Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1855-09-27
abe 6lasgo(o Gimes.
THE RAILROADS OF MISSOURI.
To the Citizens of the State of Missouri.

To the Citizens of the State of Missouri.
The present position and future prospects
Of the Railroads of this State, is, ,at this time,
very important one, and we have deem
ed it only proper to make this public state
ment, as one that may lead 10 fair and un-
reserved discussion, before the meeting Of
the coming session of the Legislature.
-
How stands the roads now? The pres
ent estimate Of costs is as follows:
Pacific Railroad TO State
line, ...... ..........S $40, 100000 $50 miles
Southwest Branch .....,,. ~ 100000 $50 I"
North Missouri Railroad to
State linc...... ...... 9,500,O0O go L"
Iron Mountain Railroad to
Pilot Knob ......... 100000 So "
Total ,...'... ...." S35 100000 9O5 miles.
1t may be remarked that the original eStI-
mates for the Pacific Rail Road were some
go or 70 per cent. below the above. These
estimates were made before any railroad
work had been done in the State, TO give ex-
perience as 10 material for excavations; be-
fore the start of any system of railroads here;
when money was abundant. The estimates
| for the other roads, and those now made for
the Pacific Railroad, takes these difficulties
into view, and may be fairly considered as
approximating 10 truth. All the roads are
now under contract, with reliable parties,
at prices that the estimates will cover, in
cluding fair allowance OF engines and cars,
and for extra sidngs and depot accommoda-
tions.
The means now provided to cover the a.
bove expenditure of thirty-fve millions is as
! follows:
Individual subscriptions '...'. 81 800, ,0OO
City and County subscriptions, payable
i partly by tax ...... '..... 6,OOO,OOO
State Credit having first lien on roads,. 100000
The land grant due Southwest Branch
may be added, at present value Of
about .........."2, 10000
, Total, say. ....'...... ST 800 ,UOC
Or, about one half the cost Of the roads
, The above is not strictly true for each
road, but is about SO in the aggregate. The
N. M. Railroad has somewhat less thar
one-half cost. The Pacific Railroad ant
Iron Mountain some what more. The South
west Branch has much less than one-hal
cost: but, by the construction of that Road
the lands will prove equal to more than or
half, and will yield more than the estimated
value. Still the general proposition Is a
bout true, that the roads hare resources l.
about one half build each ofthem.
After fair trial, we confidently believe tina
as the State is situated without these roads
no more subscription, to any considerable
amount, can be procured TO the stock
y We are equally certain that, as the Stat'
now holds the first lien 10 money can b.
. borrowed from abroad on a second mort
gage. Thus, to the proposition that tn
roads have resources TO built one-half of eac
road, may be added that they hare no mor'
u 1t is evident 10 every one, that a roa
= one-half built over its whole length is wort
y little OF nothing, and, to all familiar wit
with this STATE, that neither Of the road
d built for onc-half OF its length viii pay; bt
- it is confidently believed, that each orC
when completed, will not only be proiitabl
Z as an investment but Of great advantage
: the State. We may, therefore, lay dow
" the following propositions:
Ist. That it is necessary, almost vita
,c to the interest of the State, to complete thes
roads.
s. I'd. That only one.half of the means r,
quired is available.
Or Sd. That the other half neelet must
I'd bOrroued from aJroad, partly on prospecti
,geatih to be created By tile construction Of Il
" roa3S. 4
81 The State now holds first loin, and Il
railroad companies, to borrow, must issr
ar ar second mortgage bonds These are entir'
ly unsaleable to foreign money lender,
- at best at enormous discount, that would
swell the cost of the roads, and SO mater
ally postpone their completion, as to be nea
ly destructive. There are too many fir
mortgage bonds OF railroads East Of Il
Mississippi river, to enable the sale of Sc
or ond mortgage bonds West Of the river, ho'
ever ultimately good they may be shown
be. The cities and counties immediate
= interested, have now subscribed all that it
- believed practicable for them to do, and {
,tte that might be safe for the market value
their bonds. Direct taxation is not at pre-
,sS ent further practicable, and that any i
crease Of State credit for the roads mentio
ri ri ed, requiring to make it available any &C
. siderable increased subscription of stock,
= investment of means to be derived from 81
'' ond mortgage, would therefore be useless
-- .ooo,,, sb the ob;ect