Mr. BINGHAM. Mr. Speaker, I do not know, in view of the many and various objections which were urged to this bill as oriually reported by the committee, that I woulglhave been willing to have given my vote for it in the form in which it 1st came into the House, for the reason that the bill, by reason of the General terms in which it was reported, was liable to mise onstruction, and possiblliable therefore to the very objections urge against it by some of the gentlemen who have spoken. But, sir, in myjudgment, the substitute which has just been read to the House removes and silences ever objection that has been urged by gentlemen who have heretofore spoken against the adoption of this measure. I agree with gentlemen that it is the duty at all times of the Representatives of the people to guard with jealous care the Treasury of the nation. Assuming that position, and agreeing to the fullest extent upon that point with honorable gentlemen who have spoken against this measure, I beg to say that it is capable of absolute demonstration that the substitute which has just been read in the hearing of the House, in any event, whether this company goes for ward with this work or abandons it, guards the Treasury of the nation and puts money into it. The act of 1864 has passed for the time being beyond the power of this House. Rights have been vested under it. No forfeiture has arisen. The time has not expired, as was suggested at one time by my honorable colleague, [Mr. Datum] but which I believe he afterward corrected the time has not yet expired which was fixed by the terms of the act of 1864, within which the corporators could exercise the privileges secured to them by that act. Nor does that time expire, by the terms of the act, until the month of July next, within which time these corporators or their assignces, whoever they may be, may secure to themselves beyond the reachof cure on the part of this House the great franchise provided for in the act of 1864. Now, what change is wrought in this legislation by the substitute as now presented to the House, and which I hope will pass, if for no other reason than that it so materially changes the existing act as to give additional security and make assurance doubly sure that this great road, the need of the country, will be speedily constructed? The pending substitute does this, among other things: it enables the Government of the U.S. to reclaim at once and hold as a security for the construction of this road which all members will admitto be essential to the prosperity of the country and the development of its resources in the Northwest all the lands contained in the original grant of 1864, lying south of the line of survey from the shores of Lake Su e prior to the shores of the Pacific ocean. he amount of land thus reclaimed is variously estimated on this side of this House and on that side. I have not stopped myself to make the calculation, but 1 am informed by one of the members of the committee. who has given his attention to it, that the amount of land thus reclaimed for the purpose of constructing this i read is not less than 23 million acres. What are the additional guards thrown into this bill by the substitute, and which, I say, remove the objections which gentlemen have urged here against it? The substitute provides that the Government of the U.S shall not ledge one dollar of credit to the payment for the construction of any part of this road, as the Gentfrom Illinois [Mr. Wssmnmss] ured yesterday, and urged not without some (:0 or of authority from the text of the bill as it was orinally reported. Sir, the substitute is guarde as caretully as human language canard anything, it limits and restricts the SecyTreasury so that he can never issue the pledge of this Government save when the company shall have 1st constructed 25 consecutive miles or more of this road, and then the pledge is only to extend to the number of sections so completed. In the 1st division of the road, upon the construction of 25 miles or more by the company, and the full completion thereof as provided by the provisions of the original charter and of the pending substitute, the SecyTreasury is to issue the pledge of the Government for the payment of the interest upon 200 acres of the stock of the road permile, to the extent that the road shall be so constructed, and after its completion, and not before. As the company proceed with the work, by the construction of additional sections of the road from year to year, the pledge of the interest is only to be given under this limitation: for the rst year, not more than 50 miles; for the 2nd year, not more than 100 miles; for the 3rd year, not more than 200 miles; for the 4th year, not more than 200 miles; and thereafler not more than 300 miles peryear till the whole road is completed. The SecyTreasury is to proceed to pledge, subject to these limitations, the credit of the Government, to guaranty the interest only upon the stock of the road, under the further limitations within the 1st division, which extends from the eastern terminus to the 101st meridian of longitude, at the rate of 200 shares to the mile and no more. This, sir, is not a pledge of the Government, as has been asserted over and over again in the hurry of debate, to pay the stock or any part of the stock. It is to pay the interest, and only the interest, semi annually, from and after the date of the pledge, and not ante dating it at the rate of 6%. for so much of the road as shall have been constructed, and only upon 200 shares of the stock permile within the 1st division. The original charter fixes the amount of the shares at $100 each. What, then, is the whole amount which the Government of the U.S. is liable to pay as interest semiannually upon the 1st division of this road, as the same may be completed? It is but $1, 200 permile; that and no more. I hope the House will not mistake me in what I say