The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-31
MISSOURI AFFAITs

markable for its direetness and good sense. plain
farmer, Gov Jackson, in most unostentatious man
ner, marches directly to his object without manifest
ing the slightest fear of being misconstrued or mis-
Elected in August 1885, to the Office
of lieutenant governor, he was unexpectedly called
upon at the close Of last winter to FIJI the office OF
governor, that officer (Goy. Polk) having been elect
ed to the Senate Of the United States,
Gov Jackson, who, when candidate, had beenre-
viled by the know-nothings and Bentonians as I'M
suitable and wholly incompetent for the office for
which the democracy had nominated him, has, by
his courage, 6rmness, and exceeding good sense,
shown himself to DO one of the ablest he is one Of
the most popular, governors the State has ever
had.
His message is principally devoted to the subject
of the State indebtedness and to banks. Referring
to the recent collapse of the credit system, Governor
Jackson says;
"Tp W. tht most disastrous consequence produced has
Boon the check given to railroad system and tho evil
dent deterioration of the credit of the State pros
poets dependent upon these that the present
dition Of things, IN my opinion imposes upon serious
and important duties The first of these is to take such
udcions and decisive will beyond all
question the honor and credit Of the State the second to
devise such amendments to our railroad system will
enable the companies to secure what has been DONE and
ultimately to complete these important works and the
third Ia TO place such additional guards upon be banking
system as win conGnc II within Icsi,sipte limits and
tend TO expcl from o,tr borders all deprecated paper
The fret thought of the honest old farmer intrust-
cd with public authority s to take "judicious and
decisive measures" "to secure beyond OH question,
the HONOR AND CREDIT OF ysE STATE !" That is the
first thought ef ths oldfashioned democrat. Others,
if they chose might stop to grow at the condition of
things, and boast las he personally might that they
not responsible therefor, but, rising above all
this, Gov. Jackson esteemed 1t to be.hs first and
paramount duty To see that the honor aud the credit
of the State ATT not wounded, rom any cause nor
through anybody's fault He found the State in
debt and its treasury anything but rich he found
litter of banks, and these banks alarmed and hes
itating he found railroad companies in possession
Of State bonds and sees that these companies in
debt have unfinished roads, and are sacrificing the
bonds of the State at most runous rates. Without
the slightest hesitation, and without stopping TO IL
qure whether it would offend taxpayers on the one
hand or bank ard railroad owners the other, ard
thus make him unpopular, he makes the following
recommendations .4-...
i" lst That no more State bonds should lie Issued and
sold at ruinous rates of discount Id That tax should
be levied which, with the surplus and the two
and three percent funds would be sufficient 10 Hs
urhole amount Of interest he bonds Of NE So 3D. That
the State should have representation in the several
boards in proportion to the amounts OF the bonds she has
may hereafter issue in aid of the roads. 4th
That in future the bonds of the State should I've disposed
of by agent appointed by the executive, and acting
under the supervision Of the governor the auditor, and
treasurer and the proceeds thereof delivered to the Off
GERS of the companies. 9Th That the board Of public
works should be armed with such additional powers
m enaje them 10 penetrate into all The deas Of The management
Of he rocds dto errcise say influence upon and ner
them. 9Th That some of the banks in the
city of ST. Louis should be made clearing house, in
which all the banks and branches shall keep suiccncy
Of to protect their issues at par value It'll That
all the banks should be required to publish their weekly
statements the day; and to show the amount
due to depotors and the amount of their discounts in
addition to the items required by law to be publish
ed Sth. That it shall be the duty of the bank commits
soners whenever bank branch bank fails to redeem
It's circulation at the counter of the clearing house. to
close the said bank branch bank in the manner
provided by law.
Some of these measures are exclusively within the
competency of the general assembly others may require
the assent of the companies will not believe that
just and necessary will meet with opposition
from them 1t is due to the people of the State, who
have SO literally extended helping hand to the roads
and such liberal charters to the banks well to the
character of the stockholders and directors of the compa
Mes that opposition shall be made to arrangement
fair and equitable. That bonds should he IL
sued and sold at the present runous rates of discount
presume will hardly be doubted by any The recent
sacrifices of them in the eastern market when 1t is known
everywhere that resources ample and charac
ter without blensh it seems to me, sufficient to
satisfy the whole community that this should be line
of policy The levy of tax to provide for the payment
of the interest State bonds is absolutely indispensable
to protect the credit of the State whatever be the
future policy of the government and the companies in the
further prosecution of the work In the present embar
raised condition Of the finances of the country the ability
of the companies to the interest may be doubted by
capitalists but with the fund proposed to he set apart
confidence will he inspired"
The railroad companies, to whom the bonds of the
State have been loaned agreed to pay the interest
called for by the bonds but they may prove un-
able to do SO, Gov. Jackson recommends that the
legislature take for granted that the companies rW
be unable to pay the interest, and proceed to ery
a tar" which, added to certain surplus means pos
sessed by the State, will be Sufficient 10 The
cholc amount Of interest on the bonds Of the State"
Now that is what we call fair looking of diff
culties in the face. fearless governor like that is
worth having in times of trial and difficulty. 1t looks
as though he meant the debt should be paid, prnci-
pal aud interest on the days. and at the first end of
the hours agreed upon when tho bonds were sold.
And if the legislature of Missouri promptly responds
to this manly recommendation, by levying tax fully
adequate to meet all payments as they mature we
venture the prediction that Missouri State bonds will