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

Governor Scott, on Tuesday, approved The
bill to promote the consolidation OF the Greenrille
and Columbia and Blue Ridge Railroad Compa-
nies. and stated his. reasons for SO doing In the
following message:
STATE OF SOUTH CAROLINA,
EXECUTIVE DEPARTMENT,
COLUMBIA, March :, 1871.
TO he.Honcraole the House OF Representatives.
:GENTLEMEN-Haying at all times persistently and
earnestly opposed any measures tendin5 TO IN, /
crease the debts and liabilities Of the. State,
deem it not inappropriate to communicate Iuy
reasons to the General Assembly Tor approving
an sac; TO promote The consolidation OF tile
Greeuville and Columbia and Blue Ridge Railroa't
Companies" as the criticisms on that blu tend to
misiead Inc public In regard to II, which, in my
Opinion, Will complete, without The addition Of u
single dollar 10 the public debit an enterprise so
important TO the interests Uf the whole State as
the perfection OF our railroad conlec!on win thT
West. It has been long evident to-a!l thoughtful
anu practical men that the GreenTllle anu Coiuln-
bis Railroad aud the Blue Ridge haliroads belng
identical in Interest, should oe unuer one enclent
and economical administration. while theY are
both iu their present. condition embarrassed IN
hndfng the means 10 prosecute vigorously tue
work necessary 10 their success, IL Is, tnink,
equally clear that their combined means can
achieve the completion OF their COMMON purposes.
The act before me proposes simply TO allow
them, upon fair and equal terms, TO culnone thelr
resources.
for the endorsed bouds OF the Greenville Rail DAD,
i cannot feel that am Conseuuug to aoaudon
any real securiy4n The part OF the state, ai shls
road has not unyy paid the interest on debt
almost equal 10 the combined liability OF the
State's eudor, ement and the second mortgage
bonds. At the same time 1t has been compelled
to eXpsnd an extraordinary amount Of its inc srne
for repairs, which for The want Of iron had to.be
almost daily renewed coupled with the destruc.
lion Of rolling STOCK, aud damages ior the loss OF
life and property 1t Is rendered absolutely CERTAIN
vbn, he rnoI ig nh
with the necessary means to do the business ol.
the country through which 1t passes, it Will not
only he able to pay the einterest on ootn Oh
bonds the aggregate OF which Is less than S20o'O
to the mile but Will have surplus that may be
applied to the payment OF the Interest on tNs Blue
Ridge bonds while the road Is 10 process OF coa-
s'ruction.
In reference to. the Blue Ridge Railroad, BY an
examination Of the several acts 1t WILL be seen
that the only charge which has been mate IS 10
give the bondh0ller the rst lieu. and the statuto-
~ lien OF the State the second, by winch It Is Se@ur-
ell as etrectually as it was In It's o:iglua status
The necessity for this legislation will be rectSnil
ed when It Is known thas one OF the principal dlt.
fcultes in the way OF the negotiating for the sale
o these bonds Is the mortgage eHecnttV anu
placed on record iu the States through which the
road PAGES, VIZ: South Carolina, North Caroilna,
Georgia and Tennessee, 10 Messrs. Gouruin, came
ron Il Clews, as trustees, by Its priority of date
was made to be frst mortgage on the property
OF the road, while the act authorizing the endorse
ment gave the State first lien. .Tnls was mauea
cause VI Objection by those VINO were dlsposei 10
accept the negotiation OF the bonds; the purcfas-
er was desirous that his security should be first
lien on the property, SO that, on failure or the
company to meet their obligations, the holder
OF the bonds could make a claim against The
road, and not against the State, as they cunll do
nothing In the courts as against the State, while
they could enforce their claim against tile inc r
poration. Thus it win be seen that It becamea alb.
solutely necessary that lhi! difficulty should be
corrected. As to The other change ui The law OF
1858, whereby It gives he privilege OF ofnegoiiatng
the bonds at the .markel value, instead OF 6elug
restricted TO selling at par every one mustsee that