The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-03-04
which IL was understood was intended to
reconcile all the warning interests, and secure
the psssape of thebill:

Company shall not be entitled to have any o
| the rights, privileges and franchises conferred
upon them by this act until they shall have
| given bond, In the penal sum of one hundred
| thousand dollars, with not less than three
| good and sufficient sureties, to be appreVe9
| 6y the Governor, payable to the State Of Sontf
| Carolina, and conditioned for the erectloI
| and completion, within five years from tne
massage of this act, of cotton mill OF not les'
| than fifteen thousand spindles, on the Dank O
the Congaree River, IN the City OF Columbia,
at some point below Gelger's Mill: Provided
| That the Columbia Water Power Company
shall forfeit to the State. In addition 10 lhte
penalty in said bond, all rights, privileges and
| franchises at any time granted them by this
State. should they fail In the performance
| the conditions of said bond.
With the exception of the above deDatf
the only business of any importance IN tne
Senate to-day was the introduction by NIT
SWais of a bill to incorporate the Charleston
Loan and Exchange Company, and by MT
Maxwell of bill to charter the South Carroll
ma Real Estate and Joint Stock Company.
In the lower house the first business trans
acted was the adoption of the following reso.
luton, which was offered by JerVey, and
adopted without debate:
Whereas, 1t Is credtably reported and be-
lieyed that In the recent trial of the case Of
William F. Redding and wife, against the
South Carolina Railroad Company, In the Court
of Common Pleas at Charleston, before Hon
R. F. Graham, that the bearing, instructions
and rulings to the jury, and toward the coun'
sell for the plaintiffs engaged In said trial, were
such as to raise the strong apprehenslons tna'
some person or persons at the said trial prac'
tlced corruption and bad faith against the
plaintiffs, the said rulings and Instructions
having been vlolative of the law and practice
obtaining In this State; and, whereas, there is,
In consequence of the said alleged corruption
and bad faith of the said person or persons
widespread suspicion that justice has been de.
MED to the said plaintiffs In the said case; and,
whereas, It has therefore become the duty OF
ter in the case aforesaid, to the end that rlgnt
and Justice may be done; therefore,
Resolued, That the judiciary committee be
instructed to inquire Into the whele matter
aforesaid, with authority to send for persons
and papers, and that said committee report 10
the House the result oil their inVestlgauon'oy
resolution or otherwise, as saon as practical
BILE. :,
and occupied the attention of the House for
the rest or the day. It was taken from the
table on motion OF Mr.. Maddocke, and all the
amendments reported by the ways and means
committee were adopted, including the re-
Auction of the fees on phosphate companies TO
the uniform sum of FIVE hundred dollars.
which the most important In the following:
"And every perovu holding any office what
soeyer, either elected or appointed, all officers
of corporations and societies shall be required
to paw into the treasury Of the county In which
such person resides, for the use Of the State,
on or before the first day of April, A. D. 1872,
the sum OF one dollar for. every one hundred
dollars salary receivable or TO De received
from such office"
The bill was finally ordered to third read
Ing, and the moment this was accomplished
the announcement was made Of "A message
from his Excellency the Governor" This
proved to .be the long expected veto OF the
Blue Ridge swindle, which was read as fol-
lows: a..
II respectfully return herewith, without my
approval, an act to relieve the State of South
Carolina OF all liability for It's guarantee OF the
bonds OF the Blue Ridge Railroad Company,
by providing for the securing and destruction
of tine same. 1t is well known TO the General
Assembly that I have, at all times, been
ready to give my approval 10 any measure
looking TO the completion OF this great enter
prise, of 30 much value to The interests Of the
entire State, and still feel the deepest solicit
tude for its success. 1t was believed at the
time when the authority was given BY the
Legislature to endorse four millions OF It's
bonds that the company could command a
sufficient sum of money by their sale, IN ad-
ditiOn to other means at their disposal, 10
complete the road, but the depreciation OF
State securities, resulting partly IRON tnls en-
dorsement, has rendered the bonds almost
valueless to the company. Although have
never regarded the endorsement OF the
State on bonds as fixing legal obllga.
ton on the State to meet the accrlhng
interest, yet 1t has been persistently claimed
BY the opponents of the present adminislra'
tion that this four millions Of bonds was
InHf ~f fhn fofn onH
a merely contingent liability, while the facts
are that the State could only be held respon-
sible for the remainder after the assets OF the
road had been exhausted, and 1t Is fair to pre-
sumo before The twenty years had expired the
work would have been completed, AMI these
bonds would have been first mortgage upon
the entire property, and hence good secu'
rIty, Independent Of the State endorsement
The present embarrassed condition OF the
finances of the State does not appear to me to
warrant US In mourning 30 large on obligation
to be paid in 80 ahort period of time as that
named in the act even II under any clrcum-
stances 1t was justihable.
81 might, however, very reasonably doubt
the correctness of my own judgment In this
respect when reflect that the..measure passed
both houses by more than three-fonrlhs
vote, thereby showing that the Geneial as
sembly differ very widely from me on tnls SUD-
ject. Also from the fact that although this
bill has been on the calendar for more than
month, the entire press OF the State has been
silent on its merits, leading me TO infer tnat IL
meets the approval Of all parties Interested IN
the financial welfare of the State; therefore
might not feel 1t my duty to do more than ex-
press my disapproval OF the measure, on
grounds of public expedience:
"But there are reasons In my Judgment deeper
and more substantial Than those OF eXpediency.
There are grave doubts as to the constitution
ality of the act, beth Federal and State. The
Constitution of the United States clearly pro-
hlbits State from issuing bills of credit,
while the State constitution provides that q
debt can only be created by an issue OF bonds
running twenty years. But whether these
objections are valid or not, there is still
another objection, which, In my Judgment. IS
paramount to any other reason that can be
urged against the act becoming law.
6During the past four years the Legislature
has appropriated money for legislative and
other expenses, amounting In the aggregate
to about 81, 100000, without leVying q single
mill of taxes to raise the money. These
several appropriations for legislative ex-
penses authorize the treasurer to pay them
out of any moneys not otherwise appropriated,
when It must have been clear to the mind OF
every member of the General Assembly that
there was not dollar collected from the levy
Of taxes which had not been appropriated IN
the general appropriation bill to meet the
current expenses Of each fiscal year. AND
even on the collection of the general tax levy
there has been a deficit of from twenty-five
to thirty per cent. per annum from delinquent
taxes. This deficit have previously stated to
the General Assembly was about 81 200 900,