Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1853-03-10

sides this amount, small as it is il
comp4risoh with what it will Be il
the progress Of the work, we are Il
give alternate sections Of public land
equal ia amount to about twenty
millions Of acres, and much more a
many believe. Thus Fe shall have
contributed, at the ye ny COMMENCE
AFNT Of the enterprise, means equiv.
iaIent to $5G,000,000 or $50, GOO,
600, and this is but a small index o
what pay be thefuture demands up
on the Treasury, under the auspices
and favorable indulgence of an inter
ested majority.
"The mex t question ), what ag&n-
cies are to be employed IN the enjoy
ment, direction, and apr ropriation Of
these funds?
"Why, it is to- be coRPoRArIoS,
to be invested with franchise that
may be of immense value, and GER
tainly, in its exercise VI i'll it be ole
OF great power. 1t is 10 be a body
corporate that may WELD the inhl-
.ence of enormous wealth and acquire
a tile to tract Of count ry that may
be regarded as an isthn lus through
the great West to the p acifc ocean,
and thus unite uu der lie influence
ofcapital, two of the greatest sec
tidns of this vast contih ent, having
thf elements to increase and, pefpet-
uate its own power. 4 will WELD
thd lever of modern tim es-m money.
and like the East India
Company in thee4ercise of Its inn
mehse monopoly of peculh iaryfpower,
may nsurp the attribute Is of soye-
reignty. What security have we in
the future against such RESULT
This corporation will / ave every
temptation and indacemeh hit To cont
ply with all the Gondid lions of its
charter, to enable it to a ssume the
condition Which its wealth
and political influence MAY give it, to.
become an '1Dqc,4uja IN ibipal0"
But il is contended by thf friends of
the bill, that by its provi bions, it isl
subject to forfeiture Tor d nohcom-
pliance with the terms and eondi-
lions Of the grant. Del ,end upon
it, Mr. President, there will ben 0 for
fixture if the franchise sh puld prove
successful and profitable, and it is
evident that S50,000,O00hill befrst
expended, before any contingency for
a forfeiture can arise. After that, the
will still lie under legis-
Iative favor, if they have acted in
good faith Recent presidents go
strongly to show the facility with
which Congress Will bestow bounties
10 indem nifty capitalists for any los
ses they have sustained, or may sus-
tain. I es, Mr.. President, I have
ong feen that the Federal Treasury
las become an insurance office, "to
,fldrd indemnity for th e past and Sc
,uritJ for the future In the event
# the enterprise becoming wholly
worthless, there will be no occasion
or any forfeiture, for the corporators
would then be willing to throw the I
enterprise upon the Government, to +
De carried on to completion by the
contribution of unforeseen sums from
he Federal Treasury, fof which they,
r new swarms of spectators; would .
e applicants So that with a be nus
f S5O,9O0,000 or S60,p0G, 900, or
erhaps more, this chartered conlpa-
y, may embark in this undertake Ing,
ith more confidence Of ad vantage, 7,
han of hazard. to themselves I hey +,
i'll begin with the contributions Of
he Government, and may well ltely
pom its guarantees in their fut ure
perations,