The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-12-18
Blu. Ridge seaa scrip.

State in 1850 put sudden stop to all
work upon the Blre Ridge Railroad In
South Carolina. Whatever may be the
opinion now OF the ~isdom 9. praotica.
bility Of that enterprise, it had been for
years pet project OF successive Legisls-
lures; had received and absorbed very
large amounts Of the public funds; had
been controlled and directed by some Of
the ablest, purest and most eminent men
in the State. and was regarded by
large majority of the citizens as means
of certain aud vast advantage to ull tho
interests Of the community.
Upon the meeting of the Legislature,
which was elected under tue new Consti-
tuition, and Immediately after the ad-
journment of the convention, both the
retiring and incoming Governors OF the
State called the attention of that body
in the most urgent and emphatic lan-
guage to the interest of the State in the
completion Of this road and the pro-
prioty Of affording it aid. Although the
political differences which divided our
people held aloof from participation iu
public life most of those who represent
ed the property and former influence OF
the State, the gentlemen who then con-
trolled the affairs Of the Blue Ridge
Railroad Company, including such men
as General Harrison, its President, Go
vernon Aiken, Mr.. Gourdin, Mr.. Tren-
holm, Mr.. Lowndes and others, deemed
it their duty to submit to the Legislature
the condition and prospects OF the road,
and to ask the favorable consideration
of the recommendations OF the Go.
vernors. Consequently. in September,
1868, an Act was passed in MD Of the
road, to the provisions of which Wa
shall more particularly refer, observing
here, only, that of that Act two things
may be asserted without fear of contra
diction:
l. That it was passed simply upon its
merits, and that no Act Of say Legis!s
ture of South Carolina was ever freer
from all taint of corruption.
z. That it's passage was welcomed and
approved by almost the entire press Of
tho State.
The only objection then made being
that it was doubtful policy on the part
of the State, at 80 early period after
the war, to assume whut the objectors
considered all inopportune and danger
GUS liability. This Act reoited that in
1854 the Legislature had authorized the
endorsement of $1,000, 900 of bonds of
the Blue Ridge, upon condition that
certain additional subscription should be
made to the company by private indi-
viduals or corporations; that the COM
pany had never issued these bonds, and
that the condition of additional subscrip.
tion could not now be fulfilled, and then
enacted that the condition should be dis.
pensed with; that the 81, 900, 600 should
now be endorsed, and portion of it,
not exceeding 100000, should be get
apart to meet the existing bonded debt
of the company. It then further enact
ed that the endorsement of $4,000, 900
more should be made; but so anxious
were the promoters of the bill to protect
the interest Of the State aud prevent
their bonds from becoming subject of
ruinous speculation, and so confident
were they of the legitimate business
character Of the aid they sought, that
they secured the bonds by second
mortgage, and provided that they should
be used only at par. When the bonds
were ready for issue in part for nego.
tiation, an Injunction was moved for on
behalf of certain parties before Judge
Melton, who refused the motion, and
thus gave tho sanction Of II judicial dc.
cree to the action of the Legislature.
| auu Ut IniS tllno IL DluSt DC remembered
that, with the exception of few thou
sand shares, tho whole stock OF the COM
pany belonged to the State and to the
city OF Charleston, so that no ring of
adventurous and speculative individuals
could be benefited by the operation. AS
fur rs these bonds were to relieve, that
relief was to the State and to the me-
tropolis Of the State. At this point, the
present holders Of Blue Ridge bond
scrip can claim and do insist that tho
bonds which make the bnss Of their
scrip, and the discharge of which this
scrip effects, were issued:
l. When the credit OF the Stnte hud
not been aff' :ted by tho financial en-
barrassments of after years, and when
the assumption of stich Increased respon-
sibility might be deemed imprudent,
but could not, in the widest use of Ian
guage, be called either criminal or fraudu.
lent.
2. When the charges of corruption
and "ring manipulation" made, whsther
truly or falsely, against the Legislature
of the State, had not arisen.
3. When the parties concerned in the
passage of the ACT, and benefited by
| ira nr0yiaiona yuara eo1alv }ho Skofa nd