here $1, 200 is the interest 181mile on 200 shares to the mile of the eastern division at $100 pershare. The interest perannum on the eastern division is $1, 200 permile, and no more, over the whole division. The gentleman [Mr. Farms wowru] says that it makes $24,000 in 20 years, but 1 ask him to remember his words of yesterday, which did injustice to his own intelligence, when he intimated that under this bill we were to allow the company this mag nificent rant of lands on the north side of this re and construct the road, too. Who ever before heard, in this country, of $1, 200 building a railroad to the extent of a mile? Why, it would not supply the ties, to say nothing about grading the road, to say nothing about constructing the bridges, to say nothing about furnishing the iron, to say nothing about the work necessary to lay it down in its place, and to say nothing about the equipment of the road, all of which is provided lor in the original act of incorporation, and by this bill is a condition precedent to be dperformed by the company before the U.S. gives its pledge to pay $1, 200 permile perannum. What I have just said applies throughout the whole extent of the eastern division, a distance of about 380 miles. But. says the gentleman, that will be $24,000 per mile at the end of 20 years. So itmight be if. the Government in all that time received no returns either from the proceeds of the completed road or the sale of the lands. But, sir, upon the hypothesis that the company would build the road to the extent required by the law, and we are not to issue this p edge until the company does this when we secure 25%. of the ross proceeds of the road as is provided in his hi i, and have the absolute control of it, the road our great inland sea, Lake Superior Itouwchoiunlg ike to know whether one 4th of the gross proceeds of the road would not pay the interest at the rate of 6%. upon 1/2 of the cost of its construction. I undertake to say, sir, that under the limitations of this bill, the Government does not assume to pay more than the interest upon 1/2 the cost of the construction upon the eastern division of the road. 1200 dollars permile is but the interest on $20,000, and who believes that less than $40,000 will build and equip the road in the manner required by the orignal act? But if 25%. of the gross proceeds of the road would not be sufficient, what remains? Some 12,000 acres of land to en h mile on the south side of the road, in addition to the 25%. of the gross proceeds of the completed road are reserved to the Government to secure the Government on its pledge of $1, 200 annually permile. The other Gentfrom Illine rs, [ML Wasmwnxs] in arguin" this question yesterday, objected to some of the provisions of the 3rd section on the ground that the covenants were not mutual between the corporation and the Government; that the bill contained no provision which would enable the Government to enforce the security provided for its protection. On that point Fask the attention of the House to the consithration of the fact that by the substitute just read the 3rd section has been struck out. Hence that objection falls to the ground, especially in view of the other promsion contained in the substitute, that if the corporation shall fail to pay the interest for a period of 90 days after the maturity of the obligation it shall then be within the power of the rsasurer of the U.S. to proceed to sell every acre.of the 12,000 acres adjacent to each mile of the road seconstructed and on the south side, and put the proceeds into the Treasury of the U.S. for the purpose of reimbursing the Government. Upon a showing of this sort, I submit to n tlemen that there is no room here to cavi on this question of security, entire security, to the Government for this pledge of interest none at all. I admit that there is a higher rate permile laid upon the Government in the mountain district, which is the 2nd or 3rd division. But when gentlemen look into this question, they will find that, view it as they may, unlem history altogether fails to repeat itself in this country in relation to railroads, it is utterly impossible that the Government of the U.S. can ever by possibility be a loser to the extent of a single dollar, in the event of the construction of the road, and without its construction by the company the Government in curs no liability whatcver. The provisions of the bill pending simply secure the construction of the road by the company or the forfeiture of all the privileges granted by the bill. In order that gentlemen may fullyapprecinte all the provisions of the pending substitute touching the other divisions of the road, I ask their attention to the further provision of the bill, that upon the 2nd division of the road, there shall he pledged by the Government the interest n on 250 shares permile for a distance of 620 miles, when completed by the company, and which. being carefully comuted, amounts to $1,500 annually permile. et gentlemeu consider that, before the 2nd division of this road is reached at all, before one dollar is pledged by the Government of the U.S.tntes toward the payment of interest u pollone rod of the road to be constructed within the 2nd division, on will already have in run ning order a roadof 380 miles runnipg from the shores of Lake Supe nor westwa. Is any gentleman going to tell me such a road as that, in full operation and thoroughly equipped by this company, with 12,000 acres of land to every mile of it, to be sold in the event of delay to pay the interest of this debt; that the Government of the U.S., with the proceeds of these 12,000 acres of land to each mile of the road and 25%. of the gross proceeds of the road, cannot pay interest upon 1/2 the cost of its construction or $1, 200 peran num upon each mile of the completed road? If that could be so, a railroad would never be built upon this continent. Never, sir.