Mr. TRUMBULL. Mr. President, I trust that this motion will not prevail, and particularly at this stage of the bill. The friends of the bill have not yet been able to perfect it; and while it is in ComWhole, not fiat reported to the Senate, the Senfrom NewYork moves to postpone it until the next session. I think we ought to be permitted to get the bill in as perfecta shape as we can, coming from a committee of this body, and an important provision of it not yet having been voted upon in the Senate, before this motion is made. But, sir, I trust that it will not be postponed at any rate. If I can get the attention of senators tor a few moments I should like to answer soineofthe objections made to this bill, founded, I think, not in fact. The Senfrom Maine [Mr. Fessnsnss] objected, or raised a question about its constitutionality. The Senfrom Iowa [Mr. GRIMES] objects to this work being done by a company, and the objection is made that this is a novel proceeding; the authority of Congress is ca led in question. I think if the bill is looked at and its provisions understood, there will be no difficulty on that subject. It is no new thinginthis Government, certainly, for the'Government to undertake internal improvements of a national character. We have appropriated money for years to improve the i ississippi river; and what is this at making:1. cans around the falls of Niagara, on one of the greatest, I may say the greatest thoroughfare in this nation a thoroughfare over which 100s of millions of commerce passes annually thb most important in the nation? Have wenotauthority to canal around those falls? We have appropriated at this very session of Congress money to improve the mississippi river at the RockIsland rapids. Does anybody doubt the authority, if it shall be thought most advisable, to make that improvement by canalling around the rapids at RockIsland? If we have authority to make the improvement, then, sir, we have authority to make that improvement in the most effective and judicious manner. But it is objected that a’ company is going to do this. Who made the improvements on the Ohio river, at the falls of teOhio, at Louis ville? How was that improvement made? There is a canal around the falls of the Ohio, and vessels are locked around those falls. Who did that? It was not done directly by the government of the U.S., though the Government of the U.S. invested a large sum of money in that improvement; and how? l l They took stock in the Louisville and Portland canal under an act of Congress passed as long ago as 1826. The SecyTreasury was authorized and directed to subscribe for, and purchase, in the name and for the use of the U.S., not exceeding 1,000 shares of the capital stock of the Louisville and Portland Canal Company. We, at a subsequent period, purchased additional stock in the Louisville and Portland Canal Company; and that improvement was made, and has been in use for years. How does that differ in principle, I should like to know, from the improvement proposed to be made around the falls of Niagara? It is true, the Louisville and Port land Canal Company was not chartered by Congress; but it will not be doubted that congress has authority to create a corporation. We have done that often; and if we could make use of a corporation created by the legislature of Kentucky or of Ohio or of another State, and could become a joint stockholder with the corporation thus created, for’ the purpose of making an improvement around the falls of the Ohio, may we not become a joint stockholder with a company which we ourselves create for the or ose of making the improvement around the alls of Niagara? But it is complained that we have no estimate; that this improvement is to costa great many million dollars. Why, sir, the improvement is to be undertaken b the company, not by the Government of the U.S.; and by the provisions of this bill, until the company shall have expended $2,000,000 the government of the U.S. furnishes nothing. Is there no guarantee in this for the safety of the Government? Again, the Government of the U.S. does not propose to do this work; it is a mere loan to this company. By the provisions of the bill every dollar loaned to the company is to be returned again to the Government of the U.S.; the company is to make this 1st expenditure of $2,000,000 before it receives anything, and then from that time forward the company is to expend more money than it borrows from the Government of the U.S. When it spends $300,000, I think, by this bill it is permitted to borrow $200,000 from the Government of the U.S. After it has expended the 1st $2,000,000, then it must go on and spend 3/5th s of all the money subsequently that is used in making the improvement; the Government of the fiU.S. furnishing about 2/5th s, and that on a loan. That is this bill. Can there be any danger to the finances of the country in passing such a bill? But the Senfrom NewYork tells us that we must wait, wait upon NewYork. He tells us that the Erie canal has capacity to carry 1,000 tons.