The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-03-13
7, WEDNESDAY MORNING, MARCH 49, 1872.
LAWS OF THE STATE.
ACTS OF THE GENERAL ASSEMBLY
OF SOUTH CAROLINA.

ACIS OF 1dE O6NGfAL ASSGHoLI
OF SOUTH CAROLINA.
Published by Authority.
A BILL to Relieve the State Of South Carolina
of all Liability for its Guarantee OF the Bonds
of the Blue RIdge Railroad Company. bypro.
vldIng for the Securing and Destruction OF
the same.
Whereas, the State Of South Carolina haa, by
and In pursuance of the provisions of an 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 and credit of the State on four millions of
dollars of bonds, issued by the said Blue Ridge
Railroad Company, comprehending 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 Pendeton Bail
road Company, in South Carolina, for the
purpose of aiding the speedy completion Of
the said railroad, which bonds are 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 as
to make the further continuance of said bonds
on the market inexpedient and unadvlsable,
and serious Injury and prejudice to the credit
OF the State; and whereas the existence of
the said four million of dollars of bonds,
80 guaranteed, creates a 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, and to relieve the
State of all liabilities whatsoever, by reason of
its endorsement and guarantee of said bonds,
Be 1t 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, Ia 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
bis 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, in
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 The State, the State
treasurer is hereby authorized and required
to deliver to 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 to be executed in the
manner hereinafter dlrected 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 to 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 en-
graved on steel, as soon as practicable, treasu-
~ 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 Slate Of South Carolina
to the bearer thereof, and that the same will
be received in payment of taxes and other
dues to the State, except special tax levied to
pay interest on the public debt.
SEC. 4. That the faith and funds Of the State
are hereby pledged for the ultimate redemp-
tlon of said revenue bond scrip, and the coun-
ty treasurers are hereby required to receive
the same in payment of ell taxes levied by
the State, except in payment OF special tax
levied to pay interest on the public debit and
the State treasurer and all other public OIL
GERS are hereby required to receive the same
in payment of all dues to the State, and, still
further to provide for the redemption Of said
revenue bond scrip, an annual tax OF three
mills on the dollar, in addition 10 all other
taxes. on the assessed value of all taxable
property 10 the State, is hereby levied, to be
collected in the same manner and at the same
time as may be provided by law for the levy
and collection of the regular annual taxes OF
the State; and the State treasurer Is hereby
required to retire, at the end OF each year
from their date, one.fourth Of the amount of
the treasury scrip hereby authorized to be
Issued. until all of it shall be retired, and to