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

1
will surely ensue upon its approval. II
nothing can be devised at ihe present ses-
sion essentially in harmony with the present
system, and therefore, certainly acceptable
TO our constituents, think direct appeal
to them prcterahleto to The contracting otgrave
and serious obligations which they, and not
we, are to fulfill.
The amounts for which the State has al
ready provided TO become responsible, by
its bonds, for the benefit Of each of these
roads, are as follows: viz
To the Pacific Railroad Company,
main trunk 10 Kansas, S3,0OO,00O
To the Pacific Railroad Company,
South west Branch. lO0O,0CO
- road Company. - 15oo,ooo
Railroad company. 100000
COMPANY, @ 100000
Total. $gOCO,OOO
And under, by virtue Of, and in pursu-
ance Of act OF Assembly, l have caused 10
be issued and delivered to the Railroad Com
panies the following amounts in State bonds:
viz
To the Pacific Railroad COMPANY;
main trunk to Kansas, s5,o00,OOO
Company, 100000
To the Hannibal and St. Joseph Rail
road Camrany. G7O,OoO
To the Iron Mountain Railroad Com
panvJ Aoo,ooO
Total Sl.670.uoO
The Pacific Railroad Company has made
no application for any portion Of the bonds
authorized to be issued i'll aid Of the con-
struction of the Southwestern Branch.
These amounts have been, or are 10 be-
loaned in bonds, upon production of proof to
me that each of the Companies has obtained
by subscription, or otherwise, and actually
expended in the construction of the roads,
sums Of an equal amount. The bill now
before me proposes to issue the bonds OF
the State to each of these roads for tie fol-
lowing amounts: viz
To the Pacific Railroad Company. S2,0O0,OO0
To the Haenibal & St. Joseph Railroad
Comranv. l.5OO.O9l
/ To the North Missouri Railroad, 2.00o,oO0
| To the Iron Mountain Railroad, 100000
/ Making an aggregate Of $',o0o,oG0
This will make the total indebtedness of
the State, in the shape of bonds, $lG,OO0,-
600. The Iast-mentoned $,IO00,OO0 in
bonds are TO bessued as fast as the com
panies make proof that they have raised
from private subscription or otherwise, and
expended in construction, one-haf Ma,
amo,ad This is material and extraord!na,
ry departure from the original system.
The million heretofore appropriated tc
the Southwest Branch of the Pacific Road
is transferred, by this bill, tothe main trunk
to Kansas, in addition to the two million,
proposed to be loaned to that read. The
bill, in addition to all these amounts, pro
poses to authorize the Pacific Railroad
Company TO mortgage the lands appropria
ted by Congross-about $l,2o0,0o0 ocret
to enable them to construct the South
west Branch; the mortgage TO be for a sun
not exceeding &lO,OO0,000, OF this sum
the State is to guarantee tie payr cnt ortro,
millions, TO be expended in the construction
Of the first section, from Franklin 70 a poin
twenty-five miles west Of the junction Q
, Little Piucy with the GasoaHade river
The whole amount for which the State vii
become responsible, if this bill is adopted
will bc-in bonds, $4,000, 1900, and in In
guarantee above mentioned, $3,OO0,000
. making an aggregate of $l9o0o,ooo.
Now, letus inquire what security is pro
vidcd for the State in This b Il for the $40,
100000, for which she is to become re
sponsiblc, and the interest thereon; and
what is likely to be the final result2 tn
only security is a lien or mortgage upon III
roads themselves. The words, lien or mort
gage, are used in the bill as il they wer
, synonymous, whereas, they are very differ
ent things, and give to the holders of Stat
: bonds very different legal rights and RENE
edes. But, supposing the act to be cor
! strued in favor Of the State for which pre-
=, cedents afford no warranty and the wor
mortgage be adopted by the courts, whc
q will our security amount to? Only TO Sc
the roads in open market, during their pre-
. gress, or after their completion; and whe
sold, what will they bring? Ii sold befor
# completion, it can only be sale OF cuts an
a., fills, for we may he assured, that these con
9 panies do not intend to complete any seq
:, ment of a road until they are in a coudhic
to complete the whole. Their policy "
= be, as it has been, to scatter their rcsourc