Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1874-07-16

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! w. If. d. j. p. -Arrivcd-Where-W
Itain-Everything- Goods-"e
Buy-Lcather
! NJ. Strauss & Son--Down with the Prices-!f you
Want-Closing Out-ShOes--Now IS the
S. NJ. Scott-Executnr's Sale.
r. w. Clawson, Deputy Messenger-In Bank
ruptcy-First Meeting Of Creitors-ln the
Matter Of Charles r. Long.
! A. A. MISUNDERSTANDING Mills.
John B. Good, Application for
Il. w. Clawson, Deputy Messenger-Iu Bank
ruptcy-ApplicatiOn for Discharge-ln the
Matter of Samuel Anderson, S. P. Sutton,
Jeremiah Moss.
R. H. Glenn, S. Y. C.-Judge of Probate's Sale.
BANK AT ROCK HILL.
An application for the establishment OF a
National Bank at Rock Hill has been for
warded to the Comptroller of the Currency at
Washington. The capital stock is to be one
hundred thousand dollars, and it is expected
that the bank will 60 into operation at an
early day. We are gratifed at this evidence
of progress on the part Of our neighbors, and
hope that the enterprise may be abundantly
successful and profitable to the public spirited
citizens who have inaugurated the movement.
THE YORK COUNTY BONDS.
Last week, several thousand dollars of the
bonds of York county, issued in aid Of the
Chester and Lenoir Railroad Company, were
sold to citizens of Yorkville at the rate Of 80
cents on the dollar, and the proceeds of the
sales forwarded to the treasurer of the compa-
ny. True, this is but small beginning; but
it is an indication that there are persons who
regard the bonds as safe and profitable in
vestment, and that they are willing to back
their judgment with their money.
We have alluded to this subject heretofore,
and deem it not improper to again call the
attention of those seeking safe and pro6ta-
BILE investment of funds to the opportunity
here presented As to the safety Of the in
vestment, there is but little room to doubt.
1t will be remembered that the bonds were
issued by the county commissioners, under
authority granted by the charter of the rail-
road company and the general powers con-
ferred upon them by the constitution and the
statute laws of the State. The validity Of the
subscription and the proposition to issue the
bonds became subject Of legal controversy,
the action of the commissioners having been
challenged in the circuit court by a number
of the taxpayers of the county; and upon
the hearing of the case, which, on behalf OF
the plaintiffs to the suit, was conducted by
the ablest and most learned counsel in the
upper portion of the State, the court fully sus'
tained the commissioners, declaring the SUBJ
scription to be legal, valid and binding.
Very properly, in our judgment, in all the
circumstances, the contesting taxpayers ap-
pealed to the supreme court, the tribunal Of
last resort, and that court rendered a decision
sustaining the decree of the circuit court. In
view of these facts. there can exist no reason
able doubt as to the legality Of the subscrip-
ton, and the liability Of the county to pay
the bonds.
In addition to the decisions of the courts
sustaining the action of the county commits
sioners, it may also be we'll enough to remark,
as additional proof of the correctness of the
point assumed and maintained, that the last
session of the legislature, recognizing the right
of the commissioners of a county to make
such subscriptions and to issue bonds in fur
therance Of the object for which the subscrip-
ton should bemade, with view of revoking
the powers thus vested in commissioners by
the constitution of the State, passed an act
proposing to amend the constitution in this
particular, which amendment is to be voted
upon at the next general election. But the
legality of the subscription, and the validity
of the bonds under the subscription, are settled
facts, and can no longer be controverted. All
legal doubts being removed, the only remain
ing question for our people-those seeking in
vestment for their funds-is, whether or not
the bonds are safe in pecuniary view. Un'
hesitatingly, we answer in the affirmative.
The ability of the county to pay the interest
as it accrues cannot be doubted. The assess
ed value of the taxable property of the county
is not less than FIVE millions of dollars, and
the county is entirely free from all other liza
bilities except the taxation imposed for ordl-
nary State and county purposes. We have
no floating debt; and should the proposed
amendment to the constitution, above alluded
to, be carried at the election, as We doubt not
it will be, there is no probability that the
present indebtedness Of the county will be in
creased, except by majority Of the voters.
Elaborate argument is deemed unnecessary to
prove the value of the bonds and the ability
of the county to pay them. But we would
convince the people Of York county that it
will certainly prove to their pecuniary inter-
est to purchase the bonds and keep at home
the interest that will be annually paid upon
them. If the bonds should be sold to pur'
chasers outside the county or to spectators in
distant money centres-which will surely be
the case if they are not taken at home-our
county will be drained of the interest on the
bonds, which otherwise could be retained at
home, and used to assist in our material pro-
gress and for the enrichment of our own peo-
pie.
The fact that the bonds run for twenty
years before the principal will become due, is
no objection, as some persons might be in
clined to urge. The interest, at seven per
cent, is payable annually; and should the
holder of a bond wish to realize upon it at any
time before maturity, it can be used in busi-
ness transactions, the same as United States
bonds, or any other class of commercial pa
per. 1t is simply, to all intents and purposes,
an interest-bearing note, worth at maturity
ona hnndrad dnllars besides the interest