A GLANCE AT THE HISTORY OF RAILROADS IN MISSOURI. 173 
upward of $14,000,000, in 1877, to nearly $28,000,000, in 1882. During the 
same time, the average receipts per mile of road have increased fully fifty per cent, 
and the receipts per train mile are far in excess of the cost of transportation. 
Whilst this rapid growth of our railroad mileage has been going on, without any 
expense to us, and this enormous increase of railroad receipts, and these evidences 
of railroad profits have been developing, it also appears, that under the opera- 
tion of our law of rates, which went into effect in March, 1878, and through the 
labors of the commissioners in enforcing that law, the rates we have paid since 
that date have been fully twenty-five per cent less than they were before or would 
have been since, but for the action of the commissioners. This reduction has 
affected a clear saving to the people of the State, as shown by the late message of 
his excellency, Governor Crittenden, averaging $5,000,000 a year, and amount- 
ing, for the five years during which this law has been in force, to $25,000,000. 
These are some of the magnificent results, which we may honestly claim to 
have been, in great measure, brought about by the cool intrepidity and wise 
statesmanship exhibited by our people and by our public servants, in adopting 
the measures which have so certamly and so completely relieved us of our load 
of debt and delivered us from our perilous position, rendered still more perilous 
than I have described it, by the fact, that we had been precipitated into the 
whirlpool of that financial revulsion which bankrupted nearly all of us who had 
sufficient credit to become borrowers, while yet battling against that Winding 
storm of overwhelming misfortunes, consequent upon a civil convulsion which 
annihilated our surplus capital, paralyzed production and disfranchised a majority 
of our tax-payers. That we have, under such an accumulation of adverse circum- 
stances, achieved a result so entirely successful, may well fill our hearts with 
gratitude to the Supreme Arbiter of the fortunes of States, with a just and honor- 
able pride in the commanding position which Missouri has nevertheless, already 
attained, and with exultation at our happy lot in being numbered among her 
citizens. 
In conclusion, let us contemplate for a moment, that crowning glory of Mis- 
souri, the splendid financial position occupied by our State government; let us 
point to it as an example to be imitated by our minor political corporations, and 
hold it up as a beacon-light to guide our railroad corporations into that restful 
haven whither our ship of state is gently gliding, immunity from debt. It it be 
good policy for our State to pay off its debt, and thus relieve us from the interest 
tax to which we are now subject, it is also good policy for counties, cities and 
towns to do the same ; and the policy is a better one, when applied to business 
coporations, because, when their only liability is a stock account, of only one 
class, all the capital invested in them is represented and equally represented in 
the management; and good management might become the rule, instead of being 
the exception. To say that this policy will not some day be adopted by railroad 
companies, is to impugn the business sagacity of the owners of railroad property ; 
and to doubt the possibility of holding these mammoth corporations within the 
restraints of statute law is to abandon all idea of government by law. 
