The republic. [volume] (Washington [D.C.]) 1849-1853, 1852-11-16

tain road-sboat 20 miles-$l 10000. Re.
lance is placed upon county subscriptions to
large amount in each case and the Western
Journal argues that Missouri may benefcially
grant the State credit for liberal amounts.
Speaking of what has been done, and what
may be done, in this direction, the Journal
says: ..-.-.--.. ---
"The credit that has been loaned to the Pacific
railroad ia only available to that company when a
liberal subscription has been made, and az they
spcnd on their work certain amount Of money
TO be furnished by the stockholders. After the ex-
pcnditure Of each fifty thousand dollars Of private
.apital, the State bonds are Issued TO an equal
amount, the State taking first mortgage on the
whole road The Pacific Railroad Company is
bound to pay the interest on these bonds, and in
case Of failure so TO do, the State mny foreclose
the mortgage on q work that must, from the law
of the case, have cost at lcast double the amount
Of the State credit loaned to it, The State must be
safe il the road 10 at s called for by the wants
of the people, or has any tendency to develop the
wealth of the country. This IL equally true of the
other roads; but some of them may not start into
present existence without the assurance Of a lean
OF the State credit By it persons interested may
see possibility Of accomplishing the work de-
means, and show the worth Of the road by spend
ing their money for it's construction. Then, and
not until then, can they the State credit; btu.
without the assurance OF that they might not at.
tempt the work. No sane person will invest his
money merely to get State credit to an equal
amount, nor in any work that does not give fair
promise Of profit. The State, therefore, is safe
, that her credit, if granted as to the Pacific rail-
road, will not in fact be applied to any work ex-
cept such as is evidently good. for useless
private capital will not be invested In il to an
amount sufficient TO use the credit.
"The four roads mentioned are the trunk lines of
the State, and IF the Vest Each one may bear
the closest examination and stand on its own me-
ris. and yet, from the peculiarties of circumstan
ces and the jeaousies of legislation, ALL may have
to act and TO pass together The credit from the
State can only be applied within the next FIVE years
and is not at once thrown into the money market
to the extent granted. The credit is dollar for
dollar with private capital, and applied only to
main trunk roada, that a man running can sec are
all good in themselves. The foreign capitalist,
looking as he does closely. will quickly see that
each Of these roads adds to the ,oealth Of the State
frrtod 'chot she lends; and seeing at the time
that this credit is only applied to the main lines
and does not extend itself, for the time being, to
| the numerous branches that for local bsnefit will
! extend from each line-some good and some bad
will feel safe in his investment The very comb
nation Of these interests at this time can prevent
for their own defence, Gall being interested in the
safety OF the State credit,) the extension of that
credit 10 the local branches of the State; and herein
IS one element Of safety in acting together in the Stat.
Lsgisiature."