Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1885-05-28

there were only q few unarmed ushers IN
proximity to the President, and II some
crank had felt disposed he could have struck
at the President unmoested. For the in
formation of these men it may be stated
that the apparently unarmed ushers are in
reality staiwart policemen detailed for duty
at the White House, and besides having
black-jacks in their coat pockets each man
carries self cooking revolver of the largest
calibre in his hip pocket. Especial pains
have been taken in the selection OF these ofh-
GERS that they shall be Wiry, plucky fellows
men who would not lose their heads in case
of an emergency.
Correspondence of the Yorkville Enquirer
LETTER FROM CHESTER.
CHESTER, May 25.-Dr. Mayo delivered
a very entertaining lecture in the Court
House on Tuesday night. The attendance
was good, but preaching in one of our
churches lessened the audience to some ex-
tent. The distinguished lecturer in por-
traying the advantages of education min
gled wit with wisdom in a very interesting
and pleasing manner. His hearers greatly
enjoyed his amusing stories. Their de-
light with the lecture prevented Weari-
ness, Notwithstanding dts length. DIR. Mayo
has been instruinentalfn increasing in the
South public interest in education. He is
deeply in earnest in advocating the cause
of education, and his earnestness inspires
the hearts of others with a stronger love
for this good cause. The people of our
State and the entire South owe him debt
of gratitude they can never pay. A change
of the evening appointed for his lecture oc-
casiOned the absence of a number OF cOun-
try teachers. If circumstances had per-
mitted, every teacher in our county should
have heard DIR. Mayo's lecture. They
would have been animated with new zeal
in the prosecution of this self-sacriticing
work.
The dry weather, which was injuriing
crops and gardens, came to an end last
week. Every section of our county has
been visited with more or less rain. In
some places it was light, but generally it
was quite abundant. Wheat and oats,
notwithstanding the injury they had suf-
fered from the dry weather, have been
generally benefited, and will doubtless
make better yield than was expected a
short time ago. While the small grain
crops have been greatly injured, still the
yield of these crops will probably be suf
icient to enable farmers to tide over the
hard time intervening between harvesta and
Cne SdCHeIiuS VI GULL. Collou aHo Colh ok
immeasurably benefited by the late rain.
These crops are growing rapidly. One of
our farmers on the western side had corn
several days ago half leg high.
In my last correspondence spoke OF the
dog slaughter at this place. The destruc-
tion of the dogs was renewed last week and
extended to the hogs. A number of these
animals fell victims to the poison of un-
known parties. An effort is making, with
some prospect of success, of discovering the
parties.
Some parties in the country are agitating
the advisably of this county instituting suit
against the Cheraw and Chester Railroad
CO. for reimbursement to the county of in
terest paid on its bonds from 1875 to 1880.
The facts arise in this way: In 1874 an Act
of the Legislature was passed authorizing
this county to- issue six per cent. bonds in
subscription for preferred stock of the g. d
G.. r. r. Co. The bonds were issued in the
early part of the year 1875 to the extent Of
$75, 900. BY the terms of the Act the pre-
ferred stock was to be issued by the q. d Z.
Company when the road was completed
through the county. That event occurred
in June, 1880, and the preferred stock was
issued at that date-1500 shares at $50 each.
The said act provided also that prior to the
issuance of said county bonds the Railroad
Company should execute and deliver to the
County Treasurer of the county bond in
sufficient sum to secure the payment OF
interest on the said county bonds until
the said railroad shall be completed in the
county. In other words, this bond of the
railroad company was to guarantee q reim-
bursement to the county Of the moneys
paid by the county in meeting the interest
on its bonds from their issuance in 1875 un.
til the time of the completion of the road
through the county, when the county should
be entitled to receive its preferred stock in
$780, The Act provides that the preferred
stock shall bear per cent. interest, and that
the additional one per cent. contemplating,
evidently, that six of the seven per cent.
on stock shall be applied to the payment
of interest on the bonds) shall be so invest
ted as in time to create fund for the re-
tirement of the principal of the bonds. In
Thompson vs.. Railroad, our Supreme Court
decides that the preferred stock shall be en-
titled to receive per cent. in their stock
before any dividend shall be paid on COM
mon stock. So that the per cent. interest
on the preferred stock cannot be demanded
as interest on debt, but only received as
ed by the corporate authority. 1t is mani
fest, therefore, that the Legislators and the
Courts entertain different ideas as to the
meaning of preferred stock as used in the
act of 1874. Of course the construction of
the Courts is controlling. Whether, there
fore, the county shall ever receive any in
interest on it's preferred stock, depends up
on the earning of the road. In the mean
time the county is paying $4,000 a year in
terest on its per cent. bonds. The bonds
run thirty years and will mature in 1905.
But to recur to the cause Of action against
the railroad 1t is the bond executed by
the railroad to the county in 1875, to reim
burse the county for interest paid on the
county's bonds from 1875 to 1880. That in
terest was 81, 500 year, and for five years
would amount to some S22, 900. 1t is claim
ed that this is a subsisting and valid debt
due by the railroad to the county. 1t may
be of interest to state that the above stated
bond of the railroad is lost. The Act made
the County Treasurer its custodian, and at
the time of it's execution, in 1875, Yocum
was the County Treasurer. In September,
1881, the stockholders of the CheraW and
Chester Railroad, excluding the holders of
the preferred stock, leased that road to the
G. G. & A. Railroad for period of ninety
nine years. BY the terms of that lease the
county of Chester receives an annual div
dend of one and one half per cent. on its
preferred stock, or SIPS per annum. The
lease contains clause which provides, that
in case the county of Chester calls upon the
c. c. & r. R. to pay the above stated bond
of the c.. & c.. Railroad Company, or if the
property of the G.. & G.. Railroad shall ever
be subjected to the payment of that bond,
then the c. G.. & a. Railroad shall have one
of two privileges; first, to throw up and
cancel the lease, or second, to pay the bond
and be thereafter free from the payment of
any dividends, or any stock until they have