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

administration of the affairs of the road-al-
ways so superior to the supineness or kna-
very of public employees. This much for
the method Of connecting the State with
these works at the start, and l believe it TO
have been well devised
Nor will it argue nything against this
because shall now proceed to show that
this plan must now be changed, or rather,
that in our changed condition some new
measures must be devised to complete orr
roads. My opinion is that the present sys-
TEN Of State aid has performed all that was
expected of it--at least as TO the Pacific
Road-that it has performed its Office by
establishing basis of credit in the road il
self sufficient to complete it, if we will now
and unless we do now put it in condition
to use its own credit, see no way by which
we can hope to raise means 10 complete
them. This ! will edeavcr TO explain,
Tie five principal roads now projected
and in course of construction by means of
the State aid it is estimated will cost over
| forty millions of dollars. Tie amount Of
means to be withdrawn from other pursuits
to build railroads, it is well known, and was
at the start, is not in the possession nor at
the command of the people ofthis State--it
Is fully one-iourth of tie assessed value Of
all the property in the State, Now the
State has authorized the sale Of her bonds
for railroad purposes TO the amount of 90,-
900 600, and this upon basis Of $9OO0,-
: 900 more of private and county subscription,
so that the issue Of the fall $9,0O0,O00 of
State bonds contemp platcs the actual oxpen-
diture by the people of the State in these
railroads OF $l9,OOO,O0O, or a little less
than one half the amount needed TO com
plete them; and yet, if unincumbered, a
) sufficient basis upon which to raise the def
cheney
Then, in the first place, are we in con-
diton 10 raise this deficiency among our
selves, either by an extension OF the present
= system of State credit, based upon its equiv
alent in private subscription, or by private
subscription alone for the whole amount
or by the State, under her mortage, taking
y, possession ofthe roads and completing then
- herself?
1t is most manifest that it can be done by
Il none of those resorts. Not by the first, be
! cause although our credit as State may b.
u good for $9,UOO,000, (and even now ou
d bonds are below par, yet for $ll,00O,00(
e additional fear We would find takers scare
at any price. The credit of a State is meas
$ ured precisely, among money dealers, a
Il that of man, and although We may b
l. thought to be able and willing to pay tn
d accrung per cent, half yearly on $4,000,
l. 900, and at their maturity meet the princi
% pal of these bonds, yet it is very question
able what would be thought OF our ability t
i meet and liqudate $40, 100000 in the sam
: manner. believe the immediate effect c
E such an issue would be to bring Missouri
5, 6's down to &C or so cents on the dollar
g and thus we would increase our burden
IN without any equivalent. five would pre-
Of serve our credit let lis push it no further
or our Missouri bonds will soon come (
i the standard Of Continental currency @
i'll French assignats.
E. But what ofthc project of private subscriE
il ton for the who,o or the half of the deficler
er cy of ;322 100000. Is it not sufficient
to answered by the repeated and bootless a
ir temps to extend the subscription lists of III
e. roads in every part OF the State? And c
is tie last and only other mode Of completin
ut the road by the State herself, this is ais
d. answered by the above, showing that ST
ch has neither the lnrans nor the credit 10 rails
Ial them, and that if she had them both it wou
nd be better for her TO sink 5000, 0CO a. onC
'e, than to plrcc @22 600, 900 more for disburs
is; ment in the hands Of such public plundere
its as would quarter themselves upon her
u agents and employers.
lid Then it is clear, that if the money is TO
N raised it is TO come from some other scour
ri and unless it can be procured the roads mu
stop?
al. is it important TO us, then, that they sh'
w. be conf Ileed? However well it might ha
oc been to have hesitated more before we eI
ms barked in these works, it is now too late
adj halt, and as believe the general wish is
2 see the roads built, shall now speak Oft
plans which suggest themselves to me as (
Al. most feasible for their prosecution.
WIG Though important TO the State that 5
d shall not be burdened with the debt for whi
10 she stands espon>ble for the Railroads
'1' =" believe it still more important to her Il
'"IS they shall be built-in other words, Ibelie
"o- that If the State has guarantee that
."- u. roads will be completed, lat she could "