Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1856-01-10

=,rzus4z,se7a.ral1t-s r.ss,ssnzs-,ssslas.
nothing; or, if they are purchased becauss
Of their supposed prospective yaluc, they
will sell for a sum less than the amotint for
which the State is involved. But the sale
Of them will not enable US TO discharge the
debts because they are not due All, there
fore, that VIC can DO with the money arlsr
ing from the sale. will Oe to appropriate it
to the payment Of interest as 1t accrues.--
By doing this. we can escape increased tax
alton for brief period We cannot, how.
ever, hope to escape it in this way for thirty
wears. The proceeds Of the sale VIII be
exhausted long before the expiration of tHat
period, The whole revenues Of the State
now are only about 5440 900. For sever.
al years, then, previous TO the maturity Of
our bonds. our taxes must be doubled &c
keep down the interest. Bat what are We
to do when the bonds are matured, and pay
ment is demanded! 1t is palpabe as the
sun at noon. that we cannot liqudate them
1t is no reply to this, tC say that we must
wait until the bonds are matured. Adopt
any system we may, the amount must be
raised in some form during, or at the close
Of tie period. Nor are we released by re-
solving not to sell the roads, but to await
until the net proceeds OF their earnings viii
enable the Companies to pay into the sinking
fund the back interest and the principal oi
, the bonds. There is no likelihood that the
roads will yield much ne! profit prior TO the
maturity Of tie bonds. There IS nothing in
= the experience Of other railroads to war.
( rant such an anticipation. Besides, is ir.
rational to compare or roads with others,
because of the immense difference Of cost
, We Lave to pay three times as much for con-
struotion a. the State cf illinois, because cE
] the na'ura Of the ground, and because oul
! bonds will be sold at least ten per cent. be-
low their par value, if they can lie sold q.
. all. Until thcn,the roads do pay net prof
= it. our taxes must he doubled At least Nc
/ oae can believe they will pay, III any event,
. enough Of net profit, before the bonds ma
5 ture. TO liqu:Iate them. But when they dc
r mature, they must be paid, or our charac,'
=. te. must be forfeited. H,w are we tc da
f II? 1t cannot be done by quadrupling the
= taxes now, and keeping them qualrupled
I. until the bonds are due. Even a seven-iod
= increase Of taxes will not accomplish tic
e object. The bill under consideration is tan
: tamount to a proposition to bankrupt the
+ treasury, and blast the char cter Of the
, State.
Y When thc State assumes 70 be rcsponsiJlc
:, for ore-hali the cost of construction, it Is
as far, think, as she can 90 with any de
To- gree Of safety, She cannot DC this with
o imPunity. in all cases, as is already evinced
I. IN the instance Of the road to Jefferson City
II She cannot, as intma,ed, be safely respo.
O :iDle loy one-half, unless the roads are di-
# yided into sections, and required to be com p
- P!eteI consecUtively. To become respon-
>. siIe for two-thirds Of the cost Of construc-
+. ucn, and then leave the Companies at lber-
!. ty to scatter their resources along the whole
10 Of the lines, and compete no section Of the
j. road, is to !egislate away our money, our
c credit, and our character. Moreover. l do
We not believe there is any plausible reason
y for so great an increase Of our responsible
l. ties. The system already adopted, will, in
q, my opinion, secure the completion of tie
- roads, and save he credit Of the State
During the first session Of the present
, General Assembly, committee was np.
,-, pointed to examine into and report upon
- ,he conditions o. the roads. Tia, report j,
% now before me.
IN. Ihavc given !, q careful examination an.
A., consideration, and j, has confirmed all MY
jr impressions. extract from It enough fol
The purpose | have in view. The Commit.
70, ice gives the estimates Of cost and resource
g. rs prepared fer them by the officers Of IL,
on road. after all the experience they have had
o. prcsuIDo~hcy are as nearly correct as w
Nm are likely to have them in future. Let IL
RS see wla. they are, in relation to each OF III,
90 roads.
10. The present estimated cost of the Pacii
Of road to Kuusas,wilh rolling stock and equip
re men's complete, is SIC, 100000. The Stat
- has already become responsible for S3,0GO,
Of 600 Of this sum. Over SIX milliyas Wi
be have been expended when it is completed t.
rs jefferson City. That portion of it, whc,
of completed, will not yield enough of net pro
by ceeds to keep down the aooruing Interest,"
let How, then, can it be argued that anothc
re advance Of State credit, Of double proper
llJnsl amount, will be saie2 If complete
est with the bonds proposed to be issued in h
aid bills, the State will then have advanced So
nd 100000, and this sum was the whole est
49,, natal cost nf 1hn rnnl uhnr the ,,rn.nr