The daily union. [volume] (Washington [D.C.]) 1845-1857, 1852-02-18

! have in my previous communications on the subject
of the Collins line OF sea meIs considered, principally
lst Its eminent usefulness
I'd. The reason OF IFS pecunary losses
3D. The fact that, BY alternating with the British (Cu-
nard) line, that loss would be changed into pecunary
profit
4ih The fact tia, by The alienation the govern
would only be reimbursed but derive revenue
by hostages from the Collins line of steamers.
5lh. The necessity OF making new postal arrange.
men, with Great Britain, based on reciprocity.
9Th The great amount OF taxation, in the shape OF dis.
eliminating postage, that would by such arrange.
ment be removed from the shoulders OF adopted cii-
zens corresponding with their friends and relatives in
Europe.
But the cry OF monopoly" raised against the
ers OF that line and it is. perhaps well that il should be
answered This is task easy that take pleasure in
its performance.
In the first place. is there maritime enterprise in the
United States more subject competition than the Col.
Inns line OF steams5f Certainly not. The Collins line
completes with British rivals, who possess the ad vantage
Of experience, long practice, and superior capital and
what is more, il completes with the British government.
which encourages and sustans the British line with pc
cuniay aid, discriminating postages and every other
means in its power No set OF individuals compete
long against government unless they themselves receive
governmental aid.
AS TO home competition, the company certainly has
nome for The simple that their business having
thus far been a losing nobody has had desire 10
share and If the steamers OF the Collins line were
withdrawn tomorrow, nobody would be willing 10 take
their place. for the simple that nobody would be
willing to incur similar losses.
The company in their memorial TO Congress, are will
ing TO surrender their line; II any person, any
ca,ed number Of persons, the government ITSELF wants
10 make money out OF the Cunsrd line Of steamers the
present company will step back, and win feel obliged for
being thus released from its responsibilities. Nay, they
will do more they will enter into bonds to star,
rival enterprise of the sort. IN order that their
cessors may enjoy the whole benefit Of the monopoly
Of competing with the British line, backed by the British
government
But il will be objected that parties willing and able TO
invest several millions of dollars (be Collins line has al
ready invested s3,ls490O in its shps) not easily
found But gentlemen be accommodated on easier
terms million OF dollars of the capital stock OF the
company are not ye, subscribed that five hundred
shares OF 81 900 each still at the disposition of
those who want to make money out of the monopoly"
And so anxious the company TO dispose OF these
shares that they promise to keep their books OPEN and
dispose of the shares at their par value, matter wha,
aid Congress in its wisdom may youchssfe to grant
them
Again: il has been said that the Collins line of steam
ers have been bull, with the money OF the government
This is simply untrue The government has advanced
the company 1855 900, neither less, and the
cash cost OF The Collins line OF steamers, ready for sea-
was S2oi,1f27i. The government, therefore, has ad-
vanced little than ten per cent the cost and
amply secured by its lien upon the ships.
company have rod 81 oso
issued bonds for
they floating debt Of 100000
Together 2Tooooo
Exclusive Of the above government osn 35000
Making their outlay, far, equal 3lstpoo
Losing, as have shown in aprevious communication,
$4,000 on each trip, they sink in twenty voyages
$780, 900, or pretty nearly the whole advance OF the
government.
Under these circumstances. they invite all Spectators
in New York or elsewhere. either TO take the line of their
hands by subscribing TO their stock Mt par 10 share
with them equally the benefits OF their monopoly"