The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-03-14

AN ACT TO RELIEVE THE STATE OF SOUTH
CAROLINA OF ALL LIABILITY FOR IT'S
GUARANTY OF THE BONDS OF THE BLUE
RIDGE RAILROAD COMPANY BY PRoy1p-
ING FOR THE SECURING AND DEsTRUC.
T1oN OF THE SAME.
Whereas the State of South Carolina.
has, by and in pursuance of the pro
visions OF MI Act. approved the fifteenth
day OF September, a. d. 1868. entitled
"An Act to authorize additional aid to
tho Blue Ridge Railroad Company, in
South Carolina" endorsed guaranty OF
the fnith and credit of tho State on four
millions of dollars of bonds, issued by
the said Blue Ridge Railroad Company.
comprchending the Blue Ridge Railroad
Company, in South Carolina; tho Blue
Ridge Railroad Company, in Georgia;
tho Tennessee River Railroad Company.
in North Carolina; tho Knoxville and
Charleston Railroad Company. in Ten.
nessec. and tho Pcndlcton Railroad
Company, in South Carolina, for the
purpose Of aiding the speedy completion
of the said railroad, which bonds arc
liable for the debts of the said railroad
companies; and, whereas, the present
condition Of the finances of the State.
and of said companies. is such ns to
make the further continuance of said
bonds on the market inexpedient and
unadvisnblc, and serious injury and
prejudice to tho credit of the State; and.
whereas. the existence Of the said four
millions of dollars Of bonds, SO guaran.
teed, creates large liability upon the
part OF the State, which the Treasury
may be required to meet at unforeseen
and inopportnne tim es; and, whereas,
the liability of the State, on account of
such guaranty, should be faithfully met
and discharged; therefore. in order to
secure the recovery and destruction of
the bonds and coupons of the said COM
pany, issued under and in pursuance of
the provisions of the aforesaid Act. now
pledged in the city of New York and
elsewhere, and to relieve the State of all
liabilities whatsoever, by reason of
Its endorsement and guaranty of said
bonds:
SECTION L. BE ii enncted by The Senotc
and House # Representatives OF lie STATE
General assembly. and By tie auUloriiu of
the same, Thnt tho State Treasurer is
hereby dire cted, with the consent. in
writing. of tho President of tho Blue
Ridge Railroad Company, in South On.
roIl,a, to require the Financial Agent
OF the State, in the city of New York,
immediately to deliver to the State Trca-
sUry nll the bonds of the Blue Ridge
Rairoaa Company, endorsed and guar
nhteed by The State Of South Carolina.
which arc now in his possession, and
held by him MS collateral security, for
advances made hy the said Financinl
Agent, by tho order of the Financial
Beard, TO the Blue Ridge Railroad, Com.
rahy; aud upon tho delivery of said
bonds. the Treasurer is hereby required
To cancel the snme, in tho manner here
ln"fier directed; and the said Blue
Ridge Rallroad Company sinll there.
upon be discharged from all liability
to tie STAT. On account af sus.h nd.
vaucss.
SEC. .. That upon the surrender bv
lhr said company t" the State Treasury
Of tie balancc of the said four millions
of dollars Of bonds, issued by The said
Blue Ridge Rnilrund Company. aud
guaranteed by the State, the State Trea-
snrcr is hereby authorized and required
to deliver to the President of the Blue
iidge R'ilrond Company, in Son,h Ca
roliEn, Treasury certificates of indebted
ness styled licvrune Bond Scrip to the
amount of ono million eight hnnlled
thousand dollars. Tie said certificates Ia
be cxfcntcd in the manner hereinafter
directed; and il the sad company shall
no. be able to deliver ell Of said bonds
al o"c time, ihc Treasurer is authorized
and required To deliver 10 The said Pre-.
s:h'Et such amount nf such Treasury
r'iiiica'e' as shall be proportional! tn
t'.r amount Of bonds Delivered
SIC 3. Thai, to carry out the purposes
oi this Act, the State Treasurer is here.
Ivy authorized and required 20 Lave
printed, or engraved on stc. rs sruu as
rrac;icnb e. Treasury crrtifru,cs nE in.
debt dhc.> 20 be known md dc>ienu,Ul
n R''vru"" Bond Scrip If the S.ir ol
SOnth tn'"hLa, III such form a,.l a..
hIch a. nomination rs may he ,,4trr.
mnch Oh Ivy tho State Treasurer. ard
the Prc>h.cnt Of the Blue Ridge Rail.
road Company, in South Carolina, to
tie nm"unt Of enc million eight hun
drrl Thousand dnilars, ..hich Revenue
Bond Sciip sl,..l be signed hy the State
Treasurer, m.i shall express that the
snm mentioned therein ia duo by The