Mr. SAULSBURY. I suppose that if congress has the power to incorporate a company it may do everything necessary for that purpose, as the gentleman says; but that is avery ifferent question from the one I am discussing. In the 1st place, it involves the question of the power of Congress to incorporate any such rail to guaranty the payment of 6%. upon road company. To be sure, it’ might giveacor poration authority to cross the public lands not, within the limits of a State. But that is a totally different question from the power of Congress to take money out of the public Treasury to aranty a debt owing to private individuals. go further and say, if on have a right under the Constitution of the U.S. to guaranty the payment of 6%. upon this stock, you have just as much right to guaranty the payment of 6%. upon the bond of A to B. The fact that the interest arises upon stock of a railroad company makes no di erence in reference to the authority of Congress. If you have the authority to guaranty the payment of a private debt when that debt is due by a corporation, although that corporation may be c artered by yourselves, you rave the power to guarant the payment of interest on the bond of a to Adopt this principle and the U.S. becomes the great guarantor of every private debt in the country. I do not say they would do it in practice, but the same principle is involved. Now, Mr. President, is it not time for us to wake up to a proper consideration of our powers as legislators? It cannot he pleaded that we are in a time of war and that necessity, absolute necessity, overriding fundamental laws, requires such an appropriation of money as this, or such a guarantee as this. No such plea can now be available. Neither can the plea that this railroad will be greatly bene. cialfl to the section of country through which it asses, and that it will be of great public use, be available here, because Congress as not authority to do any and everything which may be for the public good. It is time, I say, that we should go bac to something like the ori ginal views of the founders of the Government and institute an inquiry, where do we get the power to do these extraordinary things? I have no prejudice against this Northern Pacific railroad more than I have against the other. I would just as lief see the one built as the other; but I hold that the Congress of the U.S. has no authority under the constitution to pass this act. It as no authority the stock of any'corporation in the U.S. Unless that authority can be shown I think we ought to vote unanimously for the defeat of this bill.