Mr. SHERMAN. The Senfrom Maine has very correctly stated thatI was opposed to the passage of this bill when it was under consideration before, and that I have not changed my mind. I have no objection to the character of the company who undertake this enterprise On the of the r hand, I think the gentlemen engaged in it are men of capacity and have ample means to execute their purpose. My idea is that within a very short time I hope within a year or 2 there will be an entire revolution in the system of telegraphing. As it is now, it is only a luxury for the rich. A dispatch of ten words to my own State costs $1 75 to the citizen who sends it, while probably the real cost to the companies does not exceed from one to 2 or 3 cents a word at the outside. The receipts for telegraphing in the U.S. annually are probably equal to the entire cost of all the telegraphic lines. That this system cannot continue, that some change must take place soon, I believe every man engaged in business is thoroughly convinced. private enterprises will. even at a disadvantage, compete with existing lines, unless they are finally bought up as has been the case in very many instances. There must be some way of reducin the cost of what is now an absolute necessity in modern existence, telegraphing. I have no doubt that the some history of progress in the reduction of telegraphic charges will exist and continue for a few years to come as we had in the postoffice system. Within my recollection, a letter from NewYork to Ohio cost 25 cents. It is now reduced to 3 cents, and that is the price for conveing a letter to California. I have no doubt the same system will exist as to telegraphing. It is the cheapest mode of transit, and requires the least capital of any mode of transportation. Railroads, stage coaches, turnpikes, canals, all require a vast outlay of capital, but telegraphingis the cheap est possible mode.of communication; the least capital is required to be employed for the length ofline, and therefore the price of tcle graphing will gradually go down. with the improvements of the age, with competition, probably with the assumtion of telegraphin by the Government of the U.S. I have no doubt that that will occur in a short time. My objection to this bill was not to the enter prise itself for I was in favor of it bnt it was to the monopoly character of the proect, the granting to a private corporation in teState of NewYork of a sole privilege. It is true it was answered that this was somewhat modified by the right of Congress to repeal or change the law; int it seems to me that it is always a difiieult thing to change such a law. After men have embarked in an enterprise of that kind, there is always an appeal, at least, to our mag nanimity and liberality, not to deprive them of a franchise under which they have invested their money. I do not know whether any cases have occurred where Congress have chaed or modified a private charter of this kind. hers maybe many such cases, but I know of none; and ! am sure it will be very difficult indeed to change and modify this law. The only objection I had to the bill was to the exclusive character givan to this corporation; but that objection is made worse now, by one of the amendments proposed by the HoRep. By that amendment they have the right that is the limit, and they will undoubtedly exercise it to charge $3 50 for ten words, from Floridato Cuba 100 miles of submarine telegraph. Gentlemen are well informed as to the cost of this submarine telegraph; how much it will cost permile. It is manufactured in the U.S., and an estimate of the cost can be readily obtained. It should be remembered that this line may become the only mode of communicating with Europe. It is probably the most feasible line that is now proposed; and if the projected line between Ire an and Newfoundland should fail again this summer, this probably will be the only interocennic telegraph. We know, also, that the French Government are now engaged in ressing their lines alon the African coast, an expect to connect the gFrench possessions in the Vest Indies by oceanic telegraphs, and then this line would connect with those. In view of the importance of this enterprise, it seemed to me that it was not wise to grant this sole and exclusive privilege, and especially to at a limitation which is an invitation to charge g3 50 for every message sentacross 100 miles. As a matter of course the cost of the message from the connectinglines to the southern coast of Florida will be added to the cost of the message from Florida across to Havana; but the cost of communication will be in the hands of a single company without any rivalry or competition. It seems to me this ought not to be granted. I therefore felt m selfjustified In opposin this measure in all its various stn es, an I think now the best disposition will be to send it to the committee that has charge of this matter. I will state that that committee is now pursuing its investigations. It is in correspondence with all the existing companies with a view to get the basis of the cost and expenses of communicating telegraphic information. 1 do not, however, wish to fiave this referred to that committee, although I believe it would be better to let it lie on the table until the committee report and the subject is disposed of. I think that if the majorityl of the Senate are, still of opinion that this bi ought to pass, the better way ivould beto have a committee of. conference and have, if possible, a reduction of the maximum rate.