Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-03-05
From the jefferson Examiner.


the Legislature pass, our State will be lia-
bic for thirty millions Of dollars, only about
for hundred ihdusand of which is for her
own account, the balance being her endorse
ment Of bonds to aid railroad companies TO
develope her internal resources,
Let us consider the probabilities OF the
State having 70 pay these bonds, or rather
let US see what prospect there is that the <
railroad companies will pay them, and save
heir endorser harmless.
lst. There is the Hannibal and ST. 10.
seph road, 10 which the credit Of the State
has been loaned for $4,000, 600. This
road has eight hundred thousand acres Of
land and over 81 1000 coo OF county and
private subscription. The lands alone,
without the road, are worth more than the
credit the State has loaned, and we there
fore assume that the State will have nothing
TO pay on account OF the Hannibal and ST.
Joseph railroad. This then leaves her liza
be tor only $27,ooo,coo.
%. The Southwest branch Of the Pacific
Railroad has over one million Of acres oil
land. For this road the State endorses So
100000 Of bonds What will these lands
be worth with the road completed9 We
have heard them variously estimated, but
none we believe at less than $40 per acre,
which would yield the company $l0,O0Q,-
COO. In addition 10 the lanes the road has
half o million OF stock subscribed to it,
But suppose the lands worth only half Of the
estimate placed on them, So 100000, does
any one suppose the State risks anything IN
her aid 10 this road? And if not it will re-
duce the State liability as endorser to $22,-
100000.
Sd. The Pacific Railroad to Kansas, To
the capital stock Of the road there has been
subscribed SO, 1854 900, which will be in
creased 10 over 100000. In addition,
this road has one hundred and twenty thou
sand acres Of land worth 81 ZOO, 600. II is
admitted that the portion between this place
and ST. Louis he's been more expensive
than the remainder can be, and yet we find
that its profits at this time will nearly pay
for running the road, and the interest on the
Stale bonds granted to it. lit is dong this
already, does any one doubt its ability here
after, 10 punctnally pay the interest on the
State credit loaned 10 il? and as long as this
is done the State Will have nothing to pay.
In twenty or thirty years when the State
off without trouble by selling stock in its
company. TO this company when the pres
ent railroad bill passes, the State will have
loaned SIS, 100000 Of its credit. The COM
pany, as is shown, will expend Of its own
means in building the road SIS. 1000, GOO and
the State $S,0000 900, making in all $l3,.
100000, so that the State will have mort.
gage on Sl3 900, 00o Of property 10 secure
5000, 600. Does any one doubt that il the
State had 10 sell the road out, it could moi
then be leased out by the State for enough
10 meet the interest OH the State bonds is.
sued 10 it. Responsible parties can b.
found not fur of that would be glad 10 take
lease for twenty years on this road, ant
agree 10 do this; yes more. Then what
risk is run by the State in this case? W.
think none whatever. Then if we deduct
this $S,u00,Coo, it would leave debt o.
$l4,000,o0o.
4.h. The Cairo and Fulton road has over
100000 acres OF land. To this road, seven,
ty-two miles long, the State by the bill loan.
her credit for S1750,o00. 1t is useless tt
argue this matter, as every one knows thai
the State risks nothing in the loan of it.
credit TO this road-so we have the State
liable for only $l3,250 900.
9th. The Platte Country Railroad Com
pany has one million and a half subscription
10 it, and gets no State credit until the road
is built from Kansas TO st. Joseph. Thi,
part Of the road j. about forty miles Ions
and will cost about $l,500 600. Will no
this forty miles OF road be worth, when com
pleted, the Ss750,o 600 of State credit pro
posed to be grained 10 it? and if so, then we
have our State liable for only $l2 100000
9Th. The North Missouri Railroad Com
pany has $500, 900 subscribed TO its CAPT
tai. Il is two hundred and thirty mile.
long and traverses a portion Of the State I'M
rivalled in the fertility Of its soil and unac
commodated with any outlet for its produc
lions. 1t will connect Missouri with thu
railroad system OF Iowa, and will drain thu
business Of the country between the Nilsson
ri and Mississippi rivers into the metropo
lis OF our State. We believe it is pretty
generally admitted that if any road in III,
Slate will pay, this one will. Indeed W.
have no doubt, that in few years after il
is completed, 1t could, ii desirable, retire
the bonds Of the State by issueing and sell
ing its stock! To this road the State whel
the present bill passes, will have granted
So 1920, 900 Of its credit. This will leave
it with a deficit 10 complete with accordin!
10 the estimate, oil about $4,000 600; bu
we understand that is managers think b,
dispensing with fencing, except throug
enclosed fields, and to a great extent witt
ballasting of the road and putting up tn
cheapest class of buildings possible, 10 &c
uiong with, merely TO protect freight fror
damage and shelter passengers, they can re
duce this deficit to $500, 900, aud that thi
sum they can then borrow, or carry alon
as floating debt. We arc satisfied III
State risks nothing in looming its credit
this road, and we regard it, if anything, {
more immediate Importance than any othe
road in the State, whilst in proportion 10 il
length, it receives less State aid per mil
than either of the other main trunk roads,
Being satisfied the State risks nothing her
we have our State liability reduced TO SO