Mr. HOWARD. I say nothing about fraud; I am simply talking about their power under their charter, and I say that under the charter of 1864 they have no right to mortgage 9. single foot of their line upon which the road has not been completed and put in running order. It would, however, to be unfair for me to stop at that point; and I beg leave to refer the Senate to a subsequent act passed March 3, 1865, which provides that “ the said companies are hereby authorized to issue respectively their bonds to the extent of 100 miles in advance of a continuous completed line of construction, ” so that under the law as it exists at present they have a right undoubtedly to mortgage their road to the extent of 100 miles in advance of their continuous completed section and no further. How, then, Iask the honorable Senfrom Massachusetts, is it that that company has executed a mortgage upon its whole line, and taken it to Europe and offered it as a security for a loan of money? I have heard of this be fore; it may be so possibly; I will not deny the existence of the fact; but I call the serious attention of the Senate to that fact, if it shall turn out to be such, as one which, according to my idea, is violation of the charter of the company. Isonld dislike exceedingly to see it turn out. to be true that they had placed such a security in any of the markets of Europe as a basis for a loan of money. Another word. sir. By the terms of the charter of the Union Pacific Company they should by this time have raised by regulars assessments upon their stockholders a sum of not less than $20,000,000 for the purpose of carrying on their work. We have a right, therefore, to presume that the stockholers have already contributed out of their private 1 pockets at least the sum of $20,000,000 for the purpose of carrying on this work. I am not able, therefore, to see, I confess, the necessity of their going into the markets of Europe or of this country with such a mortgage, especially as has been described to us, for the purpose of borrowing money. It is said that they have paid out some 16 million dollars in the prosecution of their work. If that be so they ought to have $4,000,000 on hand, honestl paid in by the stockholders, now.