The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-02-05

o0eA
| rapidly as Is consistent with thorough con-
| struclon. The road is to be built upoa the
| narrow gauge system, and under the super
vision of General G. B. Stuart, the chief en-
gineer of the road, who, by the way, ID e1-
pected to arrive In Charleston In The course OF
a few days for the purpose OF interesting the
Charleston Chamber OF Commerce In the en-
| terorise. which proposes for the present to
| make Charleston the Southern terml-
nal point of the road. The char
ter in this State Ia now nearly
obtained, the bill having passed the Senate
without opposition. and having been favor
ably reported upon by the railroad committee
in the House, where 1t now awaits Its turn On
the calendar. This bill is simply an amend
| ment to the charter of The Charleston, George
town and Conwayboro Railroad Company,
which was granted last year, the provisions
of the amendment being that the company
shall be authorized to consolidate with and
| merge it's name into that OF the Atlantic ana
Pacific Seaboard Railroad Company and con-
siruct tie road from The North Carolina to the
Georgia State line, instead of from the North
Carolina Slate line to Charleston, as proposed
In the original charter. This charter contains
no extraordinary franchises, no exemption
from taxation, and not even the very frequent
proylson to authorize cities and counties
through which the road may pass to
aid In its construction, and there is,
therefore, no objection that can be urged
against It's passage. Another bill was intro
duced to-day, however, by Senator Dunn, OF
Horny, which does propose to authorize coun-
ty and municipal aid TO the enterprise under
certain restrictions aud conditions, which ap-
pear to be extremely reasonable and adVan-
tageous 10 the counties. The usual PROPOSE
ton made by railroad corpora cns seeking
such aid is That the counties shall Issue their
own bonds, turn them over to the company ID
exchange lors common stock, provide for the
iaterest By direct taxation, and trust TO the
good faith and good fortune of the company
for their ultimate redemption without another
resort to taxation. The proposition made by
the Seaboard Railroad Company is very diff
ferent, the plan being, 10 brief, that each
county shall, upon favorable vote by ma
iorlty of the voters, issue its thirty year six
per cent. bonds, and deposit them In
bank not TO be touched or to begin to draw
Interest until the construction of the road
has actually been commenced in that county;
that during construction the company is to
pay all the interest on the bonds, and that
when the road shall be completed and In
operation through it's whole length in that
county, the company is to issue to tho county,
in return for its bonds, preferred stock, bear
ing interest at one per cent. per annum more
than the interest on the bonds, which one
per cent, compounded semi-annually, Will
provide sinking fund which will, in twenty
eight years, pay of the principal of the
bonds.
This bill is entitled "a bill TO authorize GER
tain counties to Issue bonds and loan the same
to aid the Atlantic and Pacific Seaboard Rail-
road Company" and the following Ia careful
synopsis of the first portion OF the bill with
the full text of it's more important provisions:
The first two sections Of the bill provide
that The counties through which the company
ia to build and operate lLs railroad are author
lied 10 call special elections within ninety
days alter request In writing from the ooard
of directors, and after thirty days pubic no
tice thereof, 10 ascertain whether the majority
of The voters desire to extend such aid TO the
company, and prescribe the manner OF hold
ing and declaring the result OF the elecllon.
If the electors vote In favor OF aiding tne
road, the bonds OF the county are 10 De Issued,
secured and put upon the market as foiioWs !:
The county commissioners shall Immediately
cause bonds 10 be printed, the same not 10
.~.,od tb, onr, of un thOu9dnd dollars lot
every mile The road Is TO be constructed In the
county, and payable In thirty years; and,
upon the county commissioners receiving tne
same, they shall sign, and the clerk oil the
board snail countersign and seal the same WIN
the seal of the board Of county ommissionere.
The bonds shall then be numbered anu ieSs'
terea in The Office of .he clerk OF Inc county,
and the county commissioners snail tnen
cause the bonds 10 be deposited Win some
banking or trust company.
Whenever the said company shall actually
commence the construction OF said railroad
within the limits and confines OF any county
yotipg aid as provided for In Section z, ana
shall deposit with the treasurer OF sucn coun- na
w bond duly executed with good ana sulil-
clent suretlee, and approved by the county
commissioners, In sum sufficient 10 guaran'
fee the payment OF interest on said BONDS
during the tire the said railroad shall be
under construction, the county commissioners
shall transfer the bonds to Inc Atlantlc anu
Pacific Seaboard Railroad Company, and pup.
lish such transfer In the official paper OF tne
county, and the bonds shall commence 10
draw interest from the date OF such othclal
announcement. Upon the completion OF said
railroad, the county commissioners snail rS-
ceiye from the Atlantic and Pacific Seaboard
Railroad Company an amount of preferred
stock OF the said company equal to the amount
of county bonds Issued In AID OF said company,
the preferred stock to bear interest at one per
cent. per annum more than the county bonds.
The bonds of the county shall bear Interest at
the rate OF six per cent. per amman.
The county commissioners shall invest lne
additional one per cent. received from the
preferred stock In securities or IN any sale
manner whereby the same shall draw Interest
semi annually, and shall continue to invest
the one per cent. as received, together with
the Interest on the same, until o sum shall
have accumulated sufficient TO pay and cancel
the bonds OF the county issued In aid of said
company, when the bonds shall be paid and
cancelled. All moneys received as interest
on said bonds and preferred stock shall be
held by the county treasurer and paid out on
the order of the county commissioners.
The friends OF the road also state that they
do not need nor desire the aid of the cities
and counties to enable them to build the road,
as they claim to have ample capital for that
nnrnose. but that they propose to use the