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

security Of the State in the loan Of its cred
it, and the probable cost OF them, that the
system was adopted. 1t is now four years
and eight months since it was inaugurated
How has it realized the hopes Of its found
ers? A very brief experience sufiices TO
TO prove that the estimates Of cost were far
below what they should have been. 1t has
been found necessary to extend more State
credit TO all ofthem, save one, and we are
now told that the whole system is inadequate
to the completion OF the roads, and that we
must make radical change. The bills in
which the system originated met my appro-
baton. felt an anxious desire TO see our
State traversed by the best facilities for in
ternal communication. / was willing 70 go
as far as could consistently with the safe
ty OF the public Treasury, in giving encour-
agement to works of such vast importance.
have, as yet, seen no reason TO repent Of
my course. If it has failed TO fulfill entirely
the hopes Of the people, it has not been the
fault Of the General Assembly, but of those
who underestimate the cost of the roads,
and in whose capacity, integrity and eXpe-
rience, the General Assembly necessarily
reposed confidence. But it is now assumed
that the roads cannot be completed without
| further State aid, and that aid given in Il
form conflicting with the system now in
force. Time and circumstances have, in
some degree, changed the obligations OF the
State. A portion Of the bonds have been
already issued, and delivered, and disposed
Of. Ii is my opinion that four considera-
tions should be kept steadily IN view, in all
our legislation hereafter, respecting these
roads-gooi faith 10 The bond holders. good
faih TO The eople of Missouri, the security Of
The State Treasury, and the completion of The
roads. These considerations were present
to the minds of the members of the General
Assembly, in the inception of the Railroad
system. The character Of the State is Of
infinitely more importance than any measure
of internal policy can be, and nothing, feel
assured, can be done by the representatives
of the people to tarnishit.
, Proceeding upon the assumption that the
, roads cannot be completed without legisla-
ton inconsistent with former acts Of the
! General Assembly, various schemes have
been preached md discussed through the
| press and otherwise. have not space, MOI
would it be profitable, 10 comment upor
, them all. shall confne my attention TO thu
one which has been the most prominent
which is most plausible, and which has
J been placed before the public in a semioic
ial form, by the Presidents of three Of thu
} roads. This scheme is, that the State shall
release its first lien upon the roads; that tn,
J companies shall be authorized to issue thei
own bondS-that, as sucurity for their re
} demption, they shall give the purchasers
first lien, that with the proceeds Of the
, bonds, the companies shall set apart func
for the payment of the interest upon tn
! State bonds, and proceed to complete tn
roads; that, after their completion, a sinkin!
fund shall be set abart from their earnings
= for the redemption of the State bonds
Now, all this looks fair and feasible upol
: the surface, but how will it bear investiga
ton? 90
The first question which arises is, ca,
the lien of the State be removed, so as t
= preclude those who have already purchase
bonds, from asserting their rights TO tn
benefits ofthe security? This question as
sume~ three spects-tirst, the lien is re
moved by act of Assembly: can the presen
U bondholders claim the benefit of it (practi
= caly) in a court OF law; second, can the,
claim ii in a court of equity? and third, ad
e hitting that they will be remediless in Law
IS and equity, is it consistent with good iait
l. and the character of our State, TO lelease tn
lien? As question Of law merely, pre-
: sumo there is some doubt. The bonds ar
= given by the State TO each Of the compa
d MES. They are payable to the order Of til
r companies. They are therefore endorse
y by the President or other authorized office
l. and that endorsement is the act Of the cor
r. panes. II the bonds were given by ind
Of viduals, and endorsed by individuals, m
d, aginc there is no doubt the endorser woul
IN be liable after the legal remedies against ii
al principal had been exhausted. The Stat
IN under the constitution, cannot be sued.-
N The bonds are therefore issued by part
I'd who is not legally liable. This sknown
IS the endorser when the endorsement is mad
al Does not the knowledge of this fact rend,
as him liable to the bondholder? think il do,
De so, clearly.
L. Bat in court of equity the case of II
p bondholder is still stronger. The acts LOAF
err ing the State credit, and requiring the issu
as Of bonds TO the companies, make i my du
lie to append TO them the act, or acts, by Writ,
lie Of which they are issued. Fit was only d
1t, signed 10 pledge the faith OF the State fl
IS, the REDEEM ption of the bonds, why was r
- CURED to have the acts of Assembly appel
in dpd? As a pledge of the public iait
nd would they not have been just as good wit
e. ont any reference TO, or appending Of Il
ry acts of Assembly? II il was not the pu
On pose Of the General AS, mhly, that the liz
ell reserved to the State should enure TO Il
e. benefit of the purchasers OF the bonds, III
- body has certainly legislated so as toiusti
E. the inference. speak of the acts and Il
lie. bonds as they read. | do not profess TO
to profoundly versed in legal science, but II
ed decided impression is that this lien can
n enforced in court of equity, in favor of 4
bond holders. As question OF public iait
b. | apprehend, there can be put little diile
ly ence of opinion among those who are cogr
in zant of tie history of our railroad Iegislatic
r. 1t was argued in and out of the General A
he I Sambly that the naked State hands ,UCr