The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-07-03
The Btu. Ridge Railroad.

holders of the Blue Ridge Railroad, in
the action to which the city of Charles
ton has now been made party plaintiff:
STATE OF SOUTH CAROLINA, COUNTY OF
RICHLAND-CoURr OF COMMON PLEAS.
John NJ. Mackay vs. the Blue Ridge
Railroad Company-John j.. Patter-
son as President, Thomas J. Steers as
Vice-President. F. 8. Jacobs as Trea-
surer, Thomas Steers. FL. G.. Worth
ington. G. d. Melton. George Water
man, Hardy Solomon, J. w. Hsrri-
son, Andrew Simonds, W. J. Magrath,
John A. Wagener, George 8. Came
ron, Henry Gonrtlin, james M. Allen
aud Robert x. Scott, as Directors;
Niles G. Parker. Elwnrd i. Wesley
and the Carolina National Bank-Com-
plaint for relief, account aud iuiunc-
tion, Sc.
The said plaintiff. complaining on be-
half Of himself and all other stock hold
ers Of the said Blue Ridge RaiIrond
Company, who shall in due time come ia
and contribute to the support of this
action. alleges:
1. That the plaintiff is the owner of a
large number Of shares of the capital
stock of the Blue Ridge Railroad Com
pany, body corporate duly incorpo-
rated by the laws OF the said State, and
q defendant herein.
II. That the defendant. John J. Pat
terson, is the President, Thomas J.
Steers, the Vice. President; and the de-
fendant, F. S. Jacobs, the Treasurer of
the said company, and that the said John
j. Patterson. Thomas j. Steers. F. 8.
Jacobs, 81. G.. Worthington, @. D. Mel
ton, George Waterman, Hardy Solo
mon. j. w. Harrison, Andrew Simonds,
j. w. Magratb, john A. Wagener, Geo.
8. Cameron. Henry Gourdin, James Nj.
Allen and Robert f. Scott, are the Di-
rectors OF said company, of whom the
said John J. Patterson, Thomas J.
Steers. George Waterman, T. 8. Jacobs
and Hardy Solomon, compose the Exc
cutive Committee OF the said Board of
Directors.
III. That only small portion of the
road of snid company has been cou-
structed, to wit: about fifty miles, and
the company was, until assisted by the
State as hereinafter mentioned, wholly
insolvent, and is no still very much in
volved. having u large outstanding in
debtedness.
Nv. That said company being in an
insolvent condition as aforesaid, on the
10Th day Of September, A. d. 1868, the
General Assembly of said State passed
an Act entitled "An Aot to authorize ad-
ditional aid to the Blue Ridge Railroad
Company in South Carolina" and there
by provided that the State of South Ca
rolina should, and by it's officers duly
authorized, it did endorse the guarantee
OF said State upon 1000, 900 of the ne
gotiable bonds Of the said company,
pledgiDg the faith and the funds of the
said State to the payment Of the said
bonds; which said bonds, to the afore-
said amount Of $4.OO0.000, guaranteed
as aforesaid. were duly issued to said
railroad company.
Y. That the said bonds 30 issued and
guaranteed as aforesaid, if honestly and
ju aiciously managed and disposed Of
would have realized an amount of money
sufficient to have paid the debts of the
said company, and to have completed it's
road, but by reason of the incapacity,
dishonesty. peculatious and fraudulent
practices Of the officers of said company,
very large number of the said bonds
were diverted from the purpose for
which they were guaranteed and issued,
and were hypothecated for large sums of
money to bankers in the city of Now
York and others; that the proceeds OF
such bonds as were sold, and the money
derived from the pledge of others, as
aforesaid, were almost wholly misap-
piled. very small part thereof being
used to pay the debts of said company,
and to defray the expenses of the oon-
strnction Of its road.
vi. That in oider to secure the reco-
very and destruction of the said S4, 4,OOO,-
600 of bonds thus guaranteed by the
said State and misapplied as aforesaid,
the General Assembly of the State. after
wards, to wit: on the I'd day of March.
1872, passed an Act entitled "An Act to
relieve the State of South Carolina of all
liability for its guaranty Of the bonds of
the Blue Ridge Railroad Company, by
providing for the securing ana destruc-
ton of the same, whereby the State
Treasurer was authorized and required,
upon the surrender by the said company
to tho Treasury Of the said bonds, to
deliver to the President Of the said COM
pany, Treasury certificates of indebted
ness (styled revenue bond scrip) to the
amount of $l,8O0. 600; for the redemp.
ton of which said certificates the faith
and funds of the said State we're
pledged, and the same were also made
rao 10 Nv fl,o &c ~ 4