Mr. MCDOUGALL. Mr. President, it was my opportunity to use an instrument on the 1st road that ever carried an engine in the U.S. of North America, very close to where the 2 Senators from the State of NewYork inhabit. That very circumstance induced me to think ver much about these questions. I rode over the ewJersey road when it was young. The Baltimore and Ohio road was projected in 1826 I think; I shall not be exact as to the date. These were great enterprises then. It was not public capital, it was individual capital as a rule that built those great railways that have made such great demon strations in our country. It is true of the Baltimore and Ohio road, which when it was started was a greater engerprise than the Pacific railroad, that when it was projected by a mer chant in that city, whose name is not at present in my memory, but who deserves renown, it was thought to be a wild and insane scheme the attempt to climb the Alleghsniel and doehliveraliue of rail on to the waters of the:0. Mr. President, the observations which I have had the opportunity to make, the lessons I have had the opportunity to learn with regard to enterprise, have convinced me that enter prise should be made as individual as possible; and perhaps in single individuality there is more potentiality even than there is in combination. There is a false tendency in our country to combinations and over combinations. Ispeak of this as a reduction, and with some care ul observation. I do not propose to discuss the question of constitutional power with regard to this proposition; I will only express an opinion. 3 y opinion is that this power does not exist in the Federal Government. If exercised, my opinion is, it would be unwisely exercised.Why should we, when young enterprise has brought forth and has led to great results, by the power of a combination or the millions of our people, interfere with the enterprises that individuals have achieved and undertake to destroy them? No wise reason, no good reason, no sound reason can be affirmerf in favor of it. There may be a reason why individuals may make a few 100,000 dollars out of this great Republic. When they do so, they wrong the millions; they violate great public law; they violate great public policy; and in myjudgment violate the Constitution of the U.S. I say this much in vindication of what I think we must be most careful about, the fundamental law essential to the maintenance of our republican system. We have somewhat departed from it. I think we have departed too far. It would be well that we should pause for a moment and retrieve some of our steps; that we should think not of ourselves or the immediate moment, but think that a nation was not born in a day. Our fathers thought our system was organized to last through time, and we must consider a little that lesson which is worth thinking about by those who can consider. It was once thought in a particular period of the past ages, before the Xdvent, that men were only immortal in their posterity. Let us not think so much about ourselves, but let us try to be immortal in our posterity by doin exact justice and maintaining true prinnciples. I oppose this bill because it is not within the law O our present license and I oppose it because it is inst sound policy. These are the reasons at govern my conduct, and therefore I shall vote against it.