Unemployment in the United States

The fiscal problem in Missouri

Bibliographic data

Monograph

Identifikator:: 1828236179

URN:: urn:nbn:de:zbw-retromon-226169

Document type:: Monograph

Title:: Unemployment in the United States

Place of publication:: Washington

Publisher:: United States, Government Printing Office

Year of publication:: 1930

Scope:: II, 193 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

STATE AND LOCAL INDEBTEDNESS 45 was without any real contribution to its capital by the state. When the bonds were returned to the bank, the legislature recognized the futility of its effort to assist the bank in this manner and accordingly recalled and cancelled the bonds. The second period in the history of Missouri state in- debtedness began in 1853 and ended shortly after the close of the Civil War. As in the case of a number of mid-western states, the development of Missouri’s debt during the middle of the nineteenth century is closely intertwined with internal improvements, particularly railway development. In Jan- uary, 1853, the legislature decided to make a bond loan of $7 million to the Pacific Railroad, which was to build a road from St. Louis to the western border of the state. The pro- ceeds were used in obtaining the necessary materials and labor, as the land on which the road was built represented grants by the Federal Government to the state, which in turn made it available to the railroad company. Similar arrange- ments were made with the Hannibal and St. Joseph at the same time, and later with four other roads! and the South- west Branch of the Pacific Railroad. The total amount of bonds authorized in this connection was $24,950,000, of which $15,310,000 had been issued by July, 1857. The total debt of the state on January 1, 1859, was officially announced as $19,658,000. Throughout this period Missouri took a liberal attitude toward the question of borrowing. Internal improvements were desired, and railroads in particular were deemed highly necessary to the economic development of the state. The credit of the state was therefore used to assist railroads and other internal improvements. The ques- tion of internal improvements, however, received little attention during the turbulent vears of the Civil War, 1861 to 1865. The third period extended from about 1866 to 1921. Dur- ing this period a conservative policy was followed. From the beginning of the period to 1902 the general trend of indebtedness was downward. At the end of 1902 sinking fund assets exceeded the bonds outstanding, and for the first time in many years the state had no net bonded in- 1 The St. Louis and Iron Mountain, the Cairo and Fulton, the North Missouri and the Platte County.

Access restriction

Copyright

Metadata: The fiscal problem in Missouri

Monograph

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation