The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1872-03-21
ACTS AND JOINT RESOLUTIONS
PASSED By THE
LEGISLATURE-SESSION 1871 AND lS72'

OLINA OF ALL LIABILITY FOR lis GUAKANIa
OF THE BONDS OF THE BLUE RIDGE RAIL
poAD COMPANY BY PROVIDING FOR THE Sc
....CIyR1NG AND DESTRUCTION OF THE SAME.
Whereas, the: State of;South Carolina, has, by
and in pursuance of the provision of all Act,
approved the fifteenth day of September, a. u;
1868 entitled "An Act to authorize additional
aid to the Blue Ridge Railroad Company, in
South Carolina" endorsed guaranty 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 Georgia;
the Tennessee River Railroad Company, i'll
North Carolina; the Knoxville and Charleston
Railroad Company, in Tennessee, and the PEN
dleton Railroad Company, in South Carolina
for the purpose of aiding the speedy completion
of the said railroad, which bonds are liable tor
the debts of the said railroad companies; and
whereas, the present condition of the finances
of the State, and of said companies, IS such rs
to make the further continuance OF said bonds
on the market inexpedent and unadSisaole,
and serious injury and prejudice to the credit
said four millions of dollars of bonds, so guar.
anteed. creates large liability upon the part OF
the State, which the Treasury may be required
to meet at unforeseen and inopportune times
and whereas, the liability of the State, on ac-
count of such guaranty, should be faithfully
met and discharged; therefore, in order to Sc
cure the recovery ard destruction OF the bonds
and coupons of the said company, issued under
and in pursuance of the provisions OF the afore-
said Act, now pledged in the city OF New iorS
and elsewhere, and to relieve the State OF all
liabilities whatsoever, by reason OF It's endorse-
ment and guarantee Of said bonds:
Section l. Be it enacted by the Senate and
House of Representatives of the State OF South
Carolina. now met and sitting in General AS
sembly, and by the authority of the same: llat
the State Treasurer is hereby directed, with the
consent, in writing, of the President OF the Blue
Ridge Railroad Company in South Carolina,
to require the Financial Agent of the State, i'll
the CITY of New York, Immediately to deliver
to the State Treasury all the bonds of the Blue
Ridre Railroad Company, endorsed and guar
anteed 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 RI,
nancial Board, to the Blue Ridge Railroad
Company; and upon the delivery of said bonds,
the Treasurer is hereby required to cancel the
same, in the manner hereinafter directed; ana
tie s;i Blue Ridge Railroad Co npany shall
It ,ereapon be discharged from all liability to the
State on account of such advances.
Sec 2. That upon the surrender by the sad
company to the State Treasury of the balance
of the said four millions of dollars of bonds, is
sued by the said Blue Ridge Railroad Compa-
nv. and guaranteed by the State, the State
Treasurer is hereby authorized and required to
deliver to the President of the Blue Ridge Rail
road 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 same manner hereinafter
directed: and if the said company shall not be
able to deliver all of said bonds Mt one time,
the Treasurer is authorized and required to de-
liver to the said President such amount of such
Treasury 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 engraved
on STEEL as soon as practicable, Treasury cert-
ficates eff Indebtedness, to be known and desig-
mated as Revenue Bond Scrip of the State OF
South Carolina, in such form, and OF such de-
nomination 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 Treasurer, and
shall express that the sum mentioned therein
is due by the State of South Carolina to the
bearer thereof, and that the same will be re-
ceiyed in payment of taxes and all 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 redemption
of said Revenue Bond Scrip, and the County
Treasurers are hereby required to receive the
same in payment of all taxes levied by the
STATE, except in payment Of special tax Levied
topay interest on the public debt, and the State
Treasurer and all other public officers are here
byreqnired to receive the same i'll payment OF
all dues to the State; and still further to pro-
vide for the redemption OF the said Revenue
Bond Scrip, an annual tax Of three mills on the
dollar, in addition to nil other taxes, on the as
sessed value of all taxable property in the State
is hereby levied, to be collected in the same
manner and at the same time rs may he pro-
yided 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 apply. to such purposes exciu-
sively the taxes hereby required to be levied.
Sec. 5. That if any such Revenue Bond Scrip
is received in the Treasury for payment of taxes,
the Treasurer be- and he is hereby, authorized
to pay out such Revenue Bond Scrip in satisfac-
ton Of any claims against the Treasury, except
for interest that may be due on the public debt.
Sec. 6. That upon the delivery to the State
Treaourer of the guaranteed bonds of the Blue
Ridge Railroad Company, or any part of them,
the Treasurer is hereby required to cause the
same to be cancelled and destroyed, in the
presence of the President of the Blue Ridge
Eailroad Company, in South Carolina. and in
the presence of o Joint Committee Of the Sem
ate and House of Representatives of this State,
to be for that purpose appointed.
Sec. 7. That whenever the whole number of
the said guaranteed bonds shall have been de-
};yered to the Treasurer and cancelled, as re-
ouired by the provisions Of this Act, the lien of