The daily union. [volume] (Washington [D.C.]) 1845-1857, 1852-05-21

d. 0aonsnt they were started instead Of being pledged
~ - aay of mortgages 10 heir buildsrs-
.,d this was both reasonable and extraordinary Is
of sol II is reasonable, because Il IS based upon the
,smans Of the company themselves, aud accounts LOT
sIls. Otherwise unaccountable IL Is extraordinary,
~ would be inapPileaoie 10 most extraordinary
Transaction. !.
sI confess astounded and almost staggered my be-
~ Il Is ftiag Of The curtain from picture which,
oos half be true TO nature, is alike Disgusting IA itself
N notifying in the reflection that could have had
~ oonaexion with such transaction. HeIe, SIR Is one
those .'noble enterprises upon which. We so
sn ana so eoquenty od the prosess and prosperity.
md honor OF country depend II this be one OF the
sShsos has received higher praise than any other
esn our condition people 10 indeed deplorabei and
rom all such pray, in all sincerity, our country may
soon be delivered "a
houd not result from the character OF the transaction II
s Tor that 10 have been expected as the natural re-
u Of the hotbed system OF special legislation, which
Ia never given birth 10 anything better han monsters
n aborons. But the establishment should be that an
Imencan Congresshe representatives OF people more
remarkable Tor common sense than any other liz The
oddshould have been led into this enterprise and be-
come partner in this company. expecting success in
huspess advantage 10 the country Well, the result
!. now before And it eonfessedly is a failure of
The enterprise and ruin to the company and besides
ne shame OF disappointment, dead loss of little less
Than 81 100000 of the public moneya sum We had as
we'll Tor any good have thrown TO the fishes in the
DO not make this statement at random. derive the
facts from official source To insure accuracy. adj
dressed letter last Friday to the Secretary OF the Treas
uy nquirng for the entire amount paid BY the United
States 10 Collins K Co. In cash. and the entire amount
received from them IN hostages Here Is MS answer
Treasury DEPARTMENT, May Is, 1852.
SfR, have the honor enclose herewith a statement
from the Sixth Auditor showing The receipts from the Col
Inns line Of requested In your letter Oh yessf
reference to the Navy Department shows the payments
pns % executive document No o. s2d Congress
son page No payment has been made since 18th Feb
Iuary last
very "'p''1'''' THO CoRWIN,
Secretary of the Treasury
Hon soLos BoRLAND, Senate OF the United States.
The statement Of the Sixth Auditor referred to by the
Secretary is the following in his letter OF the date
The amount Of revenue which accrued by the Collins
line alone 9Th April 1850, to 3lSt March, 1852
s follows, viz
Letter postases saa6.s!o 50
Newspaper $500 o.
Closed mails a,l04 .
ag7,3a4 IS
In the foregoing statement the dead letters
Guided but an allowance OF SIS So 81 was made in the
adjustment! OF the postal with Great Britain for
dead letters received from England by all the lines.
have the honor TO be- very respectfully, your obedien
wv FARRELLY, Auditor.
Hon. Thomas CoRwIS. Secretary OF the Treasury
Here, linen, Is seen mat while nave Uccn
paid this company by the United States they have paid
back only 1897 4-he United States being out OF pocket
Just S702 1856. IL is little less than million, as said
yet very large suman enormous sum to be thrown
away upon hat was doubtful experiment at nrs and
is now exploded scheme
The item OF deadleer postage, paid by us 10 Great
Britain, set down at the close OF the Auditors letter al
SIS 332, am not sure from my want OF familiarity with
such accounts, that quite understand. apprehend
however, charge to the expense OF transporting the
mails, Ii am no, right in this the senator from Texas
will correct me- assume, then, that i Is so; and that
relating TO all the lines" the Auditor says one bal
OF il, $4,000, must be added to the account OF
pense have paid for the Collins line, and this makes
the dead loss 10 just S7l4,S32 These facts ant
POSITION and record OF them that they may be heard
by those who have TO pay these large sums in thu
way of taxes Let them be remembered
In addition to this told here upon this floor BY
the best friends of this company-nay, is OF then
pleas for hep-that their stock is selling in the
market for fty cents on the dollar! Hic Jacefl was
aeyer more plainly cut upon the tomb stone OF any mass
of mortality than this simple statement writes II the
decks OF this company OF the Collins line
The honorable senator from Michigan MIR CAssl the
other day twet upon this fact OF the fifty per cent discount
with much emphasis; and assumed what is certainly
true. that the thus indicated the unerrng
OF the value OF that stock But there the senator
stopped Why did be not go step further in his equa-
ton Of stock economy AZ may so express IL, and assume
he could bave done with uai truth and much more
significance in this eonnexon, that this deprecated price
oil their stock m the market the measure and the
any and their enterprise. and the proof from which there
no escape that the whole thing Is failure and the
bubble bursed' q Fifty cenis The dollar r. Why,
SIR is The very language IN which failure emphaii-
cally expressed.
And how could the result be otherwise Look mo-
ment at the transaction speculation, clean, naked
and unredeemed! Upon million of money this com
pany issued three mions of stock and upon that bear
ing interest," they engaged in pursuit, Of which, in view
Of the result one of two things must be said Either the
scale upon which planned not required, and
could not be sustained by the business Of the country
OF i has been most shanefay mlsmanaged Possibly
both may be true extent How Tar the first may
be DO not now inquire. have already shown thai
there is much truth the lsst supposon aud to show
tins still more clearly and strongly, | have few more
acts which seem to me to prove that even had this en-
eprse been entirely egilmaie and well conceived In H.
SELF yet that has been conducted upon system Of
pcaon and expense which could not possibly result n
anything better than the i, has wrought And
added 10 the inherent vciousnees OF That system OF mis-
management, Il TO make impossible beyond
doubt Congress wheedled into a participation and
partnership OF this blind and laundering empyrcsm -
an agency, have SAID whice yet has meddled
oa 70 mar even the wsest plans OF individual enterprise
10 show still further the miserable mIsmanagement
OF mus Collins line, will read from the same paper a
lew OF Inc Items Of expense of navigating these ships,
Of building and fitting them for service. Here they
NJ Collins, appears that the RAINING expense OF these
steamers IL SO a mile. This "a twice much
Y allowed by the British admiralty ia bsis calculations
M ocean navigation They always estimate for guinea
eye does generally that, cxcept the Pa
enc coast Hero Is difference OF halt befven the two
Ines which IL would have been well for Mr. SgwAHD
nave directed his attention to before he made his inagi-
80 ... t...xl.. 81. xt..f. 49,.