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

lat
iar And here sr-wonderful to tell to the hmeltoain
neone an annual profit is estimated exceeuhk m 70 h
investment OF capital 10 nd com n contributions
alone wholly independent oil what the s W
II may be said that this an annual prom, mn1n ais
nerc,al opertors make, and that the company could
no, charye the whole amount upon the commerce OF the
Country That may be true. But II, according to Tins
renort more than four millions are saved annually 10 me
cnmmsrce of the country, how much would IT be right
for This company charge for ITS pohts upon that saving
to the business of the country Why, should suppose If
they charged fourth, it would be as little could be
expected To man, sir, who should save me, IN my bu
siness a thousand dollars, would readily give one
fourth that sum, and would then gain $3.50 And so, il
there is anything IN these calculations, the company
which is TO be benefited at the rate OF four million
year. could at least afford to pay million for this
benefit
SENATOR Tin his seat) They are restricted to GER
Mr.. UNDERWOOD. know that; but | am speak
ing OF the rate OF profit without restriction Cah any
body calculate how much they will make Ihey begln
at SO; and how many tons can they carry Here is the
report in which they suppose that the Whole commerce OF
will there be transported The report states that twenty
years will give the nation proht OF s
at the average of 100000 year. II II saves The coun
try 81 900 900 year, suppose nefourh OF that sum
might reasonably be charged as proht to the company
For fourth you have the whole amount OF expend
te made by this company than paid IN tour years
WE'LL sir, let be oneeighth that they will charge-lat
will be $500 900 annually That will pay orhis vestment
in eight years Suppose that this would be charging too
much. and that they should reduce it to onesxteepth
which would be S250,000 how does the government
stand then? Here according to this report $25O.OoQ
of profit upon individual passengers and commerce; and
S25O, 900 from the government make 100000. And,
according to the data which have, your whole road
did not cost 81 O00,O00 that your whole investment
of capital is to be paid for in eight years, according to
those calculations
WE'LL if the gentlemen are satisfied with that, sup
pose they come down to the thirty second part That
would allow them sl25OoO from individuals, and
S250,000 from the government, making IN all S375O00.
Now, sir, have given you these speculauons and
data. If there be anything in them at ALL il is perfectly
everybody
slider it, that is to be profitable road in proportion
to the amount OF capital invested than other the
face of the earth There is to be nothing like it: will
transcend every other railroad ever constructed as TAR as
regards individual profit.
What. then, are you doing' You are making con-
trbuhon on the part of government departing from the
principle which has regulated the heretofore
in regard to internal improvement just to make million
aires.
SENATOR suggested that the contemplated
Was an e. ternal Improvement. lLaughter]
Mr.: UNDERWOOD. So much the worse for my feel
ngs, but so much the better for my argument want TO
improve my own country. wish to make railroad
yes two, it be expedientro the valley OF the Mssis
spp' across to the Pacific wan, in our own country
work provided we are only TO fair rate for anspo-
taon But am not going to give cent as gatuy to
company of men TO execute this project In the view
which have taken if the calculations have made are
correct and ii pay to this company the proposed
this is TO be the most profitable investment upon the face
OF the earth. In that view am totally opposed to it.
l am further opposed to it, because we have not the
data upon which to act and because believe this thing
mas taken step wrong loot foremost III you nad Oh
tanpd sir through the nstrumenality o. government az
/ believe you could have done, charter Incorporating
company, permitting individuals of this country, under
guarantees on the part OF the government to take that
stock, and giving them opportunity to make invest
men the government need not then have been called
upon to contribute cent to swell the great profit arls
ing OF this road, for individual capitalists would have
been induced to undertake railroad under the guarantees
which the government furnished But instead of pur-
sort, what is done French company obtain a char
ter. and within few months OF the expiration OF that
charter they undertake to transfer to American
company and say that SO far as have examined the
charter, there not particle OF authority for
making the transfer | may have overlooked that mat
ter but if it is contained in the charter have
it. What is the charter which they have obtained ,
They were to begin this work in twenty-five months
from the first of June. 1si7. The expiration of the
from the two years. and it would bring about the
month of May Sir you will look at the charter you
will find but small fraction of days within which the
work is to be commenced.
Mr. WALKER made a remark, which was lnaudble
Mr.. UNDERWOOD Perhaps | ought not to have
spoken of this branch of the subject because have not
the dates before But, according to my recollection
this work is to be commenced within twenty two months
case there is but fraction OF time left and TO
me that would be almost impossible to have the project
accomplished within the time set There may be an ex
tension beyond the time have named II So let us see
It, Mr. President have suggested these difficulties In
the way of this bill and having done surrender the
floor.
Mr. DAYTON obtained the floor, but yielded to
Mr. FOOTE, who said | wish to present memorial
which have procured, since the senator from Illinois the
other day expressed strong desire that such nstru
ment should be drawn up and presented.
Mr.. DOUGLAS. If the senator will allow me, ex-
pressed such DESIRE but merely alluded to the fact
that such memorial had been promised but had not
made its appearance.
Mr. FOOTE resumed, saying that he must have mis-
understood the senator, and his memory must have
grossly deceived him, if he (Mr. F. had not in reply,
promised that the memorial should be forthcoming and
that he would take upon himself produce it, This
his for introducing the instrument He had
not yet examined the matter thoroughly and not
yet prepared TO vote in favor of any particular contract
OF one thing he sure he was the other day.
that the Senate ought to take step in the matter with
out still further information. In addition to the infona
ton already collected there other valuable infona-
ton the of collection by himself and few
friends (Which might be produced to. mornng)
from high officers the American navy, who fam-
lar with the whole OF the of Tehuantepec
and Panama, and whose opinion upon this important
subject he supposed the Senate would consider to be
of great value He would ask that the memorial might
be read, and also amendment which he gave notice
that he would propose at the proper time.
The senator from Delaware had given amusing
definition of the word Tehuantepec," in translatng
ga hell of blow" He had learned from gentlemen
who informed upon the subject that the true
ing OF the word was ga town between two mountains, "
the termination spec meaning mountain, and being
found in the names of many of the towns of the noun
famous region, shown by Garays report of the
exploration made OF that sthmus, with of
tanning the practcaby of establishing communication
between the two oceans
Mr. DAY. Did understand the senator from Mis-.
ssslppi to offer amendment,
Mr. FOOIE replied that he would give notice that he
would ot1er when IN order and would now ask for the