Mr. NYE. In the 1st place, for the nation, ferone of these contracting parties, the company add 1,000 tons to their ships so as to bid defiance at least in their ships to those of other Governments. There they have given us1,000 tons on each ship more than they agreed to do. I say for this manlyeffort on their part to make it a success they are entitled at least to a fair consideration upon the other thing that tllie ask, to be released from touching at Hon 0 u u. Sir, it is true, undoubtedly, that we as a people have not paid that kind, nursing care and attention to the interests of the SandwichIslands that we should. Other nations. more careful, more vigilant, more Argus eyed in looking at its advantages, have been doing it. But, sir, the trade and the commercial importance of the SandwichIslands sink into insignificance in comparison with the great trade for which we are reaching. A Senator upon this floor, who is now dead, uttered a great trd‘th when he said that for 200 years the nations of the earth had been seeking for the natural out let of Asiatic production; and, situated just as we are, in the center of the commercial world, everything has got to go over or go around us; and this nation, with a due sense to its own interest, in a time of war, when the country was in great commotion, exhibited great sagacity in stretching forth its power and resources to construct a railroad across the continent that would complete this great work of determining what was the natural outlet of Asiatic production. I regarded this measure, when we adopted it last year, as the beginning of the end of an effort that would be success ful. Already we see, on both sides of this continent, on both ends of the great Pacific road, unparalleled exertions to complete the work that will solve this great problem of the natural outlet. This line of steamers to China and Japan is the ferry from the end of that railroad to the boundless riches and commercial wealth of the Indies, of China, and Japan. The great depot of American commerce will be beyond the Pacific. There will he congre gated the productions of that rich country, increasing with the facilities for outlet till no human being can compute the magnitude and importance of this great work. understand the amendment of the honorable Senfrom Massachusetts to be to deduct $50,000 from this subsidy, and then release them from this portion of their contract. Mr. President, as a matter of sound economy I submit to Senators on this floor whether that would n“ot be practicing and reenacting the old saying Penny wise and pound foolish.” If the trade of the SandwichIslands is valuable, as it is, the paltry consideration of $50,000, Isubmit, with great respect to the judgment of the Senators who have addressed the Senate on this question, is not at all to be regarded for a moment. The subsidy that this direct line has ot is none toov much for the magnitude of the labor they are to perform long voyages, full of peril, in boisterous seas, under inc einent skies the most dangerous navigation of the world, where any day one of these proud ships that look so defiant at the wharf may be made to dancelike a cockle shell before the power of the tornado. The company is liable an day to lose 1/2 its investment. I submit that if the Senfrom Maine and the Senfrom Iowa were partners in this great comny they would not t iink the subsidy too much. Sir, I would let this subsidy stand. The Senfrom Maine says it is the contract. Yes, sir, soit is. This company, I think, meet that question in a manly spirit when they c“ome up to the other contracting party and say We have contracted for more than we can do; we can do a portion, the large portion, the main portion of this great work; but we find it impracticable to execute some of the details.” Under such circumstances what is the part of wisdom forthis Government? Isit to abandon the whole project and let go this rich prize which is already reaching out to us? By no means. I would hold on to the promising treasure that i so clearly seen; I would hold the main point if Ihad to let some of the mine r oints go. Sir, it would be a little matter to this Government in view of what I conceive most honestly to be the present and future interests of this country to subsidize another line to control the rich productions of the SandwichIslands. That is comparatively a short trip, and the subsidy would be much less; a.different character of ships better adapted to that service could be put on with a small subsidy, and that would insure a growing harvest from both fields. Mr. President, I did not believe when this measure was passed thatwe had done with the great commercial interests of the Pacific ocean or the countries lying beyond it. By no means. We were just entering than upon the pathway of future commercial greatness. It was the 1st step, and our flag was to be seen for the 1st time in those distant seasin an organized commercial line that was calculated hereafter to control that great trade. I hope that the Senfrom Maine, notwithstandin the contract is as he states, will, with his wide scope and clear vision that watches so carefully the interests of this country, both present and prospect ive, when he coms to contemplate it, see that it would be now e to cut down this subsidy, and unwise to compel the company to perform the contract so as to lose these great commercial advantages. It is a fact as clear as the sun beam at noon that that line which goes the quickest will control; time is everythin in these commercial transactions; and ten days lost to the commercial world would ruin this enterprise. Trade will take the line that goes the quickest and is the most direct. The great question is now submitted to the Congress of t iis nation whether we shall compete in point of time and adopt other measures to secure the great commercial advantages of an intimate connection with the East. 1 think the Senfrom Maine will see that it will be far better to give a subsidy to a smaller class of vessels making quicker commercial trips and have a more intimate connection with the SandwichIslands, than it would be to cut down this subsidy or to compel these contractors to perform thatlabor, the performance of which destroys the great prime object of this subsidy, to wit, the control of the trade of the Indies. I trust that senators will look at this question as a question of great commercial interest; and if this contract can be so varied, so altered, so changed as to be both a benefit to the contractors and a benefit to us as a nation, that measure will be adopted. Sir, it is a great work, and I hope to see, indeed l believe I shall see the day, if the government acts in that spirit of liberality which is due to the importance of this measure commercially, when our own steamers and our own cars will take the productions of China and Japan and put them down in our own bottoms at the different ports of the world upon the eastern continent. It is no stretch of fancy when I say that I expect to see it. From our position we should be the commercial masters of the sea, and all that is requisite to put that control, so full ofimportance, into our hands, is to act in a spirit of generous, manly liberality, with n generosity commensurate with the importance of the object to be attained. If we do, we shall realize the brightest hopes and fondest anticipations of our future commercial greatness.