Mr. SHERMAN. It is British in one sense, z because its outlet, Vancouver’s Island, is British soil. This road is to run along our northern boundary, and the Huds on’s Bay Company is just as much interested in its construction as we are. These men have embarked in the enterprise, have built a portion of the road; and now what is the modest proposition made to us at this period of the seseion? They do not surrender their land grant; they do not propose to take their road upon the same stipulations, conditions, and limitations as the Union Pacific railroad, with Government directors and Government agents; but they ask us now to appropriate, what? Nearly twice as much in mono as is granted to the same length of line in the Union Pacific raif road. It astonishes me to see this proposition made. The grant to the Union acific railroad is $16,000 a mile; for a portion of the road it is $82,000 a mile; and for 300 miles only it is $48,000 a mile. That $48,000 a mile is only allowed for 300 miles in the mountains, where there will be probably tunneling; but for the great body of the road the grant is only $16,000, or $32,000 a mile. Now, what is proosed to be given to this railroad which has a ready been enriched by an enormous grant of lands? For 520 miles $98, 900 a mile, more than twice the amount or mile, and for nearly twice the number of miles granted to the Union Pacific railroad. Again, for another large portion of it, consisting of 300 an 20 miles, it is proposed to grant $57,000 a mile; for 620 miles, $32,000 a mile; for 350 miles, $57,000 a mile, making more than twice the rate granted to the Union Pacific; and for the distance over the rairie, where it is confessed it can be easily uilt, the grant of guarantied stock amounts to $24, 900 a mile, while the allowance to the Union Pacific is only $16,000 a mile; so that it is proposed to grant to this company at this session a company that was organized upon the express stipulation that there should be no money aid more than twice as much permile, on the average, as is granted to the Union Pacific, in addition to twice the quantity of land, and that to run a line along ournorthern border, which Canadian and british interests are likely to control. It seems to me that Ought to be sufficient to dispose of this whole matter. But there are other objections to this bill. It introduces, for the 1st time, into our financial history, so far as I know, a uarantee of the stock of a private railroad. his is a 'private enterprise, controlled by private interests, managed by private directors, with no stipulation except that 3/4ths of them shall be citizens of the U.S., and man aged for private interests. The Government of the U.S. has no power over this road. It has no directors or agents in the road. The original bill did not contemplate that the government should take any care or guardianship of its financial interests; the only protection it had was that the land grant was only to be as they proceeded with the road; it contemplated no grant of money; and now it is proposed, without giving the Government any power over the roa, any Government directors or any agents connected with the road, to give this company this enormous grant of money and to introduce into our system of finance a new guarantee. It does seem to me that we have got enough financial securities in the market now; we have got some 20 or 30 different kinds; but here is a proposition to guaranty the interest on the stock of a private company over which we have no contro whatever, and that to these enormous amounts. My honorable friend says that this guarantee does not amount to anything, because the company vnll pay the interest itself. It is not ound to pay a dollar of it until the road is 09:11 QWd By the very stipulations of this bill they have ten years to complete this road, and, I necessary, wevknow how easyitwill be to at an extension of the time; but they are not "and t P88 back one dollar of this interest until the road is completed. Here we may be going on paying interest on this stock guarantied y us, over which we have no control, for ten years, without any stipulation by them to repay it; and when they repay it, do they give us back interest on our interest? Not at all; the only give us back the principal sum that we have paid. The idea that this railroad company will step forward at any period within 20 years and assume the payment of this interest is preposterous, it is idle. Sir, ifthis grant is made this railroad will be built, and it will be the 1st built in this country. The guarantee of stock will more than build this railroad. I wouldpledge all I am worth in this world that I could take this guarantee and with 2/3rds of the amount thus given to the company build the road, if we can believe 1/2 what is said by the surveyors. They admit themselves that 2/3rds of the distance is over a level plain, over a rich country with more timber and coal and with more facilities to build a railroad than on the Union Pacific line; and that on account of the break in the spurs of the mountains the diiliculties there are not so great. I say with this amount of money, reduced to the gold standard and we must expect before these ten years go round to come back to a gold standard or all break up with this amount in old, 2/3rds ofit, the road will be built. before the war broke out railroads in Iowa and in my State were built at from 16,000 to 25,000 dollars a mile, and in Illinois they were built for less than that. Many of the roads on the western plains were actually equipped, comlcted, and run for $20,000 a mile. In this bill the guarantee of stock for the easiest portion of the road, where the country is level, is $24,000, and in the most exensive portion, for the distance of 600 miles, $98,000; a cost greater than the cost of many of the Pennsylvania roads where they must creep along the spurs of the mountains all the way. Now, sir, I say it is unwise legislation for us to attempt to pass this bill at this stage of the session, or indeed at any other stage. We have already involved the credit of the government in the construction of one Pacific railroad, and our bonds are being issued daily for that purpose. I believe, myself, that this railroad can and will be built upon the land grant. I do not think the gentlemen interested in this road ought to come here and ask us to grant money to aid in the construction of this road. It is a violation of the stipulations upon which the grant was made to them, and it is neither reasonable nor right that they should seek to vary the contract. When they talk to us about giving security for the repayment of this money, pray what security is it? To give us a mortgage upon 1/2 of our own lands; to give us a mortgage on the excess of that which they 0t over the other grant to the Union Paci c railroad. How idle and ridiculousl And then there is no pOWer in the U.S. to compel this company to sell this land.