The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-02-07

the United States and the citizens Of the United States
and upon good terms 10 the citizens OF New GIenada
itself This government, looking upon that as beneht
obtained-a boon conceded by the government OF New
Grenada on It's part, equivalent consideration en-,
tered INTO an engagement TO protect, and guaranty ana
defend the neutrality of this whole isthmus This Will
be SIR by reiereRce 10 the 35h article OF the treaty.
which will be found in the volume OF laws for the SEES
sion very distinctly stated There Is question about
under treaty obligations 10 maintain the neu-
tray OF this shmus, ana the authority OF the govern
ment OF New Grenada over it,
Now, sir it so happens that some time beore-two or
three years, perhapsthe government OF New Grenada
had made grant to certain citizens of France expecting
them 10 make this railroad and hold exclusive prop
erty in it. One of the of that grant was that
certain deposite should be made within certain period
that such large 600, 900 francs should be
deposited within a certain period. Progress was not
made by that company getting ready the depoe money!
but II happens the charter OF the French company
had not quite run out when the government ratified the
treaty with New Grenada. Ii ran out soon afterwards
so that embarrassment arose from that act II dld
run out and the right reverted because the French com
pany did not make good Their depose Under these CIR
cumstances, sir the new contract was entered INTO
with these memoralistsnot at all, as understand, as
assgnees of the French company but original gran
tees OF the government OF New Grenada upon me
reverted by the terms contained in the grant, and they
have privilege OF making this railroad across the
shmus, and they have eight years TO do 1t In The hon
orable senator from Kentucky Mr.. UNDERwooDl thinks
would have been better il the government OF the United
States had nterfered earlier and taken upon itself to
make this railroad according to own fashion OF IN
ernal improvements If admit that how does bear
upon the question now before u.s. We have not the
grant-we cannot obtain the grant is IN the hands oil
others, and is much better of other hands than our
own AT any rate, the only question before us Is the
proprety expedlency, the improperly or ineXpe
liency of assisting forward the making OF this road I'M
der the grant, copy of which accompanies the memorial
That is the only question 1t was put upon that ground
by the argument of the honorable senator from Missouri,
MIR. BENroN,) in which | entirely concur The only
principle of the question is, is it worth while,
at this expense and for this purpose to encourage the
making of this road
NJ ~
themselves One OF them is properly stated in the bill
itself There is inducemen to the government; that
is, the transportation OF lis troops munitions, mails
&c. But it must be confessed, at that II IS not the
only object Does the government, this great meas
look al nothing but the transportation OF its own
matere, mail and troops Does not look as in other
instances of large expenditure, to the public generaly
to the accommodation to the people, to the convenience
to the of the country not likely TO be obtain
general consideration That consideration OF the gen
eral utility to the trade and of the country IS
certainly if not the greatest, equally great, in my
judgment, as the saving of expense in the trans
portaon of troops, munitions of war, and the mail.
Well II we have guaranteed the neutrality OF thus terri
toryIt we MAINTAIN communication to this end OF the
road at great expense upon the Pacific from the other
end Of the road, to territories upon the Pacific
at great expense, the question OF practical good
sense and expedency whether we shall connect these
two lines OF water communication by land communica
ton, and whether the terms reasonable that now
before Certainly doubt that 1t will strike
everybody that is highly desirable that there should be
this passage the lsthmus since we have expended
so much money to get to the sthmus, both on one side
and on the other.
Then, sir, what the terms! Are they reasonable
or unreasonable! do not to say in this re-
spect than to present to the Senate some few general
statements of estimates which every mans experience
will authorize him Judge Of aud with regard to the
correctness of which | think there can be very little
doubt The estimated cost of the road is five millions
OF dollars, or thereabous That is to- say, Colonel
Albert begins by estimating the cost of railroads in
the New Englan States W hich is $4,000 or $4,000
per mile on the average; and allows so per cent addi
tona for the nature of the country distance from sup
plies, and other causes which will naturally augment the
cost OF constructions and taking the distance to be fifty
TWO miles, the result cost for track OF 49,
Another track is half million more; 30 that this will
make $i,3l5,0oO. Then certainly il is very low esi
mate to suppose that the difference between this and
$5,0o0oo0 will be required for break waters perhaps
and improvements in the harbos, to render both sides
cesibe and safe Then again. sir, warehouses TO be
erected-a very important item to be included in the
duum TO make up an aggregate OF s. 100000 The ques
on Is whether Is unreasonable to expect this concern
TO prove proftable' Now, sir, do not see confess
any for surprising such large profit the
tor from Kentucky Mr.. UNDERwooD] thinks would &C
crue Here are certain rates of passage and rates of
freight fixed in this bill The rate of passage is placed
eight dollars man, and the of freight at eight
dollars ton What will be the amount of that in
year, AS far as we can now Judge, how many people
day would be likely to travel over this road! because
can well imagine, sir, that at some seasons OF the
year there would be great many persons; but, sup
pose at other OF the year, although necessary 10
keep up the same apparatus at the same expenses there
would be very lew passengers, and very little freight at
calculation to suppose that one hundred persons per
day-hy one way and fifty the oher--would pass
that lsthmus That would require that vessel should
arrive with fifty hundred passengers every day at
end or the other think that would be very high esi
mate. have no idea that it would amount to such
number OF passengers either way the other; and
to goods, why, the honorable member from Kentucky
supposes the amount to be about 10000 per year
Suppose the number of passengers to be hundred per day.
eIe $500 per day Suppose the goods to be 100 tons
day. that makes 81 800 Them If you allow 300 work
ing days for the year, the whole amount of receipts
would be $IS0,O00 for the year. The amount of gross
receipts for the year would be $4sOOOO Well, if that
this road will be subject great expenses are all other
railroads, 1t becomes necessary to look into that and
make the proper reduction estimate of unques-
onable authority that upon the best roads, their work
ing expenses and repairs are equal to half their
cepts The working expenses and repairs OF this road
Will, then, amount 10 S2l000O year-one half their
gross receipts This will be found to be stated in Mr.
Abers letter; and this reduction being made the whole
amount OF clear receipts IS $24O,oo0 which is less than
five per cent. upon the capital
Ii you take another OF it, and suppose that rs
day. and IS tons of goods transported upon
this road-not quite as much may be cxpectedor the
300 running days in the year, the result will be that it
will yield but little over per cent upon the capital OF
course you suppose the passengers daily not to
coed 3d. 1t reduces the sum still less and reduces the
dividends upon the capital to about Il per cent
Now, we must Judge of this road suppose, as we
Judge OF others. We have built roads in the United
States, north and south. Some recently are better
structed, and more extensively constructed than for
merly have minute here OF the cost of the Harlem
railroad in New York-$500O 900 mile or 81 900 900 for
eight miles The Hudson River railroad in New York
running along the river TO Albany, has as much
Now, when we look to the income of this road we are
TO lake with us one very important consideration Here