The Secretary read as follows: “I t m o position to the proposed action of Congr‘diiolsnyhiglhlie grround 0n the gropnda“ vested rights, which Congress cannot impair Withoutavwlation of good faith. "The act of July 1. 1862t, o aid in the construction of arailroad from the Missouri river to the Pacific ocean, was intended to induce the capitalists of the country to embarkin the work with their money and their credit. They have dono so most liberally relying on the good faith of Congressnot to impair in any degreethe inducements thus held out to them. In what mannerthe companyhasrespondedto these inducementswill be seen by the following statement: “1. The amount of money expendedand the liabil ities already contractedin carrying out the requirements of the act of Conuress do not at thismomenttall short of $16,000,00o0f, which the Government has only contributed.by a loan of its bonds.$1,040,000. The companyhas completed and equipped overo no 100 miles of road westfrom Omaha, on theMis souri river: it has graded 100 miles more: it has purchased and paid for the rails, ties, spikes chairs, and equipment for the 2nd 100 miles; it has purchasediron for the 3rd 100 miles, and a part of it is now in the courseof delivery: it is laying track)": the rate of mimic a day and it has repeatedlylaid 7,000, 8,000 and 9,000 feet in 24 hours. Itintends to reach Fort Kearney bytho 1stof Octoberand the 100th meridian ot‘longi tude by the 1stof January next. It has confidence in its ability to do so if Congresswill abstain from enactmentsinjurious to its credit and to its securities on which its extensive financial engagementsare m“ade. 2. It is the only company which hasnot askedan extension of time. It has expendedseveral100,000 dollars in surveying and mappingdifferent lines. from the Missouri river to the easternbound aryof California, for the purpose of ascertaining the m"ost.direct, central and practicableroute.‘ Its 1st 100 miles were finished on the 4th instant, and the time prescribedby the act of Congressfor completing themis not y ctended. the existing laws are not interferedwith. it will, at the end of another year.be 200miles in advanceof the point which it is requiredby that act to reach. Its progress thus far has no parallel in the histor‘yof railroads and the companyis preparedto excee in the futurewhat ithus done in the past. “3. The companyis now engaged in negotiations here and abroadfor the sale 0 820.000.0o0foits 1st mortgagebondsfor the purpose of still further accel erating the work and responding to the impatience of the countryto seei ctompleted. Some of its bonds have been usedin raising money. These bonds are protectedby a mortgageon the whole line of the company's read in compliance with the authority given by the act of Congress. “The opinion of eminent counsel in regardto their validity has been given and sent to France, England and Gfli’lnflffilll furtherance of the negotiations referred to. e actsof Congress relating islto the road have also beensentabroad, and one oft o principal objections the company has had to combat is that Congress might modify theseacts and diminish the value of the company’s securities: the objection has beentreatedas c imerieal and the eininent counsel referredtosaysin his 0 inion concerning the validity of the company's bon s, and With regardto such a modification of these acts, that 'it is npt admissible to reason on the possibility of this being done. It would beof the character of asimployiolation of the most ear and expresspublic obligation.’ "The very KTODOEIUOHto make the amendments reported by the committeeis most unfortunate. It imperils the successof the company'snegotiations. If adoptedit would probably defeat them. It would compe the companyto begin them anew and on a new basis, and it would be most prejudicial to the interests of the whole community by delaying the completion of the greatenterprisein successfulprog ress. Its adoptionwould work a still greater injury by destroying confidencein the stability of public laws under which pecuniaryobligations have been contracted. The credit the companyhas gained can only be preserved and the speedyexecution of the W0 fl( ilsl engagedin can only beinsured by leaving EX“lillllallvfli nlgawsstautneadltmeyreodb.jectionsto any alteration in the act of Copgressconcernin this company. I procoed to consider the propose amendmentsin some ofthvir details. "The 1st section would not be regardedin its practical results. of material importanceas proposed to be amended,if it were certain that its provisions would be earried out in good faith by the Union Pacific railway, eastern division, and that this company wouldpot be delayed in its progress. it is open to theobjections I have stated to anya lterationsofex isting laws: and it is fearedthat if the point in view is conceded.application maybe madetoCongressat a fguattuiorensteossionto releasethat company fromthe obli unitewith the main trun of the Union gPoacific railroad near Denver, and for authority to to the Pacific oeean onan independent line . thus constructinga competingroad. All that part of the 2nd section which by implication confines the Union Pacific railroad in its work to acontinuous Railroad ro Ckoemnlpinaen.y’taonedoanuttinhuoerizitesstrhoead Central Pacific till it meetsthe former, is in the highest degree prejudicial to this company and dangerous to the great enterprise it is engagedin. It has been for some mont s in contemplation to establisharolling mill on the easternslope of the Roe mountains in colorado, where coal and iron ore have been found in closeproximity. for the purpose of making rails and laying track in both directions. Thosanie purpose has been entertained in regard to a rollin mi 1 in Utah and examinations have beenmadewit a view to that object. By this meansthe company would be able to work on 3 differentsectionsofitsroad at the same momentand greatly curtail the time required'for its completion. The proposed amendment.by compellingthe companyto confine itselfto “a continuous and unbroken line, would do rive it of the power of thus aecclcratin the work y preventing it from dividing its woring force. exce it when temporarily delayed by the construction 0 a br“idge or tunnel. It is earnestlghoped that a proosition so much at variance with the interest oft 0 company and the country, and so calculatedto cpunteraet and disappoint the emblie expectation, will not receive the sanction of congress. " But the authority given to the Central Pacific Railroad Company to ‘eontinue their road east ward' until they shall meet and connect.&c is open to still graver objections. It is a legislative intr pretation by Congressof a preexisting act, or it is intended to confera new authority '; in either point of new it can be regarded in no ot or light than as klllinvasion of vested rights which this company has acquired under the actsof Ju y 1, 1802. an July 2. 186la. lltho arrangementsof thiscompanyhavlbeen llllltlOon the basisof those acts. To c iango it would not only impair the value of the ver large inVestments, amounting to $16,000000.whic this company has made.but it would an anger the negotiations referred to, and any other whieh might e taken under hereafter.by destroying all confidence in the stability of public legislation. This companyraises no questionas to the interpretation of eXistinglatvs with the Central Pacific Railroad, and will scrupulously respectany rights which the latter may have acquired under them. It only asks that all such questions ma be left to besettled when there shall be“a raetica necessity for consideringthem. ie interposition of Congressin the manner proposed by the amendmentsis unnecessary and uncalled for. The Central Pacific Railroad Company is only required to construct 25 miles of road perannum, while this company is requiredto construct100 miles perannum. It mustbe several years before the former company can complete its road to a point 150 miles eastwardof the eastern boupdary of California; and if therewere nolegalobjectionsto this branch of the amendment, it would bemost unwise on the part of Congress to interposein anym anner betweenthe 2 companies until it shall have se en which of them is most likely by its dingence and its pecuniary ability to carry out the objectsof the grant and to respond most effectually to the desire of the country to see the work completed. In conclusion. I desire to suggestthat the Union Pacific Railroad Company is the only one in which the Government is represented b 5 directors appointed by the POTUS., and that these gentlemen. who are of high standing who have the public interest alone in view and who are thoroughly conversant With the condition of the great wor confided to the company.would not fail tifo advise Congress through the proper dept. therewereany necessity for its interposition."