Mr. HENDRICKS. In answer to the Senfrom Nevada I have to say that, according to my knowledge of the law, there never has been a.time yet when a corporation of one State had a right to go into another State except by the permission of that other State. That is the law on the subject as I understand it. A railroad company of the State of Ohio cannot construct its road in the State of Indiana, and it has been by the highest court settled that the power of a corporation is co extensive only with the political power that brought it into existence. A corporation has no existence, it has no life outside of the State that creates it. it is an artificial body, and that artificial body has no life and no power outside of the political power that brings it into existence; and the ‘enutor by voting for this bill admits this to be the law. If the corporations already possess this power, why shall Congress confer it upon them? The very proposition before us to confer the power to go from one State into another, is an admission that without such legislation they do notpossess it. Are Senators prepared now, merely to accommodate some tele rapbing scheme, to establish the doctrine that Congress may say to a corporation of one State, “Go into all the States and exercise your powers?” Mr. President, the bill itself may not be very important. It may be desirable to bring about a competition that will relieve the business of the country from the exorbitant charges that are made; but I think there is a good deal of force in the argument of the Senfrom Nevada [Mr. NgYE] that this bill will finally not. accomplish much. You say to a corporation of NewYork or to a corporation of another State, “ You may build telegraph lines, " and that corporation will sell out, the Senator says, and we are authorized to believe so by the history of the past. But the Senfrom Ohio says that he has provided against that. I ask him the question, can Congress prohibit a corporation having a certain franchise under the law of a State, from selling ontits franchise if the law of the State authorizes it? The senator says that to avoid that he has inserted a section which says that before a company shall exercise any power under this bill it shall file its agreement to the restrictions contained in the bill with the PostMGenl. Then, I ask Senators, will it stand upon the law or the contract? The Senator prooses to make a contract between the Genera Government and a corporation, that the corporation will not sell out; and suppose, instead of selling out it gets up a parade of an organization; it does:1. good deal of printing; it proposes to establish a line; but before it commences building it sells out or is bought off by one of the old companies; how can Congress avoid that? It is simply a provision for a system of ppeculation that has not been equaled hereto ore.