Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1872-02-15
Legislative Pr credinss.
In the Senate. ON the 9Th. Mr.. Arnim

In the Senate, on the 9Th. Mr.. Arnim
introduced voluminousb bill :.'to author
ize the formation of railroad companies
and to regulate the same" This bill.
which consists of fiftv-two sections. and
covers forty pages of closely written
manuscript. provides, in effect. that any
twenty or more persons. who may choose
20 do so, NAV form themSnlves int"
railroad company, with silch name aS
chey shall select, and with the usual pow
ars and privileges. Articles OF associa-
tion of such companies arc - he filed in
The office OF the secretary Of State, and
copy of the articles of association. and
Ghe affidavit endorsed thereto. or copy
cf the record thereof. certified to be
copy by the secretary of State, or his
deputy, shall ,e presumptive evidence
of the of the comma ". and
of the fac's therein stater 1t is provided,
however, that the articles ofassociation
shall not be fled and recorded in the
Office of the secretary or State until at
least one thousand dollars Of stock f"'
every mile of railroad 70 b. made is sub
scribed thereto. and five Ger cont. "a
thereon in -ocd Caith. and in cash. ~ The
directors named in the arti"l"s of assN"''-
iion; not until there is endorsed the-n"''
or annexed thereto. an affidavit. mao,
by at least three OF the directors named
in the articles Of association. that the
amount of stock so subscribed has hoeH
subscribed in good faith, and five per
cent paid thereon in cash, rs aforesaid
and that it is intended, in good faith. r,
construct, maintain and operate the road
mentioned in the articles Of association.
The fourth section spf the bill provides
that when the articles of association and
affidavit are filed in the Office Of the sec
retary of State, the directors named in
the articles of association may, in case
the whole capital stock isnot subscribed.
open books of subscription, To fill up tho
capital stock of the company, IN suca
places, and after giving such notice aS
they may deem expedient. and may con-
tinue to receive subscriptions until the
whole of the capital stock is subscribed.
At the time Of subscribing, gerry sub
scriber shall pay to the directors five per
cent. on the amount subscribed by him.
in cash; and no subscription shall be
received or taken without such paymen'.
Another section authorizes such compa-
nies as may be formed under the aco Wit
the concurrence of two-thirds Of q:
stockholders to increase its capital stoc',
to any amount required for constructing
maintaining or operation its road.
This bill was read by its title and ser
to the railroad committee, and probably
will never be heard of again.
The State Treasurer addressed note
to the senate, in which he said:
GENTLEMEN have the honor to in
form you that the appropriation mao.
during the present session OF the General
Assembly tor the pay OF the per dlein
and mileage Of members, pay Of attache
and incidental expenses, for the sessions
of 1S7O-'7l, and l87l-'72, are exhausted.
AS tar as can learn, there are yet out
standing certificates to the amount o
$4,000, of the session OF 1S70-'11, hello
bv the various banks and banking insti-
tutions Of this place, which have been
carried for year. The Importance o.
making an early appropriation for the
payment Of the above can hardly be
overestimated.
In addition to the amount above stated
there are numbers OF certificates issued
during the present session yet unpaid
which, together with those drawn to pay
to the 18th instant, will, in my opinion
require sum OF at least 5e5O,,lJ3 to meei.
OF the sum due for taxes ior the presen'
fiscal year, aboutonc-half OF the amoun
has been collected, while the time 10.
payment, without penalty, expired or
January ID.
would respectfully suggest hat SOM
measures be adopted to provide reve
nue. suflicina. .: - above an,
Z ct',er demands o.; tge .rer.
ScrT resuoe.fG3s DIT servant
TX treasurer.
. la >lst received
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