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

amount, one half thereof TO be redeemed in
four, and the other in six months from the
passage of the act, with six per cent. inter-
est upon the money. The second section Of
said act provided, that when either Of the
railroad companies shall produce satisfacto-
ry proof to the Governor of the total amount
Of money they have derived from bona fde
stock subscriptions, or from other sources,
tcthOm giving any lien therefor, and that
said amount of money has been applied in
good faith TO the surveying, constructing and
equipping Of their several roads, the Gov
ernor shall cause to be issued and delivered
to the company or companies, so making
proof, State bonds bearing six per cent. in
terest, 10 an amount that, together with the
amount Of the bonds issued heretofore, shall
be equal to the amount so proved by said
company or companies; provided that the
whole amount thus raised shall not exceed
the sums for which the credit Of the State
mad already been granted. The act further
provides that the prior lien of the State shall
be held good, and that the companies shall
be authorised to dispose of the bonds attheir
real market Ualue. This act modifes pre-
ceding legisati in three particulars: in
authorizing the issue Of bonds for less
amount than fifty thousand dollars; in au-
thorizing their issue upon proof of resour-
ces other than those derived from subscrip-
tions-and in authorizing a sale Of the bonds
at their market value.
The provisions Of the several acts grant
ing State credit, also require that a copy Of
them shall be attached to, and accompany the
bonds 10 be issued; that the companies shall
provide for the payment of the interest on
them semi-annually, and for their final re-
demption at the end OF twenty years; and in
case Of their failure TO do so, that the Gov
ernor shall proceed TO advertise and sell the
roads Of said company 10 the highest bidder
or to purchase the same Tor the use and
benefit of the State, subject TO such dispo-
siton as the Legislature may thereafter di-
rect.
This is summary Of so much Of the acts
of the General Assembly as relates TO the
amounts Of the public credit loaned 10 the
roads, the terms and conditions Of the loan
and the remedy reserved to the State, wher
the companies fail TO fulfil their obligations
The whole amount provided to be Loaned
TO each Of the companies upon fulfilment
on their part, Of the conditions precedent
is as follows, viz:
To the Pacific Railroad Compa-
ny, main trunk TO Kansas, $3,000,00C
To the Pacific Railroad Compa-
ny, Southwestern branch, 100000
To the Hannibal and St. Joseph
i Railroad Company, l,5oO,oo(
To the St. Louis and Iron Noun
tn;,, D. |
To the North Missouri Railroad
;, Company, 100000
Total, $9,OO0,OO(
and under, by virtue of, and in pursuance
of the acts Of Assembly have enumerated
| have caused to be issued and delivered t
the Railroad Companies, the following q
mounts in State bonds, viz:
To the Pacific Railroad Compa-
ny, main trunk to Kansas, $3,000,00I
To the North Missouri Railroad
Company, OO,OO'
To the Hannibal and St. Joseph
Railroad Company, $4,000
| To the Iron Mountain Railroad
Company, 100000
, Total, $4,5SO,00
L The Pacific Railroad Company has mad
t no application for any portion OF the bond
= authorised 10 be issued in aid of the cor
: struction of the Southwestern branch.
5 In order 10 appreciate the present condi
! ton of things, in regard TO our railroad sys
TEN, it will be necessary that we shoul
= take rapid retrospective view Of the Gil
e cumstances in which it originated, the req
= reservations made at the time, and the sci
e timents of the people. We al remembt
e what then transpired. The advocates {
: the roads diligently and vehemently arguet
= that an extension Of the State credit, upc
It the terms proposed would be as eiiectu
= in the accomplishment of the object, as {
# actual advance Of monies, or a subScriptlC
of stock. They entertained no doubt, al
: would entertain none, Of the entire succe,
e OF the experiment. They gave the Gener
e Assembly and the people all the assurance
e in their power, that the roads could
1 commenced and completed without dtficu
: ty tthe system indicated should be adol
!, ted. There was no one in the State, eith'
d in or out of the General Assembly, who w
i not satisfied Of the facts, that the peOp
d were Predetermined not to connect the Sta
$ with any scheme of public improvement
n which might result in an increase Of take
e and a charge upon the public treasury
n They were, as all rejecting people are,
N favor OF public improvements. They hi
e all seen and deliberated enough TO compr
is bend their value and Importance; but III,
o had also witnessed enough IN the legislati,
/ of other States 10 satisfy them that SUI
s. works could not be economically, or ben
st fcially constructed, by means oltaXalion.,
m In this resolution not 10 incur State p
* cuniary esponsibility, they We're inhexibl
Short of that, however, they were willing
a do any thing which could be accomplish
r. by legislative action, to encourage these il
Mt portant undertakings.
lie 1t was in this tone and temper of the pu
re lie mind that the system was original
IN adopted. Entire security to the State,
De the advance of its credit, was well unde
N etnc1 4 ba tho nnl,, k,.is ,,,b;,b Al