Mr. HOWE. I supposed that I was in favor of this bill; I certainly am in favor of the construction of n road to the Pacific through the northern portion of the U.S., and I supposed that such a bill was before the senate as I could support. The Senfrom NewHampshire, [Mr. CRAGIN, in the remarks he made yesterday, gave me the 1st intimation I had that there was anything in this bill that was speciall Objectiouable. Since then I have examined tic ill, and without some pretty serious amendments I shall be obli ed to vote against it, and I propose new to indicate what those objections are which I wish removed. I hope the Senfrom Michigan will give me his attention, if no one else does. In the 1st section of the bill it is provided that the U.S shall guaranty the stock of the company. “ Whenever and as often as the commissioners named in the 4th section of the act of incorporation shall report the completion of 25 or more consecutive miles of said road, " the SecyTreasury is requested “to pledge the credit of the U.S. in such form as the SecyTreasury shall rescribe, to the payment of the interest 0ft e stock of the said company on the portion of said road thus completed, and at the rate permile hereinafter specified. from the date of the issue of the same and for a period not exceeding 20 years from the date of said issue." In other words, whenever the company shall have built 25 miles of road the SecyTreasury is authorized to guaranty the stock of the road equal to the construction as estimated hereafter in the bill, and guaranty the interest on that stock from the date of the issue of the stock; so that if on the organization Of the company the company shall issue the whole $150,000,000 of stock receiving the smallest% age down and subject to call hereafter, whenever the last 25 miles is completed, then for a certain amount of that stock, although it may not be completed for 15 years from this time or from the time the stock is dated, the Secretary is called upon to guaranty interest It on it from the date of the issue of the stoc. I think it is sufficient if the interest on this stock is gnar autied from the date of the completion of the section, and I shall move to amend it in that particular. I