Beaufort Republican. [volume] (Beaufort, S.C.) 1871-1873, 1872-04-04
OFFICIAL.
Acts and Joint Resolutions passed by the
General Assembly OF South Carolina,
Regular Session, 1871 and 1872.

An Act to Relieve the State of South Caro-.
lima Of all Liability for ats Guarantee of the
Bonds of the Blue Ridge Railroad Com
pamy by prouiding for the Securing and
Destruction Of the same.
Whereas the State of South Carolina
has, by and in pursuance OF the provis-
ions of an act, approved the fifteenth day
of September, A. D. 1868, euttiled ''an
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 mill
lions Of dollars of bonds, issued by the
said Blue Ridge Railroad Company, COM
pretending the Blue Ridge Railrod Com
pany in South Carolina; the Blue Ridge
Railroad Company in Georgia; the Ten
nessee River Railroad Company in North
Sarollna; the Knoxville and Charleston
Railroad Company in Tennessee, and the
Pendleton Railroad 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
VIZ PhSSSh9 VI LnG uuduCSS vi
the State, and Of said companies, is such
as to make the further continuance of
said bonds Oh the market inexpedient and
unadvisable, and a serious injury and
prejudice to the credit of the State; and
whereas the existent of the said four mil
lions of dollars Of the bonds, so guaran-
teed, creates large liability upon Fthe
part OF The State, which the treasury may
be r. quired to meet at unforeseen. and in
opportune times; and.whereas the liability
OF the State, on account Of such guarantee, :.
should lie faithfully met and discharged;
thereof, in order to secure the recovery
aud 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
York and elsewhere, and to relieve the
State OF all liabilities whatsoever, by rea-
son of its endorsement and guarantee Of
said bonds
Section /. Be it enacted by the Senate
and House of Representatives of the State
of South Carolina, now met and sitting in
General Assembly, and by the authority
the same:
That the State Treasurer is hereby di.
Blue Ridge Railroad Company, in South
Carolina, to require the Financial Agent
of the State, in the city of New York, i'm
nedlately to deliver to the State Treasur-
er all bonds of the Blue Ridge Railroad
Company, endorsed and guaranteed by tine
State of South Carolina, which are now in
his posses sion, and held by him as colla-
teral security, for advances made by the
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 Treasurer is hereby re-
qulred to cancelsthe same, in the manner
hereinafter directed: and the said Blue
Ridge Railroad Company shall thereupon
be discharged from all liability to the State
en- account of such advances.
Sec. 2. That upon the surrender by
the said Company to the State Treasurer
of the balance of the said four m lions Of
dollars of bonds, issuedby the said Blue
Ridge Railroad Company, ard guaranteed
by the State, the State Treasurer is here
by authorized and required to deliver to
the Prt sident of the Blue Ridge Railroad
Company, in South Carolina. Treasury
certificates of Indebtedness (styled Reven-
ue Bond Scrip to the amount of one mil
lion eight hundred thousand dollars, the
said certificates to be executed in the man
ner hereinafter directed; and if the said
company shall not be able to deliver all of
said bonds at one time, the Treasurer is
authorized and required to deliver to the
said President such amount Of such treas
ury certificates as shall be proportional to
the amount of bonds delivered.
Sec. 3. That, to carry out the purpos
of this Act, the State Treasurer is hereby
authorized and required to have printed,
or engraved on steel. as soon as praetica-
BILE, Treasury certificates of Indebtedness,
to be known and designated as Revenue
Bond Scrip of the State ofSouth Carolina,
in such form, and Of such denomination
as NAV be determined on by the State
Treasurer, and the President Of the Blue
Ridge Railroad Company, in South Caro-
lima, to the 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 b,arer
thereof, and that the same will he r, CLived
10 payment Of taxes and all other dues to
the State, except spt cial 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
r, demptlon of said Revenue Bond Scrip,
aud the County Treasurers are hereby re-
auired to receive the same in payment Of
all taxes levied by the State, except in
payment Of Especial tax levied to pay inter-
est on the public debt; and the State
Treasurer and all other public officers are
hereby require to received 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
uf three mills on the dollar. in addition 10