Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1860-11-08
G L OW WEEKLY T I'M
Financial Condition of Missouri.

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The New York Times publishes the fol-
lowing private letter from St. Louis 10 a
New York banker, giving some interest
ing facts regarding the financial condition
Of the State, which will be of value here
It is stated that the letter was not design
ed for publication. The writer says.
Your letter of Oct. 8, making inquiries
about Missouri bonds, interest and the
progress of our roads, reached st. Louis in
my absence, and embrace The earliest leis-
ure since my return to answer, as far as |
can, your inquiries.
The amount of bonds issusd 10 the
road tinuluding guaranteed bonds)s2 ,050, 600
Amount of bonds which interest will
be paid by the road go. ~. 7,O5O,oOO
Leaving to be provided for by the
State. ....... ........... taco, 900
Annual interest on the same $4,000
To meet this interest the State
has special tax of mall,
estimated for the present
year at ...... S462 500
Tax of l{9ct. on bank capital
which goes 10 interest fund 100000
Estimate surplus of general
revenue .......... ....... $4,000
Surplus now in the treasury
(reported to be) .."...'. $1,000 957 500
In the estimated surplus OF general reve-
nue. allowance is made for appropriation
of $225,000 for Common schools, and
$500, 900 for general approations and nee
essary expenses, an economical adpinstra.
ton reduces this amount at least $50. 1000,
which would 60, If needed, 10 strengthen
the interest fund. But you will see there
is already sufficient means provided. So
much for the January and July Interest,
which will be as certainly paid as will The
interest on the State debt OF New York.
You ask, what Of the future? | answer,
the mill tax will increase in amount each
year, and the bank tax will amount 10
$l2O,000 next year, and will run up to
$4,000 per annumn, when the remaining
capital stock is subscribed and paid in; then
the surplus and general revenue (raised
by two mill tax will increase each year
with the rapid growth in wealth and popu-
lation Of our State. The net earnings Of
the North Missouri, and St. Louis, and
Iron Mountain Railroads, amount TO about
100000 per annum. The two first
named roads have appropriated these ear
nings to the purchase of necessary rolling
stock and the extinguishment of their float
ing debt, the earnings of the Pacific have
been applied 10 the extension of the main
line.
These roads having failed to meet their
interest, puts then in the power Of the
Legs lature TO take possession of the roads
and foreblOse the State mortgage and TO
direct the application of all the net earn
ings to the payment of interest. That SO
much as may be necessary TO maintain
State credit will be SO applied, is certain
by reasonable doubt. Our own people
are all anxious for the extension and com
pletion of our railroads, but they are more
anxious 10 maintain the character aud cred
It of the State.
Our Governor elect Hon. C. F. Jack
sony is man fully equal 10 the task of TAX
ing care of the credit of the State. He
has shown great ability in The management,
Of his private finances, and will be ready
TO give similar attention and vigilance to
the finances Of the State, and will take more
pride in the financial than the political sue
cess of his administration. In SAYING this
much for Gov. jackson not Influenced
by any partisan feelings, as we never have
agreed politically, and perhaps never will.
! In regard 10 the extension Of the South
west Branch and main Pacific road, have
TO say they are both making progress
The Branch is open to Dillon, distance
of seventy-six miles, and will be opened to
Rolla, tlve miles further next month. The
main road is now open TO OttervIle, dis
lance Of one hundred and seventy. eig hit
miles, and will be extended 10 Sedala, lhir.
teen miles, further by the first OF Decem-
Der. The last named point is within eigh-
ty-two miles Of Kansas city. The work
beyond SedalIa is light and good progress
is being made on the work by the use Of
country subscriptions. | Think some pro-
vision will be made by the Legislature. for
the com pletion of this important road. But
do net expect TO see any further issue of
Slate bonds; unless it shall be under cir
cumstances and with provision that would
meet the approval of the largest holder of
our bonds.
In conclusion, allow me 10 say, that be.
lieve the bonds 10 be safe, and the payment
OF the interest certain; that our wealth and
population is increasing too rapidly 10 al.
low any such thing as default, and there is
Too much regard foi the character and hon
or of our State 10 ever allow such calamity
10 befall us.
As you are aware, am no longer con.
nected with our roads, and have no interest
in the matter save as citizen Of Missouri.
ST.. LOUIS, Oct. "a.