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EXECUTIVE Department,

City of Jefferson, February 17, 1855.

Gentlemen of the House of Representatives:

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The bill entitled, "An act to amend an act entitled, an act to incorporate the Platte Country Railroad Company, and to expedite the construction of said Railroad," which has recently passed both Houses of the General Assembly, and presented to me for appraval, has, for some days, engrossed my attention. No one can be more sensibly impressed than I am, of the necessity of sustaining the system of Internal Improvement already begun in our State, and none more ready or willing to bring to its aid all the powers which can be legitimately exercised in furthering the true interests of our beloved State. In my message of January 25, 1853, I took occasion to express my views touching the general character of railroads, and also the extent to which, in my judgment, they should receive the fostering care of the government, (which may be seen by reference to House Journal, page 389.) At that time I used the following language: "If we keep pace with the wants of the community, and do not suffer ourselves to be precipitately tempted beyond them, we will place our prosperity upon a solid basis; if, on the other hand, we lose sight of the landmarks I have indicated, revulsion and bankruptcy are inevitable." Since the date of this message, we have been called to witness a growing depression in the monetary affairs of our country, and the result has been, seriously to retard the progress of those great measures of State policy upon which our resources and our energies have been expended. The dangers to which I then feared we were subjecting ourselves have already partially resulted.

The moneyed crisis which has affected every other interest, has, in an special manner, reached our internal improvement system, and now before any one of the great projects in progress has been completed, and during the prevalence of a panic, the end of which cannot now be foreseen, submit the question, whether a proper legislative discretion would not suggest the withholding of all further State credit for the time being. Our credit is liable to be seriously impaired by the recent failures and Consequent liquidation of the Free Banks of our sister States, which have made our bonds the basis of their moneyed operations. This fact has operated in an especial manner in causing Eastern capitalists to withhold from us their credit and confidence by refusing to purchase our bonds st their par value. And now the greatest solicitude is being felt by the moneyed men of the East, and the most anxious enquiries are making to learn whether our policy is, to extend our credit still further, in aid of new works, or to exercise a jealous guardianship, in order that those already commenced may be successfully terminated. The timidity which we know attends the investment of large capital, demands at our hands the most serious consideration.

Scarcely one-third of the whole amount necessary to the final completion of either of the several roads now in progress and contemplation, has yet been obtained, and several of the most important and extensive trunks of our railroad are already in a good degree dormant, from an inability

successfully to negotiate our bonds. The greatly increased amount, above the estimated cost of our public works, has solved the problem contained in my former message, when I expressed a belief that a "future loan of the credit of the State would become necessary." The amount necessary to complete the Central or Pacific Line of Railroad, is now found very far to exceed the estimates which were made by those who possessed the best means of information. Hence the inevitable conclusion, that an extension of our credit will be required, and which will swell our indebtedness at least as far as either prudence or discretion on our part would dictate. With the experience which we have acquired by pressing our public works forward, since the last session of the General Assembly, the following question may be more emphatically propounded now: "Is there not just cause to fear that if we provide for issuing more bonds to new companies, our legislation may have a detrimental influence upon their value in the money markets in the East, where our real condition is imperfectly known, and our resources imperfectly appreciated." This fear is now fully confirmed by the fact that our legislation is looked to from that quarter with far more than ordinary interest and anxiety.

Since we meet with such formidable difficulties and embarrassments in thus far prosecuting our system, how vastly increased must they become under our pecuniary derangements? and how inconsiderate would our action appear, if, by continued legislation, we go on to originate new works, requiring a corresponding State credit to be loaned, before, even it is satisfactorily demonstrated that the great trunks themselves can be completed.

Under every view of the subject which I have been able to take, and with an earnest desire to shape my official action so as to promote the common good, I am even more strongly impressed with the correctness of my position two years ago. I therefore, herewith return the bill, together with my objections thereto, under a conscientious discharge of my official duty.

If, in the opinion of the General Assembly, you shall determine that my views are erroneous, and that the bill returned should become a law, a majority of all the members elected to the House of Representatives and to the Senate will make it the law, notwithstanding my objections. I have the honor to be, Very respectfully,

Your obedient servant,

STERLING PRICE.

