The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-16
The New Blue Ridge Bill.

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The Blue Ridge Railroad bill, which has
already passed: the House and is expected
to receive favorable consideration: IN the
Senate, is an impudent attempt to- fleece the
people for the benefit of q Ring OF specula,
tive officials. Il admits; in 30 many words,
that the Financial Agent OF the State, by
order OF the Financial Board, made advances
OF money to the Blue Ridge Railroad Com
papy, and it coniesses that these advances
we're either moneys Of the State, or were
borrowed, by the Financial Agent, upon the
credit OF the State. Unless the State be the
party making the advances to the Blue
RIDGE Railroad, of what value is the provi-
slon that the Blue Ridge; Railroad Company
"be discharged from all liability to the State
L.6n account OF such advances, so soon as
the Blue Ridge Railroad bonds, held by the
Financial Agent as collateral security, shall
be surrendered and cancelled? 1t is only
too clear that the State funds have been used
for the assistance Of the Blue Ridge Ring.
The money wrung from the taxpayers, OF
borrowed ct an exorbitant price, has been
lent to railroad corporation, without
authority OF law, and is now to be wiped out
OF existence, because the. railroad company
finds venal legislation far cheaper than the
honest discharge Of its obligations.
Going further stilb the Blue Ridge Dill
requires the State Treasurer to pay to the
Blue Ridge Railroad Company sl,Soo, 600 in
exchange for what guaranteed bonds OF the
| road may remain outstanding after the can
celment Of the guaranteed bonds held by
the Financial AssIs me payment is to be
made: In the equivalent OF money, because
the certificates of Indebtedness to be issued
to the stated amount OF s1,so0, 600 are re-
ceivable in payment Of all taxes, except the
tax for the payment OF the interest on the
public debt. In return for this 81, 300, 600
in money, the State will receive bonds OF
the Blue Ridge Railroad to the nominal
amount OF. So, 600, 600, or less. While it's
own direct bonds are selling in the market
at IS, the State is modestly, requested to
buy up an endorsed bond, OF doubtful validi-
", at fifty cents on the dollar! -
ID Nor is this the whole .of the new Blue
Ridge bill. That bill also provides that,
whep these guaranteed bonds have been
cancelled, Il. e. bought up at so cents on the
dolIar) all claims against, and liens upon,
the road shall be discharged and released.
The Blue Ridge Railroad is freed from all
Indebtedness. Thirty-three miles OF railroad,
completed and equipped, together with the
work done upon the remainder OF the !lae'
representing, in all, an expenditure OF more
than four million dollars, and, in addition,
the valuable franchises OF the company, be-
come the absolute property oil the stock
holders to do with as they will,
And who are the stockholders? In round
figures, the State OF South Carolina sub
scribed for thirteen twenty.hfthhs OF the
stock, and the City of Charleston for eleven
twenty-fif1ha. The State stock, which con-
trolls the road was sold last summer to Mr..
Patterson, an astute railroad schemer. Tor
one dollar share. Mr.. Patterson is the
President Of the Blue Ridge Railroad Com
pany, and majority OF the directors are
his tools. The bill, therefore, proposes to
give wholly irresponsible financial trick
ster the control OF the Blue Ridge Railroad
for consideration Of thirteen thousand dol
lars. Mr.. Patterson will have it in his power
to nut new bonded debt on the road, to
lease or sell the road, to override, In every
instance, the pecuniary and commercial in
terests Of the city and State. The stock
subscription of Charleston and OF South
Carolina becomes worthless. For the bene-
fit of Patterson & Co., the people are to be
robbed OF four million dollars. It
There is no question in our mind that the
| sale Of the State stock was illegally made;
that the new directors OF the road were not
legally elected, and that Mr. Patterson is not
the lawful President Of the company; but, II
the bill pass without opposition from tho
people, the irregularities and fraudulent
proceedings will be covered up, and we may
think ourselves lucky il the Blue Rtdge Rail-
road, auith its authority to build extensions,
! or branches, to any place in South Caro-
| Ina, does not become one other weapon OF
offensive warfare upon the trade and COM
merce OF the State.
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The Lee Monument-How to Build II.
The ladies of the Soldiers Lee Monument
! Aasociatinn have NOW On deposlt In bank at