Mr. SHERMAN. There is one idea that ought not to be forgotten. This company or any other company starting in the telegraph business has got to enter into competition with a powerful consolidated corporation, with a' capital stock of from 45 to 50 million dollars a company now receiving a gratuity from Congress on a line from here to SanFrancisco, with their agents scattered all over the U.S., with their arran cinents made with the railroad companies t roughout the U.S.; and it is no idle task for any new company to enter into this kind of competition. I do not wish to so it to discourage anyone, but the probability is that in such a competition there will be a good deal of capital lost before the business is put on a stable footing. We know, as a matter of history, that the U.S. company and thQ American Tele graph Company, Ivbelieve, both started as rival institutions to other companies, but they are now all consolidated in one 'great company; so that any company entering into the race must expect to meet a powerful conipetition. It has been shown by the experience of tele graph companies that u line established even on the most favorable location, say between Washington and Boston, startin alone, would not be able to compete with these powerful companies, because they can do all the business of telegrapliing between these leading points for nothing, and so drive out of existence the rival company, unless that company is able to extend its branches to the leading cities of the U.S. Some of the gentlemen connected with this National Telegraph Company organized in N NewYork are men of property and wealth, who have embarked in this enterprise, and they intend to take this hazard upon themselves in order to make this competition with a view to establish a telegraph line. This bill provides that after they have established this line, they shall not do as other companies have done, sell out to the existing monopoly, but shall continue to stand upon their own footing as an independent company. At the same time we reserve the power in Congress to alter, amend, or repeal their charter, or so give the same rights and privileges to other companies. Now, I say, as an individual Senator, not representin the committee upon this matter, that unless it would tend to weaken their effort to create a company, I would be perfectly willing to see this privilege extended to all tele graph companies, including the present one; but I do not think it is exactly fair, under the circumstances, now to give this privilege to an existing company who are seeking to monopo lize the whole business, and who do now mo nopolize the whole business, when it is mani festly the interest of the Government to build up new rivals to compete, if possible, with the existing corporation. I am willing, however, to take the sense of the Senate, without any' further debate upon the question, whether they desire to make this legislation general or special. My impression is, that it would accomplish the object of the bill better to confine it to this one corporation, and then to extend it gradually if other companies desire to enter into it. But if it is the sense of the Senate to make it general now, I am perfectly willing to abide by that decision.