Mr. HENDRIC S. I do not think it is a question of policy; nor do I think it is a question whether this bill is within the letter of the Constitution; but I think it is a question whether this bill is within the spirit of the Constitution. The Constitution simply authorizes Congress to legislate for the DistCol. We know that this legislation is not for the DistCol. We know that it is to create:in artificial body to travel outside of the DistCol, and obtain the assent of the State to exercise the powers that we confer somewhere else than in the DistCol. But, sir, just what this corporation can do it is a little difficult to say, from the reading of the bill. I do not know where all the corporators live. It proposes that John Ford, George D. Williams, and others perhaps they are citizens of the District; I do not know be “authorized and empowered to receive subscritions to the capital stock 0fa company to be enominated the Metropohtan Mining and Manufacturing Company, ” and then the hill directs how they shall be organized, and how the affairs of the company shall be conducted. Then the bill provides, in the 6th section That the (presidentand directors are hereby empoweredan fully authorized.on behalf of said company.to purchaseand hold bydeedfora term certain or in fee 8|mpl8 llln(15 and other real estate and to carry onthe businessof mining for ironore and other native minerals and manufacturing and preparing the same for market; and to issue bonds not exceeding onehalf of the capital stock, upon such terms as maybe deemedfor the bestinterestsoftho company. The 7th section provides That the (presidentand directors are herebycm poweredan fully authorized.onbehalf of said compang', to lease demise.bargain.sell. and conveyiiny an s and real estatewhich may be owned or heldby said.company, and to execute and deliver to par chasers goodand sufficientdeedstherefor. The 6th section undertakes to describe the scope and power of this corporation to purchase and hold land, without imit and without location except at the pleasure of the company. It is not to acuire and hold land in the district of Colum in, but wherever they desire to purchase land; and then the next section authorizes them to sell any of these lands. Thus, under this charter, this, company propose to accomplish what that magnificent scheme which was before Congress 2 or 3 months ago was proposed to accomplish the National Land Association scheme; a grand combination ofwenlth to speculate in lands. Now, is it the purpose of Congress to authorize any company to become, without restraint, the owners of the real estate of the country? I do not know of a single State in the Union in which such a policy is tolerated. In the States in corporated companies are restricted in the acquisition of real estate to the purposes of the coman. They are not alloive to buy and sell Fang for the purpose of speculation. But where are these parties to mine and to manufacture th eir minerals? Not in the district, I take it; but they are to secure the consent of some State to do it in that State. Then we come back to the question, whether it is our right, under the spirit of the Constitution, to organize an artificial body, not with the purpose of doing anything in the District of Co uinbia, but for the purpose of doing something somewhere else; to create an artificial body, that that artificial body, in the name of congress, may emigrate, leave the DistCol, and live and exercise its powers in one of the States of' this Union, with the consent, I admit, of the State. I am not right sure that the assent of the State is necessary to enable an incorporated company to hold real estate. Is that entirely clear? I do not know; I would not say, without an examination of the question. Are Senators entirely satisfied that an incorporated company of the District of CO lurnbia cannot become the owners of land in Illinois and in Indiana in the absence of an express prohibition of the State of Illinois or of the State of Indiana? Their ordinary powers cannot be exercised outside of the State or district where they are created. My objcction to this bill is, that it proposes to make an in corporated company, not for the purposes or immediate necessities or wants of the DistCol; in other words, it is not legislation for the DistCol.