Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1855-11-15

essentially degrade our character and i'm
pair our credit. Upon the supposition,
then, that no attempt will be made to re-
lease the lien, so far as it affects present
bondholders, what can we accomplish by
releasing it, in respect TO bonds to be is
sued IN future by the Companies? The
scheme proposes that the State shall issue
no more bonds, but that the Companies shall,
and mortagc the roads as security. The
Companies then go into the Eastern Mar
ket. What security can they offer now?
and what when the lien is released? I'm
der the present system they can offer the
pledged faith of the State, and first lien
upon the roads. Under the scheme pro-
posed, they can only offer second lien up
on the roads. Does it require much re-
Election 10 decide which is preferable P
But the advocates Of the scheme may argue,
that the second bond purchasers will find it
their interest 10 purchase out the first bond
holders. Suppose they do, they will then
have only the roads as security, whereas,
as the law now stands, they have the pub.
lie faith and the roads both pledged to them.
But assuming that am mistaken in my
views Of the rights Of the present bondholG-
ers, and the powers and duties of the Cen
.ral Assembly, and thit the lien can be and
is released in full, let us see how the Stale
is to be reimbursed the sum for which
her bonds are issued and authorized to be
issued. The bonds of the companea are to
be issued and disposed Of for a sum sufhc-
lent TO complete and equip the roads, and
the purchasers are TO have first mortgage
upon the roads after they are Completed
The new scheme then, proceeds upon the
8 supposition, that the roads II earn enough,
over and above the necessary repairs, &c.,
to pay, first, the interest upon the additional
sums borrowed by the mpanies-third,
the interest upon the State bonds, and fourth,
the principal Of the bonds
The Pacific road to Kansas, has already
cost much more than six millionr Of dollars
There can be but little doubt it will cost a
like sum to carry it TO the westeen border
The State has already issued bonds for three
millions of dollars TO aid in its construction
, and that has already been expended. The
, interest upon that sum is one hundred and
= eighty thousand dollars per annum. The
r earnings OF the road do not and will not pay
! that amount. These earnings 1t must be
e admitted, will lie greater when the road i:
completed but how much? Enough TO pay
for construction and reimburse the State
: Let us see. Six millions more must bt
E borrowed TO complete it. The interest up,
on this amount-$360 000-must be pait
E before any Of the interest due upon the
r State bonds can be paid. Will the roat
= pay it? | cannot believe it will. But sup
a pose it can pay that, and $4,000 in addi.
r ton, upon the State bonds already issued
j This will be $54O.O00. What prospec
C will there be, that over and above all this
g it can redeem the principal of the new debt:
? of the companies. and then the State bonds
5 hone. But have no idea the interes
= can be paid on the sum it is proposed to Dor
n row, by new mortgage of the road, mucl
: less the principal Of the debt If the bond
Of the Company run twenty years, the roa
n must, according TO the plan proposed, yiel
o $780, 00 OF annual interest, and Sc COCOON
d besides, to relieve it from liability to tn
c bond holders of the Company, and $4,000
: 600 TO relieve it from liability TO the bon,
= Eo dars Of the State. Those who imagine
t can, have not estimated the value of the ar
j. ticles 10 be transported upon it. All tn
Y products now borne TO market upon the DO
/ som OF the Missouri, do not pay freightag
v enough TO amount, in the aggregate, 10 tn
h sum of 81 100000. This great stream
C the largest and longest upon the continent
: and draining with its tributaries region c
e unrvalled fertility and extent, does not nov
/ yield as much for transportation, as thes
C sangulne projectors suppose will be yielde
d by road running parallel with it, and gel
+, ting no business from lis north bank, an
l. rivallingit BESIDES must yield. The riv
i er, too stands in no need of repairs. 1t
l. is Gods handiwork. The result therefore
ID OF the new scheme, if adopted, would be III
he loss of all the moneys for which State bond
e, may, or have been issued, the payment {
- interest by the State TO a greater amour
" and the sale Of the road to Eastern capita
to lists. In the present condition of the publ
e. mind of the Northern States, in respect
err our domestic institutions, this would be
ns result deeply TO be deplored. need not,
view OF what is now Transporting along OF
he Western borders, dwell upon this aspect
n the subject.
lie | have not space 10 trace the consequence
ty OF the scheme proposed as it affects othC
Ie roads than the Pacific. lam sure, howeve
G. that although there affairs are not now
pr uhpronlsing, an adoption OF the schen
e. would produce the same final result. wi
n now briefly enquire whether their conditic
h. and prospects are as gloomy and discoural
h. ing as is supposed. The Pacific road
,e Kansas is certainly in such n condition as
r inspire the worst apprehensions. 1t has "a
an ready cost, as far as il has been constructe
he as much as was estimated as the whole co
ot OF its completion 10 our Western border.
rv entertain no hope whatever, that it can no
he or within any reasonable time hereafte
be even If completed, discharge the labiliti
nv incurred by the State in its behalf, except
no its sale.
he To the Hannibal and St. Joseph road, Il
h State has provided for a loan of its credit
n. the amount Of 81 100000. That privc
n subscriptions have been or can be procur,
N, to and equal amount, have no doubt. Co
s. gress has granted in aid of it, upwards
Ia six hundred thousand dollars of land.