Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1902-04-24

latest chapter of his political hand
book, makes an exceedingly interest
ing subject of the origin and reduc-
ton of the state debt. In this chap
ter given to the press to-day, Mr..
Cook says:
CHAPTER V.
So much that is wholly at variance
with the official records has been
published by a partizan republican
press concerning the creation and re-
duction of the state debt that "a 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 republic
ans came into power.
Second, that the railroads, to aid
in the construction of which the state
bonds were issued, were not corrupt
ly or improperly relieved of their
financial 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.
Origin of the State Debt.
Prior to the civil war, when million
aires we're 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 development of the country.
The national government, in addi-
ton 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 road, including not only their
right of way, superstructure, build
ings, equipment, etc, but also the
lands granted them by the national
government. Counties, towns and in
dividuals made liberal subscriptions
to these enterprises, and these sub.
scriptions, with the money advanced
by the parties constructing the roads
all went to secure the state.
Gov. Sterling Price was opposed tc
the policy of the state aiding in thu
construction of railroads and vetoed
the measure. but the general assem-
bly, passed the bill over his veto b.
the constitutional majority.
1t should be borne in mind that thu
aid loaned by the state was for thu
construction of the main lines of thu
Missouri Pacific, Wabash Chen Nortl
Missour), Hannibal e. st. Joseph
Iron Mountain and Southwest Pacifi,
(now FRISCO.
The national government had grant
ed these lines 1,S24.434 acres of LIANT
to aid in their construction. and thi
valuable property was also included
in the mortgage held by the state.
Under the conditions imposed b.
the Legislature, the state was ampl,
secured against loss. If, however, an,
of our republican friends are skepti
cal on this point, they are respectful
~ referred to the inaugural addres
of the republican governor. who, j
1865, in reviewing the conditions O
railroads, concluded with this state
ment:
the amounts advanced by the state t.
them respectively"
So much for the creation of tn
debt and the security provided.
Republicans P%Iundered the People
Now, let us see if the securitie
were %squandered and the debt thereb.
imposed on the people through COZ
rupt and fraudulent methods.
The Wabash owed the state in prin
cipal and interest Sc, 960. 900.
The Legislature, which was over
whelmingIy republican in bot
branches, in the session of 1S6
passed this act:
That the debt due. or to becom,
due, from the North Missouri Rail
bonds of the state loaned said com
pany in aid in the c~onstructiol
Of their road (amounting to $3.50,
000), and for interest paid on sal,
bonds by the state, is hereby sol
and assigned to Henry T. Blow
y II i i and their associate, TO
the sum of 100000. which sum ma
be paid in any outstanding stat
bonds. and shall be paid into tn
state treasury on or before tn
fourth day of July next"
by this act there was fastened O
the state a debt of $G.7 1000.
This republican legislature did no
by any means limit its corporation
debt-releasing and state-debt-creat
ing tactics to the Wabash.
Iron Mountain Farce.
The Iron Mountain went through
the farce of Il public sale. The high
est bid vas rejected, and the road
which owed the state over $4,000, 900
was awarded by the commissioner
to a firm by the name of "a. j. Nc
Kay and others for the sum of $3.50
900.
The commissioners rejected bid
for over Il million dollars.
Evidence taken before the McGin
mis- legislative committee deyelope,
the fact that McKay's visible proper