The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1878-07-03
The Savannah Valley Railroad.

Editors Press and Banner:
MAGNOLIA, June. IS, ISIS.
When We wrote an article on this subject q
few weeks ago, we had no idea that SO soon,
we Quiz be called upon. to Oppose another
scheme of the taxing advocates, although
the salne but with another light upon it.
We were surprised when 1t was old TO us,
that men. with as much intelligence as those
who are leaders in this matter could assume
as much brass. as they have done tn try and
induce the people 10 adopt this ficnisy plan,
il is.
That the principal Of tho bonds. will ncv"!
he collected, but only the interest for four
years. In answer TO the question, why
must we vote SO much when SO little Will az
they answer that they want to secure tlc
Charter.
Let them secure the Charter by private sub
scription If it is not to be paid, but they know
better than that. they know full well that II
this tax is voted Il will be beyond 4 doubt be
collected.
We will prove that the advocates Of this
plan lave no authority to say that these
bonds will not be collected, and when they
make any such promises they arc promising
something they cannot fulfill.
| Article 3, OF the Act chartcring this road
provides for the election OF its officers, in the
following manner.
THAT when the sum of two hundred thou
sand dollars, S200.O00,D shall have been sub
scribed to the capital stock OF the said com,
pany, the said corporators or a majority OF
them, shall within a reasonable time there
after appoint Il time and place for the meet
ling OF said stockholders OF which thirty days
notice shall be given In such newspapers ol
the state as they may. deem necessary a!
| which time and place said stakeholder shall
proceed to the organization OF said company
Ivy the election OF Il President and nm III
rcctorS.'
No such meeting has been held, the two
thousand dollars have not been subscribed
and of course there have been no such ofliccrs
elected. There is no one McSSrS; Editors Wht
has the right TO say what shall be donc win
| ttn hl,,I Al ~ ,,V FrIKs ttn tnvinr scheme
but these officers, nor can any one promise
| what will be done with them when the OIL
GERS are elected. The officers o: the roat
when elected will have sole control OF The
bonds and they can do whatsoever they
choose with them. They will need money to
carry on the work on the road and VIC arc
not over stepping the pounds OF reason. n
we say they will III all probability dispose
| of these bonds TO raise the required lundS
when one has passed from the hands OF th'
road they have no more control over 1t.
Article &, of the Act. gives the County TOM
m~issioncrS authority to subscribe to the cari'
tai stock OF such sum Ak a majority OF INT
voters may authorize said subscription to u
made in : per cent. in Coupon Bonds payable
in twenty years after the date thereof .ant
Article 10 provides for their collection In tn
following manner.
The proper officer Is required to assess an
nually upon the property OF such township
such per centum as may be necessary 10 pa!
said interest, Provided, that within ten year!
Oh the Time SillU DONuS Snull IulI uuc VIC mon
ey TO pay the same shall be raised by taxation
in the same manner, and paid out by thu
County Treasurer.
You will see by these quotations that the
Railroad Company has nothing to do Will
the issuing or paying Of these bonds. Tn
County Treasurer is required each year l
collect enough to meet each payment. o,
these bonds, 1t makes no difference who hold
them If the Railroad holds them 1t makes IL
difference.
The bonds cannot be issued in any way s
as to indicate that after the interest for fou
years has been paid they will be cancelled
they would conflict with the Charter of tn,
road and consequently would invalcdat
them.
The only way to rid ourselves Of this tn!
is to vote it down.. We have shown Yer.
plainly that if the tax IS once voted 1t will b
beyond q doubt collected every dime of !
even If all of the property in this townShi.
will have to he sacrificed.
All of our future prosperity is at stake, an
on the 2G of July this scheme will be dcfcate
by IN overwhelming majority:
MAGNOLIA.