The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-12-06

| AeesA'o " tpe IeVtnne pond scrip,
rendered on the I'D instant: ~
The State Of South Csrolfp. er re,ot;o,s q
Edwin E. Gary, as State Auditor. nIsint;W
sgetnat Efeh g. Parker, as State Tfessnrsr'
mo mo osners. .. County TressurerE.
Inc complaint in this action, fled juno /.
the state Treasurer be enjoined from issuinr
snd putting In ctr culation certain Treasury
ooisineates: known as revenue bond scrip,
Sn1 Hnn,ts tasS sne oaid state Treasurer and the
ouon revenue bond scrip IN payment Of taxes
shen due. or afterwards to be levied. and
fPsslIg out the same An order
willard. during the absence OF the Circuit
Judge from the State, requiring the defend.
ants TO show cause Before him why the in
% ?anotion prayed for shonld not be granted
!emporarily, and granting an Injunction ad
interim. Upon the return day of the order.
| she temporary injunction was granted By
oInseds oI parties, the cAuhe was brought to
| nearing on the merits before me, at cham
bers, on the 9th OF November. ultimo. on
| the!r petition, aud on motion OF Messrs. Rion
and Msgrath, John p. Southern, Edward 3.
wesley, and ott ars, holders OF revenue bond
me arSumeh. was then heard, Messrs. Pope
Haskei! appearing for the plaintiff, aud
messrs' Chamberlain and Magrath and Rion
| Tor the defendanta.
To the decision Of the issues involved. It ia
necessary to premise that by an Act OF the
General Zen Assembly, ratified 18th September,
.ooo, 10 da sne Comptroller General WAS required
certain bonds OF the Blue Ridge Railrpad
company. to an amount not exceeding
s4,oOO. .0O0, with the proviso that ''the said
uohas' or any part thereof. shall not be used
unless upon the express condition that upon
appiication to the Congress Of the United
states, or to private capitalists, the amount
o. sa.oeo OOo IN currency. or 30 much Of that
sum as ma! DC necessary, shall be furnished
IN exchange, or upon security OF said bonds. ="
Dy subsequent Act, approved 7th March.
1871, entitled IAN Act to promote the oonsoIl,
datio1 OF the Greenvile and Columbia Rail.
Company" this proriso Was repealed.
In accordance with the Act OF 1858, 4 600
bonds. OF 81 600 each, were issued, and the
Euaraneee ,aI endorsed thereon by the Comp
the hands OF Mr. Il. II. Kin1pton, Financial
Agent OF the State in New York, and the ba.
lance, S.4Q0 bonds, went into the hands OF
other parties, mainly in Now York. who held
them as collstcral security for loans mado to
.ne company. Of those 30 held 2 435 bonds
were In the hands Of parties to whom they
we're ere pledged for loan Of 1900. 900.
by an Act passed March q, 1879. entitlel
: AL ACT to relieve the State Of South Carolina
OF ell liability for its guarantee OF tho bond,
or tho Blue Ridge Railroad Company, 3y pro-
vidlng for the securing and destruction OF the
same," it was provided, fret, that tho Fiuan-
clai Agent should Immediately deliver to the
State treasurer. to be Cancelled, all Of said
Donds IN his possession; second, that upon
VIC ool by Ln6 TAllfO6Q COMPANY to thB
State Treasury of the balance OF the bonds.
tho State Treasurer should deliver to the Pre-.
sldent ot the SAID company Treasury certiii.
Gates OF Indebtedness. styled revenue pond
scrip, to the amount Of 81, sou, ,OCO; and il the
company should not be nble to deliver ali OF
the 1ouds at one timo, tho Treasurer should
deliver to him suoh amount OF such Treasury
certlhca:es as shall bo proportional to tho
amount of bonds delivered; third, that TO
carry ont tho purposes Of the Act, the State
Treasurer was authorized aud requested 10
have printed or engraved these certificates, TO
oe known ana denlghated as revenue bond
scrip OF the State OF South Carolina, in such
FORM, and OF such denominations as NAV be
determined on by him aud the President of
tho company, to the amount OF ST, 500. .OuO, to
oe signed Dy the treasurer, and to express
that the SUN mentioned therein is due by
tho State OF South Carolina to the bearer
shoreof, and that the same will be roceiyed in
payment OF taxes and all other dues to the
State except special tax levied to nay Interest
on public debt;" fourth, that the faith and
funds OF the State are hereby pledged for the
ultimate redemption or said royeDue bond
scrip;" that the County Trsasurers shall re-
ceiyo the same in Payment Of all taxes except
those levied to pay interest on the public
debt; that the State Treasurer and all other
public officers shall receive the same in pay
.1ent o: all dues to tho State; that an annual
tax OF thre mills on the dollar sh al be leyioI
for the redemption OF the said scrip; and tn at
the State Treasurer shall annually retire ono
fourth OF the amount Of said scrip, and apply
W ouCu t4CiuSlS0ly The taIOY
quired to be levied; fifth, that the State Trea-
surer De authorized 10 pay out the scrip re-
celved into the Treasury in satisfaction OF any
claims against the Treasury, except for iule-
rest on the public debt; sixth, that whenever
the whole number of the said guaranteed
bonds should BIO delivered t, the Treasurer
and Cancelled, the lien of the State upon the
property Of tho Blue Ridge Railroad Compauy
| should be forever discharged; and til at should
| the company, from any cause, fail to deliver
oil OF said bonds. such lion should be dis
charged to an extent proportioned to the
amount oil bonds delisered
By IAN Act to make appropriations and
raise supplies for the fiscal year commencing
November l, 1871, it was provided "tLat aif
| taxes assessed and payable under this Act
| shall be paid in the following kinds or funds
VIZ: Bills receivable Of the State, United
| States currency, national bank notes. ,epenue
bond scrap, gold ana silver coin''
Atomporary issue of several denomiu tions
| OF this scrip was made, printed with ordinary
type, on ordinary paper. without my SEM
oiunc, to bank bill. for which was to be sub {.
| stItuted al issue 10 DO printed on steel by 4
bank note printing company i'll New York, 80
| soon as II could bo prepared. The form uf
the temporary issuo was ss follows:
20 w. RHyENU. BOND sC1Ir. IS co.
! The State Of South Carolina. Columbia
| March, 1872. Receivable as five dollars in
| payment u all taxes aud dues to the Stat..
| except special tax Levied to pay int ercst on
| the public dobt. NILES O. PARKER.
State TreAsuror.
The perm lnenC issuo w,s suhsonuont,r