The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-14
THE GENERAL ASSEMBLY.
THE NEW BLUE BILL
PASSED BY THE HOUSE.
Wesley with his Stock-Jobbing Scheme
Tarns Up Again-Eighty-two New
York Spectators on the Anxious
Bench-Two Villages Incorporated,
&c., &c.
ESPECIAL TELEGRAM TO TIE NEws.1

COLUMBIA, February 13.
Mr.. E. B. Wesley, of the Union Trust Com
pany, of New York, is again In Columbia with
a petition signed By eghty-two of the New
York bondholders, proposing to scale their
bonds, upon certain conditions, at the rate OF
seyenty-fiye cents on the dollar. The petition
was presented In the Senate to-day, and re-
ferred to the committee on finance.
The Senate Railroad committee reported
against the bill toad In the construction OF
the Georgetown and Charlotte Railroad.
The election committee made report, In
the contested election case from Lancaster.
against Clinton, the Radical incumbent, and
In favor of Tompkns. the contestant.
The House passed the bills to incorporate
the Village of Little Rock, 10 Marion County,
and to renew and amend the charter of the
Village of Rock Hill, In York County.
The House then took up the new Blue Ridge
Railroad bill, and passed 1t to a third reading.
The following is the bill:
A BILL to relieve the State Of South Carolina
of all liability for Its guarantee of the bonds
of the Blue Ridge Railroad Company, by pro-
yidlng for the securing and destruction Of
the same.
Whereas, the State of South Carolina has, by
| and in pursuance of the provisions OF au act,
approved the 18th day of September, A. D.
1868, entitled San act to authorize additional
aid to the Blue Ridge Railroad Company In
South Carolina" endorsed guarantee of the
faith aud credit of the State on four millions of
dollars of bonds, issued by the said Blue Ridge
Railroad Company, comprehendlng the Blue
Ridge Railroad Company, In South Carolina;
the Blue Ridge Railroad Company, in Geor-
gia; the Tennessee River Railroad Com
pany, In North Carolina; the Knoxville
and Charleston Railroad Company, In
Tennessee, and the Pendleton Bail
road Company, in South Carolina, for the
purpose of aiding the speedy completion of
the said railroad, which bonds are liable for
the debls of the said railroad companies; and
whereas the present condition Of the finances
of the State, and of said companies is such as
to make the further continuance of said bonds
on the market inexpedIent and unadvisable,
and a serious injury andprejudice to the credit
of the State; and whereas the existence of
the said four million of dollars of bonds,
so guaranteed, creates large liability upon
the part of the State, which the treas
ury may be required to meet at un-
foreseen and inopportune times; and
whereas the liability of The State, on account
of such guarantee, should be faithfully met
and discharged; therefore, in order to secure
the recovery and destruction of the bonds and
coupons OF the said company, Issued under
and in pursuance of the provisions of the
aforesaid act, now pledged In the City of
New York and elsewhere, aud to relieve the
State of all liabilities whatsoever, by reason Of
its endorsement and guarantee of said bonds,
Be it enacted by the Senate and House of
Representatives of the State Of South Caro-
lima, now met and sitting In General Assem-
bly,, and by the authority of the same:
SECTION l. That the State treasurer is here
by directed, with the consent; In writing, Of
the president OF the Blue Ridge Railroad Com
pany, 10 South Carolina, to require the
financial agent of the State. In the City of New
York, Immediately to deliver to the State
treasury all the bonds Of the Blue Ridge Rail-
road Company, endorsed and guaranteed by
the State of South Carolina, which are now In
his possession, and held by him as collateral
security for advances made by the said
financial agent, by the order of the financial
board, to the Blue Ridge Railroad Company;
and upon the delivery Of said bonds, the treas
urer Is hereby required to cancel the same, 10
the manner hereinafter directed; and the said
Blue Ridge Railroad Company shall thereupon
be discharged from all liability to the State on
account of such advances.
SEC. 2. That upon the surrender by the said
company to the State treasury of the balance
of the said four millions OF dollars of bonds,
issued by the said Blue Ridge Railroad Com
pany, and guaranteed BY che State, the State
treasurer is hereby authorized and required
to deliver 10 the president of the Blue
Ridge Railroad Company, In South Carolina,
treasury certificates OF Indebtedness (styled
revenue bond scrip to the amount of one
million eight hundred thousand dollars, the
said certificates 10 be executed In the
manner hereinafter directed; and If the
said company shall not be able to de-
liver all of said bonds at one time, the treas.
urer is authorized and required to deliver 10
the said president such amount Of such treas
ury certificates as shall be proportional 10 the
amount Of bonds delivered.
SEC. 8. That to carry out the purposes of
this act, the State treasurer Is hereby author
lied and required to have printed Or er-
graved on stee, as soon as practicable, treasu.
ry certificates of Indebtedness, to be known
and designated as revenue bond scrip Of the
| State of South Carolina, In such form and of
such denomination as may be determined on
by the State treasurer, and the president Of
the Blue Ridge Railroad Company, in South
Carolina, to the amount of one million eight
hundred thousand dollars, which revenue
bond scrip shall be signed by the State treasu-
rer, and shall express that the sum mentioned
therein Is due by the State of South Carolina
to the bearer thereof, aud that the same will
be received in payment of taxes and other
dues to the State, except special tax levied to
nav interest on the public debt.
SEC. 4. That the faith and funds OF the State
are hereby pledged for the ultimate redemp-
ton of said revenue bond scrip, and the coun-
ty treasurers are hereby required to receive
the same in payment of all taxes levied by
the State, except in payment OF special tax