Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1859-01-27
The Iail Roads and the State Credit
The North Missouri Road, and
a River Connection.

the House of Representatives, on the 18th,
by Mr.. Tate, Of Jackson, ITO complete the
Railroads projected by the State, to which
the credit Of the State has been loaned" 1t
was read first and second time, ordered
TO be printed, and made the special order
of the day for Monday, 3l...
This Acts understood 10 meet the views
Of the Rail Road Companies. and If adopted.
Will enable them TO complete their roads TO
paying points; whereas, if it shall be re.
jected, and no further aid granted, thew will
have 10 suspend operations, and the roads
will fall into the hands Of the State. The
question then seems 10 be, whether the
State will grant further aid, and give the
different Companies fair chance, or wheth-
er she will shut down on them, and all
private stockholders, and take the manage.
ment of the Roads herself.
We quote from the Act:
SECTION. ]. That in addition 10 the amount
of State credit heretofore granted 10 the
Railroads of this State, there shall be gran.
ted 10 the Pacific Railroad Company three
million Of dollars; 10 the North Missouri
Railroad Company two million Of dollars,
one-half million Of which shall be used BY
said Company in extending IFS road from
some point on the same in Randolph or
Boone counties, 10 some point on the Mis-.
souri, river either in Charlton or Howard
counties; to the St. Louis and Iron Noun
tain Railroad, so as 10 enable it to complete
TO o junction with the Cairo and Fulton
Road. or 10 form a connection that will ex.
Tend the road south 10 some place below
freezing point on the Mississippi river, one
million and half ol dollars, and TO the
Platte Country Railroad five hundred thou
sand dollars.
Sec. 2. The half million Of State credi,
granted 10 the North Missouri Railroad
Company for extending IFS road from some
point in Randol phi or Boone counties, 10
some point on the Missouri river in Chart
ion or Howard counties, shall only he drawn
from the State BY The said North Missouri
Railroad Company, as it expends its own
means raised from private subscriptions
and other sources than State credit, in the
construction oil said road, on the principle Of
giving 10 said company one dollar of State
credit for every dollar first expended by
said company in constructing this portion
OF It's road, and no moneys raised from pri-
vale subscriptions OF otherwise for the main
trunk road leading 10 Iowa, shall be diver
ted 10 the construction Of this portion Of
said road. The Governor Of the State shall
require the affidavit Of the President and Q
Director and the Treasurer of said company,
at each application Tor State credit for this
portion OF said road, 10 ascertain what
amount has been expended in its construct
ion exclusive Of State credit, so as 10 de-.
termine the amount OF State bonds which
tie company would be entitled TO draw, 10
be applied 10 the construction of this por-
lion of said road. All subscriptions made
10 the capital stock of the North Missouri
Railroad for the construction of this portion
of said road, shall be faithfully applied TO
this purpose, and no other, and shall be-
come and form a par; Of The capital stock
of the said North Missouri Railroad Com
pany.
Sections 8, 4. 5 and 6, SET forth the man.
nsr in which the other Companies shall pro-
coed, and the restrictions Under which the
additional aid shall be given.
Section Z is as follows:--
SEC. Z. The Governor, Auditor and
Treasurer OF the State, together with The
Board OF Internal Improvements, are here
by constituted Board Of Control in the
sale Of the bonds of this State for the ben
eft Of the various roads accepting the pro-
visions Of this act, and the Governor shall
appoint an agent for the State, who shall re-
side in New York, and who shall dispose
Of all bonds of the State issued to said Com
panies, and hold the proceeds thereof subject
10 the drafts OF The Company for which the
sale Of bonds may have been made; The said
Board OF Control being invested with pow
er 10 limit the price at which the bonds Of
the State may be sold, and thereby controll-
ing the progress Of the work on the vari-
Gus roads, SO as 10 prevent the bonds from
being sold at 4 sacrifice.
Sections s, 9 and 10, prescribe the du-
ties of The Agent of the State, hi, cGmpen-
sation, &c.
Sections II and II are as follows:
SEC. IL. The public debt Of the State
shall never exceed thirty-three millions Of
dollars for any purpose, unless it becomes
necessary to rep-l invasion, suppress insur-
rection or rebellion, or 10 meet interest on
any bonds issued BY this State; and this sec
lion shall be printed on all the bonds Of The
State issued under this act, and shall form
contract between the purchaser or hold
er of any Of said bonds and the State, that
the debt Of the State shall never exceed the
limit herein specified whilst any Of The
bonds remain unpaid after tender made.
SEC. II. The 81. Louis and Iron Noun
tain, and North Missouri Rsilroad Com
panies shall refund 10 lie State, ont of the
proceeds Of the first bonds sold that are
hereby granted, the amount paid by the
State 10 meet the January interest OF said
| cornanies dine nm bonds issued 10 said CON-