The people's journal. (Pickens, S.C.) 1891-1903, 1895-11-14

L. ~. I1uTllS, u. w. Earle,
j. L. Carey, j. M. Stewart,
w. II. Price, NJ. w Newton,
j. M. Nealey, q. Nj. Lynch,
M. j. Wclborn, j. A. Griffin,
J. d. Holder, II. A. Richey,
d. A. Allgood, J. Med. Bruce
and any others who may take any in
terest in the enterprise:
GENTLEMEN: I have tho money in
bank for the completion and equip
mont of the road from Easioy to
Pickens, not as president, but as IN
individual. I an personally respons
iblc for the repayment of $4,000, if
so much much be necessary to com
plcte the road From certain things
l heard last Thursday there is some
doubt about tho delivery of the town
ship bonds which amount to $4,000.
If [ should not get these bonds upon
the completion of the road, the Pick
ems SENTINEL would have to bo sold
to pay my debts, and still my trust.
full friend would suffer some loss.
Mono of you would advise me to take
any chances Oh that score.
l mako this proposition: Execute
to me q bond in the sum cf $1,000
that tho township bonds will DO deliv-
cred to me as president of the road
within thirty days or twelve months
from the completion of the road. IF
you will do that, will give bond to
any ono of your number designated,
in the sum Of $4,000, that tie road
shaU be completed or'd open tor t'of
fc az si@ty 0uys from the delivery OF
yoer bond to me; and my bond may
also contain further stipulation that
not ono Pine tic shall be used in the
construction Of the road except those
already spiked down upon the bridg
, es. You all can better afford to risk
! 81 900 or $500 each than | can afford
, to risk $4,000. This is precisely the
status of affairs; and you will nllagrcc
, that Pickens can get on better with
| out the road than L could without
+ my little change. IL tho bonds arc
| delivered according to contract, you
arc not out Il cent. II you should
have to pay your bond, then you will
. Eavo the township bonds to roim
e burso YOU
!. If this proposition is not accepted
i [ shall conclude that [ would have
It mado tho financial mistake of III,
!. life to havo gono Oh without assur
# ancc.
q The law is rs follows:
I AN ACT to Provide for the Issuing ant
" Payment of Town Bonds in Aid Of tho
Pickens Railroad.
J. WHEREAS, q ma jority of the owners OF
real estate In the town of Pickcns, in the
. County Of Pickcns, did petition the corpor.
ate authorities of said town to submit to
70 the voters thereof the question Of Subscrip.
t tion to the Pickcns Railroad Company in
n bonds bearing interest at the rate Of seven
per cent. PR nnnnn,, but not To be dcliv
cred to the said company till said railroad
5 is completed and equipped; AND WHEREAS,
q under and by virtue Of an order of the
= Town Council of the snid town of Pickcns,
r, an election was held on the l2th day of
May, 1899, whereby the said town of Pick
0 ems by its vote expressed its willingness To
= subject itself to taxation for the purpose OF
n paying bonds to be issued by 1t in aid Of
said railroad in the sum of one thousand
= dollars $4,000. Now. therefore,, for the
purpose Of carrying INTO effect the express
: ed will Of the people OF snid town.
y Section |. BE IT ENACrRD by the Senate
:, and House of Representatives of the State
u of South Carolina, now met and sitting in
t General Assembly, aud by the authority of
= the same, That the Town Council Of the
town of Pckcns is hereby authorized to
subscribe to tho capital stoc!; nf said COM
pany the sum of one thousand dollars,
which subscription shall be in seven per
+ cent. coupon bonds, the interest payable
annually, said bonds to be made payable
ten years after Tho date thereof, and to be
of the denomination Of one hundred ($l0O)
dollars, which shall be received by said
company at par
Sec. 3. That said bonds shall not be is
sued and delivered to the said railroad com.
pany until the railroad is completed and
equipped, at which time the said bonds
| shall De delivered 10 the treasurer Of said
railroad company
Sec. 3. That the said town bonds when
issued as aforesaid by the said Town Coun-
Gil for said town in aid of the said railroad
are hereby declared to be debts of snd
town in the amount of one thousand dollars
($1 ,000).
Sec. 4. That for the payment of the in
tcrest on the said bonds subscribed by the
town of Pickcns, the Town Council Of said
| town are hereby authorized and required to
assess annually upon the property of said
| town such per Centum as may be necessary
to pay said interest Oh said bonds, which
| snail be known as the railroad tax, at the |
snmc time and manner as other municipal
taxes arc collected, and shall be applied to |
the payment Of said Interest PROVIDED,
That within three years OF the time said
bonds shall fall due the money to pay the
same shall be raised by taxation in the same
manner and paid out by said Town Coun-
Gil as provided above for the payment of
the annual interest