Year: 1871

permanent bar against the nego-
tiation Of the bonds upon their
merits. To have done so, the com
pany would have been forced to
adopt a species of sharp practice,
by selling the bonds at par, ard
compcnsating the purchaser by a
commission, for the difference be-
tween their market and par value,
which inevitably placed the COM
pauy at a disadvantage in any ne
gotiation they might attempt to
make with correct business men.
When these roads have been
consolidated, there will be one
great road running from the capt.
Ial of the State, completing the
western connection and promising
certainty Of revenue which can


hardly he exaggerated. t.rpres-
cnt. both CT these roads are OBJ
structed in their efforts. by the
fact that the one Is incomplete,
ard the other rot in condition to
transact its large and increasing
business with Vi 5or and dispatch.
Consolidated. they will 90 into
the credit market Of the world
with a completed road of more
than two hundred miles, and with
line of about one hundred and
forty additional miles to be con-
structcd, passing through a coun-
try unsurpassed in all that makes
material prosperity, and by a
friendly combination with the
South Carolina Railroad Company,
by which its moral support will


be secured, completing connection
between the Atlantic and great
West at cost contrasting most
favorabIy with other lines leading
from the interior to the seaboard,


thus fulfilling the hope and effort


of the State for more than one
third Of century. / would feel
myself criminally indifferent to
the interest Of both the Blue Ridge


Railroad and the people Of the
State, were 1 to fail in supporting
any measure that would complete
this great enterprise, and thus
leave the public without the ad-
vantage Of this important road,


and to entail upon them the GER


tainty of having to meet eventual
ly the interest and principal of at


least q portion of the bonds en-


dorsed for that purpose. What
ever the opinion Of individuals


may be as to the policy Of consoll-
dation, or the advantage TO be de-
rived from giving to the Blue


Ridge rod Il hundred and sixty
four miles of completed road, | am


satisfied that all practical business
men will conccde the fact, that
this acquisition will give more


strength and value to the bonds,


20 be used for the purpose OF rails
ing the necessary funds, than even
the endorsement of the State It,
SELF I would even were it posi-
| bic at this time, be willing to sec
the bonds endorsed by the State


cancelled and withdrawn from the


market, and have them replaced
ty a first mortgage bond on the


Blue Ridge and Grcenville road
! combined. CircumStanced as we


are, by the road being cucumber


ed by a first mortgage, securing


this endorsed bond by the State,


and vested rights in the bonds, it


would be almost impossible to
| make the exchange, hence it be-


comes our duty to adopt any and
every means to realize the great
| est sum of money possible for the


security we have and apply it
| strictly and honestly to the con-
| Struction Of the road. | am salts
fed that the four millions Of bonds


will place the road in such state


of forwardncsS, by a change OF


route and grade, as to require but


little, after they are exhausted, ct


additional outlay to open commu-
| nication to Knoxville, and what.
| everfurthcr m cans may be required


will be readily secured by u sec


ond mortgage on the whole road.


In conclusion, | would SAY that


if the present bill did not present


= certainty OF saving the State
! from becoming eventually liable
| upon it's endorsement Of the Blue
Ridge bonds by failure to apply
them in such q way as to make
the road itself a sufficient guaran-
| tee for their payment, | would


now withhold my official approval
| OF the bill.


ROBERT X. SCOTT,


Governor.