On motion of Mr. Blair,

The communication of the Governor was made the special order of the day for Tuesday next, and on his further motion, five thousand copies thereof, together with his communication to the Senate, in returning to that body, with his objections, on the twenty-second day of January, 1853, bills entitled,

"An act to incorporate the Platte Country Railroad Company, and to expedite the construction of said Railroad," and "An act to revive and amend an act entitled, an act to incorporate the Lexington and Daviess County Railroad, approved February 10th, 1851, and to expedite the construction of said railroad;"

Were ordered to be printed.

Mr. Patrick, on leave, called up Seuate bill entitled,

An act regulating interest on money.

Mr. Hardin moved the rejection of the bill, pending which motion, On motion of Mr. Lewis, of C.,

The House adjourned.

EVENING SESSION.

The House met pursuant to adjournment.

The question before the House being on the motion of Mr. Hardin to reject Senate bill entitled,

An act regulating interest on money;

It was, on motion of Mr. Hickox, passed over for the present, and on his further motion, the House proceeded to the election of revisors of the laws.

Nominations for first revisor being in order:

Mr. McCarty nomina ed Charles H. Hardin.
Mr. Brown, of St. L., nominated Albert Todd.
Mr. Harrison nominated Joseph Davis.

The roll of the House being called there appeared,

For Mr. Hardin-Messrs. Acock, Alexander, Bean, Blakey, Bogy, Bohannon, Botts, Bradford, Britton, Brown, of N., Buford, Burnes, Clippard, Cravens, Darby, Darnes, Dodson, Donelan, Doniphan, of Platte, Dorriss, Dyer, Frost, Garth, Gilstrap, Green, of L., Harding, Hardeman, Hery ford, Hickox, Hil, Holmes, lughes. McCarty, McFarland, McMa han, Minor, Moseley, Murray, Parcells, Reid, Shambaugh, Smith, of B., Smith, of S., Tucker, Turner, Wall, Webb, Whitaker, and Wyatt-49.

For Mr. Todd-Messrs. Barrett, Brady, Breckinridge, Brown, of J., Brown, of St. L., Clark, Cunningham, Davis, Doniphan, of Clay, Drake, Everett, Farrar, Field, Goode, Green, of F., Howell, Isbell, Jeffress, King, Lewis, of St. Louis, Lightner, McCary, . cLane, of Cape G., McColloch, McMurtry, Medley, Moore, Monro, Mott, Nevill, Patrick, Ritchey, Roberts, Sitton, White, Williams, of D., and Yeats-37.

For Mr. Davis-Messrs. Baker, Blair, Boyd, Crosswhite, Ewing, Fagg, Fant, Feagan, Gentry, Graves, Guitar, Hariison, Hardin, Jackson, Jennings, Jones, Kelly, Layton, Lewis, of C., McClain, of St. C., McFall, McSpadden, Morrow, Morgan, Mothersead, Neill, Phillips, Powers, Pratt, Rollins, Shelton, Smith, of Pettis, Standiford, Todd, Williams, of H., and Mr. Speaker-37.

Absent-Messrs. Bullock and Burnet.

Absent on leave-Messrs. Harris, McAfee and Smith, of St. L.

Sick-Messrs. Chilton and Houghton.

No one nominee having received a majority of all the votes given, the House was about to proceed to a second ballot, when,

Mr. Harrison withdrew the name of Joseph Davis.

The House then proceeded to the second ballot, when there appeared, For Mr. Hardin-Messrs. A cock, Alexander, Bean, Blakey, Bogy, Bohannon, Botts, Boyd, radford, Britton, Brown, of N., Buford, Burnes, Clippard, Clark, Cross white, Cravens, Darby, Dodson, Donelan, Duniphan, of P., Dorriss, Dyer, Frost, Garth, Gilstrap, Graves, Green, of L., Guitar, Harding, Hardeman, Hery ord, Hickox, Hill, Holmes, Hughes, Jackson, Jones, Kelly, Layton, McCarty, McFarland, McMahan, McSpadden, Medley, Minor, Moseley, Murray, Parcells, Powers, Reid, Shainbaugh, Shelton, Smith, of B., Smith, of Sullivan, Todd, Turner, Wall, Whitaker, Wyatt and Mr. Speaker-62.

