The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1902-04-24
PLACE THE BLAME WHERE 1T BELONGS.
Secretary Of State Sam Cook Shows Republicans sadded
Great Debt Upon the State--.A Few
Historical "Reminiscences.

JeferEon City, Mo, April i7.-Scc
retary of State Sam H. Cook. In tn
latest chapter oi his political hand
book, makes an exceedingly interest
ing subject Of thc origin and rcdur
tion ~ the state debt. In this chap
ter given to the press to-day, Nj
Cook says:
CHAPTER V.
80 much that il wholly az variane'
with the ofIicisl records has brcl
published by a partizan republican
press concerning the creation and re
duttiun nf the state debt that brio
recital Of the facts will not be GU
Of place at this time.
The republicans make two specific
allegations regarding the state debt
which, " both be true, would rcliey,
that party of any responsibility fot
the more than forty millions nf dol
lars. principal and interest, which IN,
people ~ Missouri have been required
To psy sine" the republicans were IL
control ~ the state.
First, they assert that the stats
debt originated before the republic
ans came into power.
Second, that the railroads. so aid
in the construction Of which the stat,
bonds were issued, were not corrupt
/ iy or improperly relieved Of theiI
financial obligations TO the state Will,
the republicans we're In control.
The first allegation is true. and has
never been questioned from demo
cratic standpoint
OTiEin of the state Drst.
Prior 10 the civil war when million
aires were few, aud private capital
Z for the construction Of railways was
as scarce as II Is now plentiful for
that purpose. both the national and
/ state governments were lending sheiT
/ credit 80 aid in the building of these
| great enterprises. the construction Of
which was admittedly essential "a
the development Of the country.
The national government. In addi'
tion 80 loaning It's credit. mnde large
grants ~ public lands 20 aid these
enterprises.
Missouri. from 1881 Ia 1887. loaned
her credit TO these enterprises. taking
as security for the bonds issued =
first mortgage lien ON the property
nf the road, including not only their
right If wnv. supcrstructurc, build
ings, equipment. etc, but also the
lands granted them by the national
government. Counties, towns and In.
dividuals made liberal subscriptions
80 these enterprises, and these sub
/ scriptions, with the money advanced
by the parties constructing .he roads
NIL went to secure the state.
Gov. Sterling Price was opposed to
the policy of tho state aiding In the
construction nf railroads and vetoed
the measure. hut the general assem-.
bly, passed the bin over his veto by
the constitutional majority.
II should he borne in mind that the
aid loaned by the state was for the
cSSstructiun nf the main lines ~ the
Missouri! Pacific, Wabash (thcn North
Aissourii, Hannibal 4 81. Iosrph.
Iron Mountain aud Southwest Pacific
(nuw FrisCo).
The national government had grant.
cd these lines SEA .i34 ncTes Of land
tu aid in their construction. and this
valuable property WAS also included
In the mortgage held by the state.
Under the conditions imposed hy
the legislature. the state was amply
secured against loss. II, however. any
Of our republican friends are skepti.
cal on this point, they ARE respectful
ly referred 10 the inaugural address
Of the republican governor, who. in
1895, IN reviewing the conditions of
railroads, concluded with this state
ment:
THE roads are ample security for
the amounts advanced by the state TO
them respectively
So much for the creation Of the
debt and the security provided.
Republicans T'IaEaersa the People.
Now, let us see " the securities
were squandcred and the debt thereby
imposed nn the people through cor
rupi and fraudulent methods.
The Wabash owed the state in pria.
eipai and interest S6,9G0,O00.
The legislature, which was over.
whelmiuPly Republican In both
branches, in the session Of 1865
passed this act:
That the debt due. or Ia become
due, from the North Missouri Rail-
read Co. tn the state of Missouri for
bonds of the state loaned said com.
paBy in aid IN the construction
~ their read lamounting fo &4,a50,-
Do0). and for interest paid ON said
bands by the state. Is hereby sold
and assigned 10 Henry r. Blow,
> and their associate, for
the sum ~ seO0.Oc0, which sum may
l,c paid In sny outstanding state
bonds. and shall be paid into the
state treasury on or before the
fourth day of July next"
by this act there was fastened on
the state debt of S6,T6o.0uu.
This republican legislature did not
BY any means limit It's corporation
dcht-releHsinE and state-debt-crcai-
ing tactics 10 the Wabash.
Tres Mountain Farce.
The Iron Mountain went through
the farce of public sale. The high
eSt hid was rejected, and the read.
which asved the state over $4,000 900.
waE awarded hy tine commissioners
20 firm by the rRme af "a. J. Me-
Kay and others" for the sum of $780,
0s.,
The commissioners rejected bids
fsr over a million dollars.
Evidence taken before the Mcsiin-
mis- Legislative committee developed
the fact that McKay's visible proper
~ consisted of a span of Arkansas
nisiIes and an open sswing wasou. and
that the others associated witA him
an purchasers included THREE broth
erx of one of the commissioners. who
voted 20 rwirct che higher bid.
tty this Isua Moun sgsn transaction
an additional debt Of ss.0si,fss was
fastened ufan the state.