The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-11

Total S146 537 256 92 800 514 1855 2s2 10 100 AGO
OF the above the debts the states OF Mississippi and
Florida the amount of $22 500 COO including interest
been repudatcd To these should be added that Of
Arkansas, which has also been practically repudated
making total of such debts s25 $50 997, leaving Sl21
OBI 53 upon which interest regularly paid up to the
period OF the rebellion OF this So 800 5t4
tacted for the construction Of public works chiefly rail
roads; SIG 637 ,2S5 to supply banking capital and SILL
9G6 chiefly for the erection Of government buildings
and educational purposes.
With the exception Of Virginia, the debts Of OF
these States excessive compared with their popula
ton aud means Of payment. The public works for which
they contracted largely added to the of
the people fully to compensate for the increased bur
deps although general rule, the works themselves
were unproductivc. The following IL brief sketch the
history Of the debts Missouri Tennessee and Virginia.
MssorROf the total amount of the debt OF this state
$50 9O1 900 is account OF railroads The bonds issued
have been instrumental in constructing 40 miles Of road
costing S35 0OO 600. They constitute by law, first
mortgage the several roads account OF which they
issued or these bonds s. 100000 were issued t.
the Hannibal and st. Joseph Railroad the interest OF
which has been regularly paid by that company To the
Pacific Railroad, bonds to the amount of 81 900 600 have
been issued The net earnings Of this road have
been applied toward construction Its traffic, far
CONNECTED indicates profitable business when extended
to the boundary Of Kansas To the southwest branch
the Pacific Railroad bonds to the amount Of 81 500 eco
have issued This branch has land grant Of nearly
!, 900 900 acres. 10 the North Missouri Company
81 600 in bonds issued to the st. Louis and Iron
Mountain 500 600 to the Cairo and Fulton $3.50 600 and
to the Platte County $500 600 All the companies, with
the exception Of the Hannibal aud ST. Joseph have made
default the payment Of interest and their roads,
quenty by law have vested in the State The half year
~ interest, duo LIST july 1861, not paid owing
the reasonable conduct of the Governor who has been
driven from the ST., and removed from Office. The
roads constructed have proved vast benefit to the
The burden OF the debts assumed their is
parativey light and The lapse in the payment OF interest
was occasioned by political troubles which the
time the people had 10 control As order is fully
restored the payment OF interest will inquest onabiy be
resumed Missouri has been steadfast in her loyalty
the government, notwithstanding the treason of her
Governor and considerable portion of her Legislature.
haS hean a. ptaryr ieirf
Of the Southern States and has bad the best system Of
tcrna improvements Of any 10 ait IN their construction,
the State loaned its credit to the amount Of SO 900 per
mile, with some additions for expensive structures, TAX
ing first mortgage upon the roads, the respective com
panics undertaking to pay the interest, which, with
slight exceptions, they have been enabled to do
from earnings, saving the State from all responsibility
Under this system APO miles Of road have been
strucied The holders OF the bonds, consequently
have double socuritythe faith Of the State, and
completed yielding income sufficient pay the
interest Upon The return OF peace there can hardly be
doubt but that the obligations of the State will be faith
fully met.
age OF possessing very bad system and enormous
deb-hat for the public works alone with the guaran
tees of bonds for nsoiyent companies being 1872 578
Towards the construction Of extensive system turn
pixies and railroads the State subscribed three fths
their share capital which In great majority Of cases
ow ing lis sparse population aud non-commecia hab
Of its people have been almost entirely reproductive II
this oil all the Southern States has system OF pub
lie improvements proved severe burden TO the people
so much 10 be the assigned for iarg,
emigration to other States and Of deal
| political discomfort
Previous the rebellion the affairs OF nearly every
cedng repudiang State were in prosperous condi
ton This put end to their internal as well a,
external commerce, and their railroads have cases
been surrendered up to the Confederate government
which has monopozed their use for the transportation
troops and munitions OF war; paying therefor in Conede
rate bonds While the continues they must remain
unproduc.ive. Upon the restoration Of peace so tina
effect can be given to the laws Of the United states IL
Of bonds enforce their bonds against the roads In ia