For Mr. Todd-Messrs. Baker, Barrett, Blair, Brady, Breckinridge, Brown, of J., Brown of St. Louis, Cunningham, Davis, Doniphan, of Clay, Drake, Everett, Ewing, Fagg, Fant, Farrar, Feagan, Field, Gen try, Goode, Green, of F., Harrison, Hardin, Howell, Isbell, Jeffress, Jennings, King, Lewis, of C., Lewis, of St. L., Lighiner, McCary, McLane, of Cape G., McClain, of St. C., McColloch, Metall, McMurtry, Moore, Monro, Morgan, Morrow, Mott, Mothersead, Neill, Nevill, Patrick, Phillips, Pratt, Ritchey, Roberts, Rollins, Sitton, Standiford, Tucker, White, Williams, of D., Williams, of H., and Yates-58.

Absent--Messrs. Bullock, Burnet, Darnes and Smith, of P.
Absent on leave-Same as before.

Sick-Same as before.

Mr. Hardin having received a majority of all the votes given, was declared duly elected a Revisor of the laws of this State. Nominations for Second Revisor then being in order,

Mr. Dorriss nominated J. W. Reid.

Mr. Field nominated Joseph Davis.

Mr. Fagg nominated John W. Kelly.

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No other nominations being made, and the roll of the House being alled, there appeared,

For Mr. Reid-Messrs. Acock, Alexander, Blakey, Bogy, Bohannor, Botts, Brady, Britton, Brown, of J., Brown, of N., Buford, Bullock, Burnes, Clippard, Crosswhite, Cravens, Cunningham, Darby, Darnes, Dodson, Drake, Dorriss, Dyer, Everett, Frost, Garth, Gilstrap, Goode, Graves, Green, of L, Harding, Hardeman, Hardin, Heryford, Ilickox, Hill, Holmes, Jackson, McCarty, McFarland, McMahan, McSpadden, Medley, Minor, Monro, Moseley, Mothersead, Murray, Nevill, Parcells, Patrick, Ritchey, Roberts, Shambaugh, Smith, of S., Todd, Tucker, Turner, Wall, Webb, Whitaker, White, Williams, of D.,and Yeats-64.

For Mr. Davis-Messrs. Baker, Barrett, Bean, Boyd, Bradford, Breckinridge. Doniphan, of P., Ewing, Farrar, Feagan, Field, Gentry, Harrison, Hughes, Jones, Kelly, Layton, Lewis, of Clark, Lewis, of St. L., McMurtry, Moore, Neill, Rollins, Shelton, Smith, of P., Williams, of H., and Mr. Speaker-27.

For Mr. Kelly-Messrs. Blair, Brown, of St. L., Clark, Donelan, Fagg, Fant, Green, of F., Howell, Isbell, Jeffress, Jennings, King, Lightner, McCary, McLane, of Cape G., McClain, of St. C, McColloch, McFall, Morgan, Morrow, Mott, Phillips, Powers, Pratt, Reid, Sitton, Smith, of B., Standiford and Wyatt-29.

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Absent. Messrs. Burnet, Doniphan, of C., and Guitar.

Absent on leave-Same as before.

Sick-Same as before.

Mr. Reid having received a majority of all the votes given, was vas declared duly elected a Revisor of the laws of this State, On motion of Mr. Frost,

The House adjourned.

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The House met pursuant to adjournment.

Prayer by Rev. Mr. Boyle.

Propositions and motions being still in order,

Mr. McFarland, on leave, offered the following resolution:

Resolved, By the General Assembly of Missouri, That the Committee on Revision be authorized, and they are hereby required, to draw up the necessary forms to execute the laws which they may revise, and report said forms with said revision;

Which was read a first time, rule suspended, read a second time and agreed to.

Mr. King, on leave, offered the following resolution;

Resolved, That in the opinion of a majority of this House, it is inexpedient at this late period of the session that any more Buncombe speeches should be made, and therefore no member shall hereafter speak more than fifteen minutes at any one time, nor more than twice on any one subject. Mr. Botts moved to lay the resolution on the table;

Which was decided in the negative.

Mr. Darnes offered the following amendment:

Strike out fifteen," and insert "ten," except in the railroad bill. Mr. Bean offered the following as a substitute for the resolution:

Resolved, Than ro member be permitted to speak more than 'hirty minutes upon any question during the present session, nor more than twice upon the same subject.

On motion of Mr. Frost, the resolution, amendment and substitute were laid on the table.

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