Mr. HOWARD. Mr. President, the Senfrom Massachusetts has remarked that the Union Pacific Railroad CompanyY have executed amortgago upon theirentire inc of road, and that their agents are now in Europe for the purpose of negotiating for a loan of money based upon that mortgage. I should be very sorry indeed to see any not passed or any attempt to pass an act which should alfect seriously the credit of the Union Pacific Railroad Company in Europe or in this country; I should shrink before such an attempt and be extremely unwilling to be a party to it; but I wish the Senate and the country to be clearly informed upon this very delicate point in their case. Now, Mr. President, what are the rights of the Union Pacific Railroad Company in reference to mortgnging their line of road? Letus understand it clear], and let the world understand it clearly, an let us endeavor to prevent any mistake or misapprehension upon a pomt of so much importance. By the act of 1862 that company was not allowed to mortgage its road at all. The following was the language of th"e statute: That for the purposeshereinmentionml. The SecyTreasury shall upon the certificate In writing of said commissionersof the completion and equipmentof 40 consecutivemiles of said railroad and telegraph, in accordancewith the pilovisions of this act, issueto said company bondsof the U.S. ot $1,000each, payable in 30 years after date, bearing6%. interest ier annum said mterrgst payuble soini annually which intorest moy bepaid in U.S.Treasury notesor any other moneyor currencywhich the U.S. have or shall declarelawful money and alegul tender, to the faomrtoyumntil of 16 of said bondsfor each section of They were required by that act to complete a section of 40 miles before they were to receive any subsidy from the U.S., and on the completion of each section of 40 miles they were to receive $16,000 permile in Government bonds as a subsidy. By the act of 1864, section ten, the law upon the subject has been modified, and reads in this way: “That section 5 of said not be so modified and amendedthat the Union Pacific Railroad Company, the Central Pacific Railroad Company and any other company authorized to partieipate in the cunstruetion of said roadsmay”Here is the language to which I desire to call the particular attention of the honorable Senfrom Massachusettsmay.on the completion of each section of said road, as provided in this act and the act to which this actis an amendment, issue their 1st mortgagebondson their respective railroad and telegraph lines to an, amountnot exceeding the amountoft ebondsof the U.S and of even tenor and date, time of maturity. rate and character of interest with the bonds authorized to be issuedto said railroad companies respectively." It will be seen by this that in the act of 1864 the right. to mortgage their railroad was granted to the company; but they are actually restrained by the very terms of that act from executing any mortga 0 upon their road except by sections as they shall be fully completed. By this act the company are bound before they can execute any mortage upon their road to complete the sections which are covered by the mortgage. How much of the main stem have they completed? Not a rod; not an inch. They have, as I have been credibly informed, completed the most of the Omaha brunch, which is a mere branch road but subject to the same provisions. They have, beyond albdoubt, a right to mortgage that branch; but they have not a right according to my humble judgment to mortgage a single foot of any other line of road which belongs to them; and if they have made a mortgage covering, as the Senfrom Massachusetts tells us, the whole of their line of road and taken itto Europe and endeavored to borrow money upon it, they have, according to my judgment, acted by no means in accordance with the plain provisions of their charter.