Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1855-08-23


panies to raise money upon the roads them {
selves in any large amount it is plain that all i
prior incImbrance must be removed. For (
instance, there are $G,OOO,O 900 now invest.
ed in the Pacific Railroad completed from ST.
Louis to Jefferson City. This is pledged
to the State to secure one half the expendi-
ture, or $3,0n00OO bonds loaned to the COM
pany,-from to 100000 are wanted 10
complete this road. What capitalist will ad-
vance it upon such security? and if we re-
fuse to release our prior len, are we not en-
pecting men whose money we want and who
themselves have no interest in the State or
roads, to do that very thing which we refuse
TO do, viz: Advance their money upon
second mortgage? Is it reasonable for us to
say that we want money 10 build our roads
for our own use and convenience, and yet .
.afuse to give tie best lien we can to secure
the lendcr2 This is to suppose that stran-
gers who have the money, take II ore IN .
terest in ou. roads than we do ourselves, ,and |
ID NtlN HlllCIl lILc SdlllC as II tOlillIlElIGc
house for myself; and fad, when haf done
that am unable to finish it, l should expect
my neighbcrs TO build one half because
built the other,
It is absurd TO expect to borrow money
except upon some basis Of credit; and if the
Railroad in lis present state is 10 furnish
that basis for any sufficient amount TO COM
plete t, then it must be incumbered. Now
as said, think the State has gone, under
the present system, to the right point, far
enough TO lay basis in each road for pro-
per credit Of its own, and after doing this,
will she cripple this yery credit, she has
, erected by holding on to prior lien.
) am satisfied that the requisite means can
: be raised to carry on and finish all of these
! roads.
: 1t was not to be expected that capital
without the State could be obtained to COM
. mcnce a system of Railroads here, which
. were never projected with any view to prof
t table investment, but solely on the ground
= of developing the wealth and resources Of
e the State. No capitalist ever advances mo-
+, ney to paper companies and upon empty char
q tered rights. The commencement had TO be
n made by ourselves, and the prosecution car
ried far enough to lay substantial basis for
y credit. This has been On the Tactic Road
: and will be on the others, whenever they
e shall avail themselves fully Of the State cred
r it secured to them, and the Pacific Roal on.
0 " awaits the removal of the prior lien o
e the State to procure upon its own credit ;
i sufficiency oftunds TO complete it. The rel
IS ative value TO the State of the two securities
'e viz: first mortgage on an unfinished roaC
e or second mortgage on completed one
- may well be considered. Is it safer and bet
i ter Tor the State to have first lien on tht
Pacific Railroad stopping at Jefferson, ant
10 yielding barely sufficient revenue to pay
le running expenses andrepairs, for three mil
Of lions, or 90 exchange it for a second mort
ri gage on the same road completed to the Wes
=, tern boundary Ct the State? Does ha'
Is finished work indeed afford an adequate .,
g curity, and oan the State lose by the eN
r, change although she will be thus postpone,
TO for those creditors who will furnish mean
Or to complete the road?
This reasoning OF course applies strictl
p to the State in her capacity OF creditor Of til
n road, and leaves out of view the Inanifo!
y advantages to the people who compose til
f. State of having the road completed. Yo
ne will thus see tina, / am Of opinion if we in
as tend to complete our roads, that the Stat
lg lien must be released, 10 enable the compa
so nies to raise the means. It may be gray
he question, however, whether th> ought to b
Sc done as to all the roads, at the next SesSic
Id or indeed whether the necessity will the
ce exist FOR such a step So 10 any bu, the P;
e. cific Road. This last will already have eN
RS pended all the means, public or private, III;
Is are available, and must stop unless relief
afforded None OF the other, believe, Al
be vet in this condition, Dat al have still lar2
ce amount of State credit and private subscril
Isl ton available; and until this is exhaustt
they are not in condition to require, or
all be entitled to ask any other relief desie
we however, to be understood TO place all Il
IN roads on the same footing, whenever thr
10 shall put themselves in the same conditi
70 as 10 expenditures and construction.
:, One other matter there is, worthy to
" considered, and that is: when the State h
,bo released her lien, and thus enabled the COZ
iob panies TO go into the market and prOcu
money, what the guarantee is, that it W
hat be faithfully expended upon'the road, III
eve making good her second mortgage, and wi
tbe is of more moment, finishing the work.
coll This, confess, has been with me the gre
~ est and indeed the ONLY difficulty; and hC