The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-02-04

Uaughter.) II Is right to say that, after the examine
ton was completed ] felt cor strained to believe that
my confidence In bis inner integrity. / tboueht he VAS
in unfortunate hands, and might well excls,m, Weaye
me from my friends" The examination was conducted
Mr. TnuRsros, (eem) Of r. IL was present during
the examination az Mr.. Colt. He seemed to be some.
what excited-whetber with disease or drink l don't
Mr.. I.xrcBER i should rot have made any reference
to this, but for the illusions of the gentleman from Con.
Hr. EpSrRToS, (sem) OF Ohio. doubted not that the
members of the House sometimes get a little confused
after the dinner he uE, QsuRbter,) and therefore ought
not TO be so particular. The actin OF the Select Com.
mittee amounted to po'h,ng. IL will sink into ~fcrgetful.
ness. a have all other investigations. TIE committee
was notoriously a failure. In 1881. Mr.. Colt invented an
operating arm, but, owing 20 the dihcuities In construct
ing such q weapon as could be used with safety, did
not receive a patent until 1880. Mr.. Colt and his
friends we're incorporated by the New Jersey legislature
In that year as q patent arm manufacturing company,
with an auths rized ca pitsl OF three hundred thousand
dollars. two bupdred and thirty thousand dollars Of
which was subscribed. The company went into opera"
ton, but ,be apital was exhausted by the great dihcuity
in manufacturing the arms. Af,er SIX years the armoy
was sold by n decree o. the Court, leaving Mr.. Colt
heavily in debt. In 1870 the pateot was renewed, and
Mr.. Colt recommer ced manufacturing, in o small way,
arms for the government From evidence presented, he
has invested all he could command, between three and
four hundred thousand dollars, TO perfect his plan land
machinery, so Us 10 produce n perfect arm, which would
not ,be worth De-dfth the sum for any other use. imi-
tations OF Colts pistols ar made Of cast iron aud otbe i'm
perfect material, at n much less cost than the genuine, 80
as to deceive the purchaser, and they are ~dangerou to use.
Mr.. Colts pistols are all forged cast ste.1, perfect in all
their parts, and fully reliable Such arms as he manu-
features cannot be made except by machinery equally az
perfect and expensive as his, lmitators will not incur
the expense. II the patent shall he extended, he can 60
on perfectipg his machinery, AMI manufacturing an arm
more reliable and cheaper than any other. defy
ing competition. II not, ne win be driven from the
Of his entire capital. TIE price in 1888 for the pistols
was forty five dollars. It IL now sixteen dellars. Tho
object Of the patent Ia IS is 10 benefit the puOhc by
encouraging men OF genius to ex. rcise their time ener-
pies and talents, and the profits Of an In vension should
be proportioDate 10 the public benefit. He showed the
great extent. government has been benefited by this In
ventior, saying Mr.. Colt devoted twenty two years to IL.
From 1881 to 1849 he has never received Q dollars aid
from government, while be ard hs friends have sustain
ed a loss Of two hundred Thousand dollars. By the ex-
tension Of his patent, which Is nos asked for, he seeks
to reap the reward OF his labor.
Mr.. Edp erton, without concluding his remarks, yielded
the floor for a motion for the committee to rise, which
prevailed, when the House adjourned.