Hannibal journal. (Hannibal, Mo.) 1852-1853, 1852-11-11

father starts. with such aid as he can give, each
son in his particular path in life, and does moi
soy 10 the second-"Wat until your brother has
made his fortune, then you may START" and SO
10 the third and fourth. Should the energies in
the North Missouri route lay dormant until the
Kansas fnishedp Should the energies in the
South west route lay dormant until both are fin
ished, and those in the Iron Mountain route,
until all others are finished? Plain common
sense answers No, and as four different men
may start at the same instant OF time, and walk
in four different directions, so may all these
roads start. Each one will take from three to
five years to build, and year in the West ac-
complishes much more than IN an old country,
for good or bad. During the construction Of the
Kansas road alone, the trade of Northwest
Missouri might be diverted eastward, and that
Of Southwest Missouri diverted southwark, or
during the construction of the Southwest road
alone, the national Pacific road might be fixed
on the southern route.
At this particular time, when large dona-
ten of land starts internal improvements in the
State, and when by the proper disposition of the
lands the Pacific railroad MAY ne duplicated, il
seems but wisdom in tho State to start its true
system Of railroads by judicious, but at the
Sals time liberal loan Of State credit 10 the COIN
YAnies formed, or TO be formed, for the con-
stuction Of the several roads mentioned.
The credit that has been loaned TO the Pacific
ftilroad IL only available TO that company when
. liberal subscription has been made, and as they
spend en- their work . certain amount of money
% be furnished by the stockholders. After the
expenditure of each fifty thousand dollars Of pri-
Vate capital, the State bonds are issued to an
equal amount, the State taking first mortgage
on the whole road. The Pacific railroad COM
pSny is bound 10 pay the interest on these bonds,
and in case Of failure so TO do, the State may
fOreclose the mortgage, on work that must,
frOrh the law of the case, have cost at least
double the amount of the State credit loaned TO
it, The State must be safe if the road is one at
oil called for by the wants of the people, or has
any tendency to develop the wealth Of the coun-
try. This is equally true of the other roads, but
come Of them may not start into present exist
ence without the assurance of loan Of the State
credit. By itpersOns interested may see pos
sibllity Of accomplishing the work desired, and
come forward, subscribe their own means, and
show the worth Of the road by spending their
money for its construction. Then, and not UNI
ill then, can they Use the State credit; but with
cut 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 to the Pacific rail-
road, will not in fact be applied to any work ex-
eept such as is evidently good, for on useless
ona private capital will not be invested in 1t to
an amout sufficient TO use the credit
The four roads mentioned are the trunk lines
Of the State and of the Vest Each one may
bear the closest examination, and stand on IFS
own merits, and yet from the peculiarities
Of circumstances and the iealousies OF leglsa-
ton, all may have 10 act and pass together
The credit from the State can only be applied
within the next five years, and is not at once
thrown into the market to the extent granted
The credit is dollar for dollar with private cap
itsl, and applied only to main trunk roads, that
q man running can see are all good in them
selves, The foreign capitalist. looking as he
does closely, will quickly see that each Of these
roads adds 10 the ,cedtM Of The State ten, tOtd
,chGt she lends; and seeing at the same time that
this credit is only applied 10 the main lines, and
does not extend itself, for the time being, TO the
numerous branches that, for local benefit, will
extend from each ine-some good and some bad
will feel safe in his investment. The very
combination of these interests at this time can
prevent, for their own defence, Gall being in
terested in the safety Of the State credit the
extension of that credit 10 the local branches oil
the State; and herein Is one element Of safety in
setting together IN tie STATE Legislature.
A general railroad law may safely and wise
ly be enacted, granting to any set of men who
will take the proper steps, and advance the nee
sssary money, a charter to build any railroad. -
This will prevent any monopoly. But the cred,
it of the State should only, for the time being
attach to the leading lines of whatever system is
adopted. So far it may go safely, but farther q
log:rslling legislation might endanger thO
credit
In this article, nothing has been said as to th'
worth Of these roads for their effect on the value
Of lands on their routes and the consequent EN-
richment of the State. An interesting article
rnishi he written Oh this subject, and one tha
would force on the mind Of every thinking mai
che Importance of starting all as quickly as pos
sibls.,
One important question presents itself in con
nectiOn " ith system Of railroads for the West
andthit il The gauge" of railroads. All SHOULD
be alike. It is to be hoped that this may be ia
ken up in time to prevent the confusion tina
naust arise from diversity of gauge west OF III
MiGOisSippi river.
r.....