The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1882-05-25
THE REVENUE BOND SCRIP.
A Sweeping Decree Sustaining the Who'll,
Issue.


was filed in the United States Circui
Court on Wednesday
The United States of America. Sor.h Car,
lima District-John y. Southern and oth
eTs, assignees of the Blue Ridge Railroa,
Company, VS.. Johnson Uay0od. Conn
troller-General, ct al. Amos d. William
VS.. the same.
These causes came OH TO be heard be
fore the Hon. Hugh L. Bond, Circuj
Judge in and for the Fourth Circuit. ant
the Hon. George S. Bryan, Distric
Judge in and for the District of Scuti
Carolina, both holding a Circuit Cour
in the City of Charleston, in said circui
and district, and having been fully heart
on the pieadings and proofs, brief O
which was duly filed with the CLERK O
this Court at the time of said hearing
and after hearing Dennis McNfahon
Esq, James II. Rion, Esq, and Thoma,
3. Cavender, Esq, of counsel for th,
complaint, aud Edward b. Wesley, ESQ,
OF New York, having appeared in oper
court and consented to become n part,
complaint with said Amos d. Williams
aud having produced and exhibited tf
the Court the revenue bond scrip referred
to in the pleadings in this action. to wit
81 ,005, 900, and the complaint, Amos d
Williams, having produced the revenue
bond scrip in his possession to wit, SI65
900, ready then and there to be deaf
with as this Court should direct 4: anf
after hearing the Hon. Leroy +. You
mans, attorney general of the State o.
South Carolina, and G. G. Memminger
Esq, associate counsel with the attornev
general in opposition, and duo delibera
uon being made in the premises, the said
court doth find the following facts and
conclusions of law, to wit:
AS matter of fact:
l. That the Legislature of the State O,
south Carolina, on the I'd day of March
1917, passed in due form au a ct in which
among other things, after rcciting thai
the state OF South Carolina had before
Inat Tune endorsed their guaranty oil
$4,00O, 600 of bonds of the Blue Ridge
railroad Company, that most of said
oonds were under pledge in Wall street
IN the City of New York, and that aaid
state might be called upon mt inoppor.
tune times to pay the same, the said Leg.
isiature did provide that the State treas.
urer of South Carolina should dcvise the
form OF certificate to be Issued, to be
styled Revenue Bond Scrip, which scriu
would entitle the holder 10 have the SAM.
received in payment of taxes levied by
the State except the special tax levied
to pay the interest on the public debt
The said act did further provide TIM,
the Sta % treasurer should Issue of said
scrip not mcre than $l,SOO,OOO in all
and the said scrip should only be issued
In proportion to the amount of bonds OF
said issue redeemed and returned to the
said State treasurer for cancellation.
ii. That under and pursuant to said
Act the said State treasurer did devise the
form of and did issue said scrip, and in
company with the president of the Blue
Ridge Railroad Company, in the latter
part OF March, 1872, came to the CITY OF
New York and saw Edward b Wesley
Esq, n banker in Wall street, and Amos
d. Williams, Esq, the complainant
herein, member Of the Stock Exchange
the latter of whom had before that time
purchased in open market in Wall stree,
tour hundred and seventeen thousand
dollars of said bonds guaranteed by the
State, the former of whom owned none
of said bonds.
Ill. That relying upon the faith of the
provisions of said Act Of I'd March. 1872
and on the representation of the treasur.
er OF South Carolina and of the presi.
dent OF the Blue Ridge Railroad Campa.
ny, the complaint, Amos d. Williams
was induced to surrender four hundred
and seventeen thousand OF said bonds OF
the Blue Ridge Railroad Company and
to take in payment therefor one hun.
dred and s!xty-fve thousand dollars OF
said Revenue bond scrip; and said Ed.
ward B. Wesley was also induced by
said representation of said State treas.
urer and of said president of thu Blue
Ridge Railroad Company to advance in
cash, in the City of New York. three
hundred and forty-four thousand nine
hundred and twenty-five dollars in the
latter part of March, 1872, and he re-.
ceived as security for such advances
revenue bond scrip to the amount of 81 ;.
O05,OOO. That with the money thus adj.
vanced the president of The Blue Ridge
Railroad Company was enabled to redeem
$4,000, 600 of bonds of the Blue Ridge
Railroad Company then lying under
pledge in Wall street, in the City OF
New York, having the guaranty of the
state OF South Carolina thereon and
this redemption enabled the said p.esi.
dent OF the Blue Ridge Railroad Compa.
TO carry out to that extent The provisions
of the Act OF March I'd, 1872: and
thereby the complainant, Amos d. Will.
Jams, was constituted bona fde holder
OF one hundred and sixty.fiye thousand
dollars of said revenue bond scrip. sub.
!ect TO the lien of said Edward B. Yves.
ley, for the sum of three hundred and
forty-four thousand and nine hundred
end twenty-five dollars, with interest
thereon from March, 1872, upon the
payment Of which sum and the discharge
OF which lien the equity OF saiI revenue
bond scrip is in the assignees in bank.
ruptcy of said Blue Ridge Railroad
Company.
~. That on the faith of said revenue
bond scrip, in addition to the surrender
and cancellation Of the aforesaid amount
of bonds, the Blue Ridge Railroad Com.
pany promised to be surrendered to the
aforesaid State treasurer the remainder
of tho aforesaid $4,000,O0O of bonds,
with the exception Of about $4,000.
w.. That the Legislature of South
CAROLINA, on the 22d day of October,
1879, passed an act wherein and whereby
they repealed the fourth section of the
Act of March, 1872, and wherein and
whereby they expressly forbade the
ccomptroller.general of the State OF
South Carolina to levy the tax for the
redemption of said bond scrip.
VI. That on the 22d day OF December
1873, the Legislature Of said State OF
South Carolina passed an Act wherein
they forbade any State or county officer
to accept payment of taxes in said reye-
nue. bond scrip.
VII. That since the passage of said
two Ac;s, the State officers oe South
Carolina have totally reused to levy the
tax provided to be levied under and by