The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1871-03-15

pei III dliSIG Oekt q 1Nttth@o et'S
tiation of the bonds upon their
merits. To have done so, the COM
pany would have been forced to
adopt a species of sharp practice,
by selling the bonds at par, ahd
compcnsating the purchaser by a
commission, for the difference be-
tween their market and par value,
which inevitably placed the COM
pany at a Disadvantage in any ne
gotiation they might attempt to
make with correct business men.
When these roads have been
consolidated, there will be one
great road running from the capt.
tai Of the State, completing the
western connection and promising
certainty Of revenue which can
hardly be exaggerated. At.,pres-
; rnt, both Gf these roads are OBJ
structcd in their efforts. by the
fact that the one is incomplete,
and the other rot in condition to
transact its large and increasing
business with vigor and dispatch.
Consolidated, they will 90 into
the credit market Of the world
with 4 completed rna'l of more
than two hundred miles, and with
, a line Of about one hundred and
forty additional miles to be con-
structed, passing through a conn
try unsurpassed in all that makes
material prosperity, and BY a
friendly combination with the
South Carolina Railroad Company,
by which its moral support will
be secured, completing connection
between the Atlantic and great
West at q cost contrasting most
| favorably with other lines leading
| from the interior to the seaboard,
thus fulfilling the hope and effort
of the State for more than one
| third Of q century. / would feel
| myself criminally indifferent to
the interest Of both the Blue Ridge
Railroad and the people Of the
State, were l to fail in supporting
any measure that would complete
this great enterprise, and thus
leave the public without the ad-
vantage of this important road,
and to entail upon them the GER
tainty of having to meet eventual
ly the interest and principal Of at
least portion of the bonds en-
dorsed for that purpose. What.
ever the opinion Of individuals
may be as to the policy Of consoll-
dation, or the advantage to be de-
rived from giving to the Blue
Ridge rod Il hundred and sixty
four miles Of completed road, | am
satisfied that all practical business
men will conccdc the fact, that
this acquisition will give more
strength and value to the bonds,
to be used for the purpose OF rails
ing the necessary funds, than even
the endorsement Of the State It,
SELF | would even were it posi-
bic at this time, be willing to sec
! the bonds endorsed by the State
cancelled and withdrawn from the
market, and have them replaced
ty first mortgage bond on the
Blue Ridge and Greenvillc road
combined. CircumStanced as we
are, by the road being cucumber
ed by a first mortgage, securing
this endorsed bond by the State,
and vested rights in the bonds, 1t
would be almost impossible to
make the exchange, hence it be.
comes our duty to adopt any and
every means to realize the great
est sum Of money possible for the
security We have and apply 1t
strictly and honestly to the con-
Struction Of the road. | am salts,
fed that the four millions Of bonds
will place the road in such a state
Of forwardncss, by a change OF
route and grade, as to require but
little, after they are exhausted, Of
additional outlay to open commu-
| nication to Knoxville, and what.
everfurther m cans may be required
will be readily secured by II sec
ond mortgage on the whole road.
In conclusion, / would SAY that
if the present bill did not present
= certainty OF saving the State
! FROM becoming eventually liable
upon it's endorsement Of the Blue
Ridge bonds by failure 20 apply
them in such way as to make
the road itself q sufficient guaran.
tee for their payment, | would
now withhold my official approval
Of the bill.
ROBERT X. SCOTT,
\