Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1859-01-06

nent will be unparalleled; and though the
State shonld complete them, and have the
whole debt thus insured 10 poy, an event
there is not the slightest cause 10 appre-
bend, it would be intellectually enriched
by the operation.
II should ne remembered, that besides
causing The government lands TO be taken
up and brought under cultivation, thus ma
king them not only taxable, but taxable al
greatly enhanced prices, the roads and ap-
puriances are also taxable. This item is
OF itself large one, ultimately, involving
the proceeds Of the sale Of The lands dona-
ted by Congress 10 aid in their construc'
tim, and TO which end the Stale is only a
trustee, and not, in any sense, a doner or To-
ser, but so lar as the proceeds are applied
TO the construction Of the roads, a gamer;
for 10 the extent Of the value Of the lands,
if that value does not exceed the cost oil the
roads, the proceeds Of their sales are a Sc
CURLY 10 the State for the loan Of its credit.
II the proposed constitutional amendment,
limiting the debt Of the State, be adopted.
it cannot exceed thirty millions. In 1850
the aggregate valuation of the taxable prop
erty Of this State was only fraction over
ninety-one million, but SO rapid has been the
increase since our system Of public i'm
provements was fairly inaugurated, that the
assessed valuation of our taxable property
is more than trebled; having, in 1857,
amounting 10 within fraction Of two hun
dred and sixly.two million dollars, which
the valuation of 1853 will exceed fully
twenty per cent, making it not less than
three hundred and sixteen million. Ii will
be seen that the annual average increase
has been equal 10 seven Fights Of the amount
to which it is proposed TO limit the debt Of
the State, and more than equal 10 our pres
ent Indebtedness. And it cannot be rea-
sonabIy doubted, that more than one half Of
this increase is justly attributable 10 our
railroad enterprises.
Already, then, the liberality of the State
has been richly reimbursed, while the fu-
lure advantages 10 be derived from our rail-
roads cannot be estimated. The population
of Missouri is over million-a fraction
over fourteen to the square mile. Alloy
ing the State 10 contain ultimately popn-
laiion as great as that of Franco, in which
there are l7S 10 the square nile, It would
have population of over twelve Million
A corresponding increase Of wealth would
make the value of the taxable property Of
the State over So, 1872, 100000. And Mis-
souri, is capable of sustaining more dense
population than France--has larger agri-
cultural resources in proportion 10 area; and
the mineral resources Of Missouri SO far
surpass those OF France as hardly 10 admit
of COMP arison. But suppose that it attain.
only population as dense as that of Mass
achusetts-l27 10 the square mile-whicf
in view of The great fertility os its soil, and
its abundance Of raw material for manuiac
: turing purposes, it will readily be admitted
it may do. This would give the State
population of nine millions, and taxable
wealth Of So 944 ,0O0, 900, of which thirt!
million debt would be but little more thar
one per cent. And it is safe TO predict tina
Missouri will have a population Of MN,
million before the year 1900.
Within the next twenty years, if no OBJ.
stacles are interposed by penurious sys
tenn of Legislation, st. Louis will be th'
great radiaiing centre OF railroad system
extending from the Atlantic TO the Paci6,
and from the British possessions in th,
North to the Gulf Of Mexico. St. Louis
at no remote period, will be the great cen
trail mart on our continent, for the exchang,
of the productions OF the regions beyond
the two oceans Shall we, in view OF thes,
prospects. hesitate in the completion of tn,
few roads now building, and which are 81
indispensable TO progress now daily &C
cumulating momentum? In view Of all th'
efforts making, both North and South Of us
TO divert the current Of travel and trade in
to other channels, such policy would, il
my opinion, be the acme OF impolicy. AM
when it is understood that Missouri viii
sustain the policy already adopted and ST
far advanced, financial spectators viii
abondon their efforts 10 embarrass on
works, for the purpose Of getting possess
ion Of them at a nominal price.
Under existing circumstances il is due Il
the creditors OF the State, that the propos
ed amendment TO the Constitution, limiting
The Indebtedness of the State TO thirty million.
should be adopted. And in order that th'
aggregate OF our debt may never exceed tina
amount, it will be advisable, in extending
further aid, 10 leave margin 10 cover con
,ingencies. With this constitutional lini
tation, our bonds must soon attain 10 pal
value; and there can, in the future. be M
good reason for their depreciation An
other influence that will tend 10 enhance the
value of our State bonds, is that the larger
part Of them are already in The hands oil
capitalists whose interest will now lead
them 10 aid in their appreciation, rather
than their depreciation, that they may buy
them up at rates below their real value.
Sho I'D the payment oil the interest Of the
entire debt devolve upon The State, the
honor of the Missouri will never be tarn-
ished by reputation, nor even by protest.
II will be evident TO The General Assem-.
by that good faith to our bondholders will
require the law for assessment Of mill lax
set apart for the payment of the interest OIL
The bonds Of the State, to be continued
And TO this the tax payers cannot object, for
with this addition TO our ordinary assess.
r r. L.. H., g. .