has broken
the trusts OF Its office, and therein has not I'M
posed charge for the payment OF eitner the
principal or Interest OF such securities upon
the plaintiffs and others. inhabitants OF salo
city, and holders OF property therein as a'ore
said.
Sixth. That of the said securities so issued to
the construction of railroads, as aforesaid
some are outstanding In their original form
| and some have been funded under provisions
of an ordinance ratified August 1lth, 1857, tC
arrange the time for the payment OF the city
debt, for which, In exchange, other securities
| In the form of stock, were then issued, but are
| of the securities to the objects aforesaid, 10
their original orAltered form, aud are still OUT.
standing in the hands OF persons VINO assert
these are valid claims upon the said city body,
and through that upon the property OF these
plaintiffs and others.
Seventh. That these securities constituted
originally much the largest portion OF the deot
claimed against the city, and they nave oeen
much increased by other Issues OF IKE securl.
ties. under recent ordinances providing foI
the funding of interest thereon. Whlcn had
come to be largely in arrear.
Eighth. That these securities, so Issued as
aforesaid, are now affirmed by the said de-
PENDANTS. the said Mayor and Aldermen, as ex-
isting and valid obligations upon the sald city,
and as such they have claimed to take the
property of these plaintiffs, and others; py as.
sessment, for the payment, OF tue interest,"
thereon as 1t accrues, and the prInc'pai as u
NAV fall due, and they have actually collected
Iar8e sums of money of these plaintiffs, which
they now propose to pay to the holders OF the
said stock, and they propose to assess and col
lect still other sums to that object, as occasion
may REQUIRE. All of which the plaintiffs say is
a breach of the trusts OF that municipal once
for the benefit of these plaintiffs and others, 20
which the said body is committed oy It's
charter of incorporation aforesaid.
Ninth. That these plaintiffs and c'hers nave
not been consulted by said body in The oollsa'
tions so assumed and securities SO issued;
that they have not assented to the imposltlon
of any such charge upon them, or taken any
benefit or advantage theretrom; Cnat tne
transactions to the said investments ID
railroads and to the said securities, as
tnarpt0 nave