Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1855-08-23
JBe Glasgoto Gimes,
MISSOURI RAIL ROADS.
How shall the Money be raised to
complete them.

letter written by Capt Jno. w. Reed, a
member of the Legislature.
The object, however, of this communica-
ton, is to consider the best mode of COM
pleung the system of works in which the
State is already embarkcl to an extent which
begins to give additional zest to the usually
exciting subject of railroads. My own
opinion is. that after the people had deter
mined to undertake and encourage by State
aid these public works, nc better or safer
plan could have been devised than that
which was adopted. To have commenced
one work and united our energies upon it .
to completion might have been wiser in
some respects, but then you know it is Ia
tural for each section Of the State TO imag- !
inc itself more important than all others,
and SO we should not have agreed which
road was most important, and moreover, it
would not have been just TO tax the whole
State for any local work, however imror-
tant. On the other hand, it was equally
necessary in adopting something like gen.
eral system to avoid the OPP Josite extreme,
and not make it so cumbrous and unwieldIy
that it would totter of its own weight aid
crush the energies of the State in its fall
believe that in the system we have, hap
py mean has been obtained, and in respect
to the number, locality, and character Of
the five (5) great roads we have underta-
ken, the interest of every part of the State
is consulted, while at the same time we
have not overburdened ourselves more than,
by proper and judlcious management, Can
be accomplished.
III addition 10 the number and character
Of the railroads undertaken, there is another
feature of the system Of which | shall not
complain, because i approved Of it at the
time and do so still. | mean the manner
of connecting the State with the roads
This you know is not by the State becon-
ing a stockholder or owner in the rcd and
taking upon herself its management and
construction mode Of advancement which
all experience has shown to never accom-
plish more than TO squander the money oI
the people among set Of hungry and
thirsty cormorants who Gather around the
public treasury as buzzards to carron.
In older States and counties than ours,
where capital has been accumulated for cen.
turies, and is constantly seeking new chan
nels for Investment, railroads may be, and
often are, built by private and corporate en-
terprise-the only preliminary question tc
their construction being, will they afford q
remunerative investment? But in youth.
, ful community like Missouri. whc-e the ac.
cumulaton OF capital is limited, and the de.
mand for its use excessive and at high rates
it is apparent that there cannot be among
the people that surplus Of private weatl
which is necessary for the construction 0
great public works.
If notwithstanding, them the lack of pri
vate means to build them. railroads are still
desired among Us, and our people nave be
yond mistake and with great unanimlty indi
b Gated that they are, it was necessary, afte
determining what roads we would build, t
cast about for the ways and means for thei
g construction, and something more was ne
cessary thanme empty charters and grant
of the right of way to companies withOu
money. The plan then fallen on was to ad
vance or loan the credit Of ..4e State to sue
ID companies or men as would invest an equG
1t amount of their own means in The road, an
y in advance always of the loan they receive
ST This, IN limited amounts or instalment,
J. each seperate installment advanced, and ii
Or full equivalent Of private means to be actr
g ally expended before any further call coul
be made and the whole road and all eXper
ditures thereon held by the State as secur
ty for reimbursement.
This is very briefly the plan and cond
tion upon which Missouri has thus far h!
pothecated her credit 70 aid the I.ile;ng
OF her railroads now in construction. Thu
the aggregate SO advanced and to be al
H, vanced is about $9,000,0oo, Of which SO
= OOO, 900 is for the Pacific Railroad.
lie Now the advantage on the side of Il
lts State of this plan over that of building
ly road as a State work or of taking stock,
sh very important. First, the States adyanc
ire are secured by double amount actual
RI expended in the road; and second, the a
ditional amount is the private funds of
by terested stockholders whose own securi
: requires them to see TO it that neither the
funds nor those OF the State are wasted, /