Mexico weekly ledger., 1903-03-19

WI %A
Gonsrnor A. N. Dookery-
upon the bonds: but Governor Fetch
er, in the concluding statement CT his
inaugural message, in a somewhat
elaborate review Of the financial con-
dition q the railroads which had been
aided by the State, declared that THE
roads are ample security for the
amounts advanced BY the State to
them respectively"
However, in 1868, under his admin
istration, the Republican Legislature
enacted laws authorizing the sale of
the railroads ON which the State held
liens, then amounting, principal and
interest 70 s3l, T35, $40, to various Re
publican politicians and promoters
realizing for the State the paitry sum
Of 81, l3l ,4s6, or a net loss Of SIS, eO4-
344.
II this loss had resulted from mere
errors in Judgment the darkest finan-
cial chapter Of the Republican DON'T
nation OF that period would never have
been written. The squandering Of the
states securities, however, was due to
a corrupt action OF the Republican
Legislature. All OF the shameful
transactions by which the State was
defrauded Of its railroad securities
and the more than s25,O00,0O0 OF
bonded indebtedness imposed upon
the people, occurred under acts ap-
proved March IT, 1858, except the re-
lease Of the lien upon the Missouri
Pacific, which was approved on the
3lst of March, 1855.
In support Of the statement, that
our securities were ~wantOnly squan-
dered, it is only necessary to cite two
or three Of the most nagrantly profit.
gate sales Of that time.
The lien Of the State upon the Iron
Mountain road vas extinguished by
the farce Of a public sale, the road
having been sold to the lowest bidder,
the whole transaction being tainted
with the infamy OF debased nepostism
and favoritism. The highest bids
were rejected, and three OF the
brothers OF one Of the commissioners
appointed to make the sale we're
awarded the property, although they
we're the lowest and worst bidders.
The fact vas developed by an investi-
eating committee of the legislature at
the time that the possession, all told,
Of these purchasers Of the Iron Noun
tain road consisted OF a pair OF
Arkansas mules and a spring wagon.
By this transaction more than o., 0Oo,
600 Of the bonded Indebtedness, the
payment OF which We are celebrating
to-day, was fastened upon the State.
The Southwest Pacific, now known
as the "Frisco,r was the subject OF
another sham sale, by which more
than s6,000,o00 was added to the debt
We have been paying for thirty-hye
years
Perhaps the most shameless dis
closure Of the entire series Of so-called
sales vas developed in a suit in the
United States court at St Louis.
From the evidence on file in that
court. 10 the ease Of James NJ. Lamb
et al vs.. the Missouri Pacific railroad,
it IS shown that the States lien upon
the Missouri Pacific, amounting to
about slI ,009, coo, was extinguised for
which was accomplished by
the use Of a corruption fund q $751;,
$500 70 dehauch the members Of the
Fletcher legislature.
The entire management OF our rail-
roads at that time was honeycombed
with peeulati0n and riOtous corrup-
ton.
The era OF splendid finance" to
quote the editorial utterance Of al,
great Republican Journal in a recent
Issue, finally became 50 appalling to
he tax PAYERS Of the State that the
arusc in their wrath and drove
he Republican party from power In {
his capitol. II
The period Of Democratic control I
,egan ia 1878, with the Inauguration =
Governor Of that prince among gen. a
that great lawyer and incor- ,
uptible patriot, Silas Woodson. The a
york Of reform in the administration /,
{ cur fiscal Affairs, 50 happily begun a
nder his administration, continued y
nder all Of his SUCCESSORS IL afOrdsI
De great pleasure 10 pay this Just n
to the Democratic manage :,
rent Of fiscal Affairs under all Of Mis- ?,
lurfs Governors and their associate n,
tate officers from the days Of SLASH,
Foodson until the present time n,
Thirty years ago the Democratic b
arty entered upon the work Of ad- "
Ilnistering the Affairs u this sos b.
reign State Our credit had been dis d
lnnfed by Republican management;
II railroad securities want0nly vast A.
!; the counties we're staggering un-
z a load Of more than sA.ao0.O 900 ofpo
'nds, issued BY Republican county /
our State bonds sold az an enoF- no
ous discount, although bearing and sit
per cent Interest the rate q State I'll
Kation was % cents On the sl0O val dll
Ition; the railroads we're not asses d
+; the fees and earnings q the state nj
partnentsand the Interest upon pub IA
moneys were treated as penuisiies ms
the Slate officials; the management lie
the state penitcntiary vas a re- ffl
lach % honest government: there nj