The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1902-04-26
Secretary Of State Sam B. Cook in


teresting subject Of the origin and
reduction Of the state debt. In this
chapter, given to the press Thursday,
Mr.. Cook says:
So much that is wholly at variance
with the official records has been pub
lished by partisan republican press
concerning the creation and reduction
Of the state debt that brief recital
Of the facts will not be out Of place at
this time.
The republicans make two specific
allegations regarding the state debt
which if both be true would relieve
that party of any responsibility for
the more than forty millions Of dol
lars, principal and interest, which the
people Of Missouri have been required
to pay since the republicans were in
control of the state.
First-They assert that the state
debt originated before the republicans
came into power.
Second-That the railroads to aid
in the construction of which the state
bonds were issued, were not corruptly
or improperly relieved of their finan-
cial obligations to the state while the
republicans were in control.
The first allegation is true and has
never been questioned from a demo-
cratic standpoint
Prior to the civil war when million
aires were few and private capital for
the construction of railways was as
scarce as it is now plentiful for that
purpose, both the national and state
governments were lending their credit
to aid in the building of these great
enterprises, the construction Of which
was admittedly essential to the de-
yelopment Of the country.
The national government, in addi-
tion to loaning its credit, made large
grants Of public lands to aid these
enterprises.
Missouri from 1851 to 1857 loaned
her credit to these enterprises, taking
as security for the bonds issued a first
mortgage lien on the property Of the
roads, including not only their right
of way superstructure, buildings,
equipment, etc, but also the lands
granted them by the national govern
ment. Counties, towns and individ-
uals made liberal subscriptions to
these enterprises, and these subscrip-
tions, with the money advanced by
the parties constructing the roads, all
went to secure the state
Governor Sterling Price was opposed
to the policy of the state aiding in
the construction of railroads and
vetoed the measure, but the general
assembly passed a bill over his veto
by the constitutional majority
1t should be borne in mind that the
aid loaned by the state was for the
construction of the main lines Of the
Missouri Pacific, Wabash (then North
Missouri,) Hannibal s. St. Joseph,
Iron Mountain and Southern Pacific
(now Frisco.
The national government had gran
ted these lines ], 1874, 434 acres Of land
to aid in their construction, and this
valuable property was also included
in the mortgage held by the state.
Under the condition imposed by
the legislature, the state was amply
secured against loss. If, however,
any Of Our Republican friends are
skeptical on this point, they are re-
spectfully referred to the inaugural
address Of the Republican Governor
who in 1865, in reviewing the condi-
tions Of the railroads, concluded with
this Statements:
FThe 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
Now let us see il the securities
were squandered and the debt thereby
imposedon the people through cor
rupt and fraudulent methods.
! The Wabash owed the state in