Mr. STEWART. Upon this question of inducement I just want to say a word. In the 1st place, the inducement on the part of the Government of the U.S. to pay this subsidy was in order to start a trade with China. That was the principal inducement to us. The company, in order to carry out the plan, have built larger ships than were anticipated or required by the contract. The subsidy does veiy little toward paying for those ships or paying for running them. The subsidy is u very small matter compared with the whole expense of the company. Their remuneration for the most part must come from the trade that they are to build up. If they can build upu trade itwill be a good speculation; otherwise your subsidy will be of very little account, and the whole thing will be afailurc; it will be a great loss of money. Your $500,000 in currency will go very little toward running these enormous ships on the Pacific ocean. Their reward consists in their success. To secure that success we make the appropriation. If the trade can be built up, out the line can be a success for ten years, we then have the trade established and they need no further subsidy. The question with them, whether they will make or lose money, is a question of success or failure. They have gone to work like men in order to induce success. They have built larger ships than the contract required so that they can carry more coal. Doiu this heav business from China to our coast is an experiment to some extent. The gentlemen who have made this contract have met the question in a very liberal spirit. If they make it a success they will pay back more than tenfold the bounty we give them. If it shall be a failure, we lose our subsidy. If they make it a success, they will be enriched by it and the Government will be benefited. If it be a failure, they will lose money by it and the Government will not be benefited. They having gone to work in this admirable spirit, and their success depending upon speed, as they have to compete with other lines, it seems to me but just that we should meet them in the same spirit. Their interest and ours being identica, their reward and our reward depending upon the success of the enterprise, '1 and the success of the enterprise depending upon the speed with which they can carry the goods, it seems to me we have a sufficient gnarantee. Gentlemen speak of 12 roniid trips. 12 round trips may be sufficient. They may make 12 round trips; but if they can make them in a less number of days you get goods here quicker, and they certainly will make them in a less number of days if they are not sent out of their course so as to consume 8 or 10 days additional time. You do not want any more trips; 12 trips are enough. The only thing is to carry the goods more rapidly than they can be carried in other steamships, either English or French. That is what we are making this expenditure for, and that is the way the investment is to benefit the country, and that is the way this enterprise is to benefit them. As the interest of the Government and the interest of the contractors is identical, why cannot we leave this matter to them? Of all the companics that have tried to navigate the ocean, the Pacific Mail Steamship Company is the best. Ithas been the most honest monopoly, if it has been a monopoly. While Vanderbilt upon this side was slaughtering his 100s by starvation and privations and overcrowded ships, they had large floating palaces, where they were much more costly, and the people of California are Inuch attached to them n feel very much obliged to them. You gav a medal to Van derbilt. I wish I had been in the Senate at the time to protest against it. While he on this side was carrying on his monopoly to prey upon mankind, this company in the for Pacific was having its floating palaces and looking to the comfort of every man. If it is a monopoly, it is a generous, noble monopoly, that the people love. It has undertaken this work in its usual enter rising spirit, and ifwe meet it half way it will always respond. It has got a.history of 15 years that isanoble history. This coni pnny can be trusted; and trusting to the generosity of Congress, it went to work and built ships larger than were required by1,000 tons burden, expecting that this generosity and enterprise would be met in alibernl spirit.