The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-03-09

IL was almost permanent bar against the nego-
tlation OF the bonds upon their merits. Io nave
done 80, the company would have been forced TO
adopt species OF sharp practice. oy senng tne
bonds at par and compromising the purchaser,
by commission, for the.difeVence between the!r
market and par value, which inevitably Wouiu
have placed the company at disadvantage m
any negotiation they might attempt 10 MAKE Win
correct business men:
When these roads have been consolidated there
will be one great road running from the eapisa OF
the State, completing the western connection, and
promising certainty OF revenue which can nara-
ly be exaggerated. Atpresent both OF these roads
one is incomplete apd the other not In condition
to transact its large and increasing business WIN
pigcr and dispatch. Consolidated, they VIII go
ilto. the credit market OF the world WIN com,
plete road OF more than two hundred miles, and
with line Of about one hundred and forty ad-
dtIonal miles to be constructed, passing through
country unsurpassed in MI that makes material
prosperity, and by friendly combination Win the
moral support will be secured, completing connec-
tion between the Atlantic and great West at cost
contrasting most favoraby. with other lines lead
Ing from the-lnterior TO the seaboaIl, thus 1uloH-
Ing the hope and effort OF the State Tor more
than one. lhirtfof o century. would feel myself
crinlnally Indifferent to the Interest OF both the
were to fail in supporting any measure that
would complete this great enterprise and tnus
leave the public without the advantage OF 1nls
important road. and to entail upon them rne Ger.
fanny Ol QtFluR W utcg efcuIudHy ghC
and principal OF at least portion OF the bonds
endorsed for the purpose. Whatever the opinion
OF individuals may he as TO the policy OF consol-
ing to the Blue Ridge Road hundred and sixty
four niles OF complei ed road, am satlSheo rnat
all practical business men now will concede the
fact that this acquisition will give more strength
and value to the bonds to be used for The purpose
II raising tile necessary funds than even the en-
dorsement Of the sIaie itself. ] would even, were
1t possible at this time, be willing TO see tge
bonds endorsed by the State cancelled and With
drawn. from the market, and have them re-
placed by first mortgage bond on the Blue
Ridge and GreeDVllle Road combined. Circum-
stanced as we are by the road being encountered
by q first mortgage securing this endorsed bond
by the State. and vested rights iu the bonds, It
would be almost Impossible to make the exchange,
hence it becomes our duty 10 adopt any and eve
means to realize the greatest sum OF money poSsi-
BILE Tor the security we have, and apply 1t strictly
and honestly to he construction OF the road. am
satisfied that ihe four millions Of bonds Will place
the rCailtn such state or forwardness by change
Of route and grade as to requiie but little after
they are exhausted OF additional outlay to open
communication 10 Knoxville, and whatever fur
ther means may be required will be readily sc.
cured By q short second mortgage on the whole
road.
In conclusion, would soy that II the present
bill did not present certainty oil saving tne
State from becoming eventually liable upon lts
endorsement OF the Blue Ridge bonds, by o fall
ure to apply them In such-a way as TO make the
road itself sufficient guarantee for their pay,
ment would now withhold my Official approval
OF the bill. ROBERT K. SCOTT, Governor.