Mr. WADE. I know some of these corporators, and they are some of the wealthiest men I know of; they have been engaged long in the iron business. Mr. Ward, of Detroit, is one, who is very extensively engaged and has been for many years in that business. He was applied to to join this enterprise. It was supposed that it would be a great benefit to that western country, to the Pacific railroad, to the working of the mines, and everything else there, if instead of taking all theiriron from the East and carrying it 1,000s of miles over the plains without any roads or propermeans of carriage, ninnufactories could be erected upon the spot where iron to a large amount might be made. It would be a great benefit to the country, and those engaged in it believe that they could make it profitable to themselves. We are all confident that such an enterprise, if successful, will be of the greatest benefit to the peeple of the country there, enabling them to erect machinery to work their gold mines, and use iron for all the purposes for which iron in a country like that is useful. It is more doubtful in my mind whether it will prove to be a good speculation. Before such men as Ward and some other wealthy men that are engaged in business who are not speculators any more than they can speculate out of a legitimate business would embark in such an enterprie, it was deemed necessary that the company should have a grant of landssomething like this, and for this reason, which will occur to the Senfrom Oregon in a moment: if they should lay out $200,000 or $300,000 and commence operations there in erecting their furnaces and other works, the people about there would see at once, “These men who are premaringto operate thus exten sively will want the timber near by, ” and they would enter upon the lands immediately and have it in their power to put the furnace company n on just such terms in regard to timber or maliing coal as they saw fit. These men said at once, “Although it may be a good business for us, provided we can get the means of working it, we will not undertake it unless we can secure the title to enough timberland to make coal sufficient to carry on this business." Is that unreasonable? I know very well that they will not enter on this business unless they can thus acquire a title. They would be very foolish to do so, because the prosperity of their business would immediatelybe in the hands of strangers that would impose upon them just such terms as they leased in rerd to an essential element without which they cannot make their capital available. All there is in this bill is that it allOWS the entry of the land before the surveys. They may go now if they can find iron anywhere on lands open to entry, and the may enter all the land they please, provide they can pay for it. They could do so in Montana but for the fact that the land there has not yet been surveyed. They cannot enter it for that reason, and itmay not be surveyed for 2 or 3 or 4 years. By this bill they wish barelyto acquire just such a right as everybody will have as soon as the land is lurveyed. That is all there is about it. I hope this explanation will be satisfactory. There is no other speculation in it than the contingency of that business that they propose to engage in being profitable. They can work no gold mines, they can acquire no title to any gel or silver mines, nor anything else but iron: and if there should be coal there they would have the advantage of it. It is not very likely they will find any.