The daily union., 1852-05-14

LIE VI
from passengers and freight amount 70 sass3s so,hus
leaving an average ON tweDtysn nps OF " ioS 80 Lost
government-imespective OF the twenty-five per cent
which Mr. Williams says is required 1hc capital EN-
poyed s about ~ 900 900 IN round numbers twenty
hye per on that would amount TO $3.50 .000 Add
that TO the 1883 so for each OF the twentysx trips.
which amounts $50 IT'S SO. and you have S7s077s 50
as The sum which an intelligent thoroughly uniformed,
and practical man says necessary 10 enable aay line
Of steamers to do fair business and on this but six
per cent profit. mere legal interest, is allowed.
Ii must be remembered, TOO, that he stating the
expenditure for company running their steamers be-
tween Dublin AVID Liverpool where they We're not ex-
posed to the dangers OF voyage the Atlantic, and
therefore did not require The allowance for
and hear Calculating from This. and the estimate ap-
proxmaes within two and half per cent ofthe amour,
which is proved under oath here that this Collins line
have actually expended Is mol then, cooboraiye OF
their statement! le-
will go further will take the other items in order
10 show what is necessary. The manager OF the Dublin
Steam Packet Company estimates from eight TO ten pei
for the purpose o keeping the vessels in running
order lie allowshye per cent insurance In this coun-
Try is SIX per cent Adding the ten per cent 10 six pei
cent we have sixteen per cent Then allowing six pei
cent for proteher profit interest. whichever you
choosc-and we have twenty-five per cent Then comes
the other item OF dehcency that is 10 say five per cent
renovation. That makes twenty per cent the
of The vessel independent OF the running expenses Add
the twenty per cent 10 the running expenses and
you reach the full amount which these parties say they
ii
not this corroborative testimony OF the highest kind II is
given by familiar with steam operations-wh the
conduct OF business of this kind is given without re-
average amount which must be earned over and above
the running expenses That average shows that
these contractors must have hitherto sustained heavy
loss compared with their receipts from all sources and
that the sum now asked for is not in addition to
what they now receive than is equivalent to give them
barely Six per cent interest on their money invested
say then. that the senator's evidence is strongly
corroboative OF the propriey Of making this appropa.
ton.
But there an amendment which has been passed by
the Senate which prevents the possibility of anything
like an exaggerated appropriation. By that amendment
you authorize Congress, at their discretion, 10 withdraw
this increased allowance at any time after December,
1851 the Senate desire to investigate the future
cepts Of the ne they have the right TO order to be done
you find the compensation 10 be too great in the next
two years. have the power TO withdraw the increase
The power to determine the allowance includes the power
to reduce and surely with the loss already sustained
OF hall million OF dollars, there possible risk
that these parties can themselves for that loss
within this brief period of time. The amount Of their
loss trust Congress are not unwilling should be
turned as that would be but just and equitable if
you subsequently determine to abandon your policy.
The honorable senator from Kentucky urges what
seems strange argument against this appropriation He
tells You that this twelve and half per cent is large
bonus 10 grant TO this company he tells you what they
now get-$3s5 900 year-exceeds twelve per cent.
the capital invested He tells you that the proposed al
owance will pay their capital back in four years, and
that paying back The capital OF company four years
thing unhesrd Of in this country II the honorable
senator will take the trouble TO look into the contracts
OF the Post Office Department., think he will find that
the ratio OF allowance dependent upon the amount
Of capital invested in The performance of the service but
the annual expense incurred by the contractor the per-
formance OF his contract And must be Take the
case OF hoTse-servce. horse will cost from Sl25 to
$3.50 His keep, and the services OF driver. Of me-
cessy amount to than the capital invested in the
purchase of the horse What is the result Your con-
tract would be mole than hundred two hundred
per cent. on the amount of capital. Them what is the
n hIp 1en ApV ho
object 10 giving $s5s,00o year TO this company,
because il is nefourh OF the capital that is embarked
tract depends the annual expenditure far than
it does upon the capital invested in the undertaking You
may take your post-coach system and you will find the
principle there You will find the amount paid for
carrying the mail is from thirty TO fifty per cent upon the
capital invested by the contractor carrying his
tract derive this information from the Post Office De-
parment They have no accurate statement OF the mat
ier but they said that there could be doubt about the
fact that the rate paid for carrying the mails in post
coaches was from thirty TO fifty per cent upon the cap
ta The inference is irresistible il the honorable
tor i'll only give TO unprejudced consideration and
therefore his argument falls entirely without weight
opposed to this grant, If there should be other obec
ton to il.
The honorable senator from Virginia has made an es
mate OF the postages in this case with view TO show
how great the loss would be to the govenment in the
future. concede frankly that have not been able to
come 10 the conclusion which has been arrived by
OF those honorable senators who in common with
support this amendment-that il is probable that the
the term OF this contact | do not believe they will Ii
than probable. from the best estimate that can
make, that you will divide with the Cunsrd line, and
that the amount OF your receipts taking the average for
the remaining eight years. will probably reach $500
year II you would improve your laws in reference 10
the transportation OF letters board seagoing vessels
ii you would render them more stringent, and have them
more efficiently enforced az regards the Illicit transport
alton OF letters TO the exclusion OF their transportation
in the mall then think IL not improbable that the future
receipts OF this line might repay the which is
asked But in the absence OF that without any suppo-
sition that any such legislation will be effected. admit,
upon any estimate that can make do not suppose the
receipts will go beyond 100000 year. This would
leave deficiency oi S35s, 900 year. to be paid Of
the treasury. Then would ask the Senate, ia this too
much grant TO line which the great centre
OF our own commerce with the most important CONNER
cia point in Europei
But il has been said that has been the practice 10
make the revenues OF the land service pay the cost of
transportation. This may be true Ii may be the prac
ce regards the whole Union; but what is the result
regards States Perhaps some senators may learn
something OF lesson OF beraliiy from inspecting that
find in Executive Document number 2, page ass,
that, taking the States OF Virginia, North Carolina,
South Carolina, Georgia, Florida, Illinois, Mississippi
Tennessee, Alabama, Missouri, Arkansas, and Texas
the amount OF the cost OF the transportation OF the mail in
these twelve States and above the net revenues of
the department from The postage received in them was
SJ27.563 for the year ending June 30, 1851 In the
State OF New York, the net receipts, and above the
cost OF transportation, were S6p9, ,007 In my own little
State oil Delaware. the receipts double the cost Of
transportation; and The absorbed and more than