Mr. GUTHRIE. Mr. President, I have no question myself that the Government may build a ship canal around the falls of Niagara for the defense of the nation, without the incorporation of a company for the purpose. I have great doubts whether we have any right to incorporate a company to do it. We have an official organization by which we can build forts and canals and everything else that is necessary. I object to these partnerships with State corporations. If we undertake to make a corporation to build this work, I doubt the propriety of it. I have no question that the construction of a ship canal around the falls of Niagara would be of great advantage to the defense of the lakes. I have no doubt that it would be of great advantage to the commerce of the lakes, and still more to the commerce of NewYork. anyone by looking at the map will see that Canada must command to a greater or less extent the trade of the upper lakes. unless we have a large ship canal capable of carryin the whole prouce of those lakes to New lgork But, sir, I favor the postponement of this bill. I do not think we are now in a situation to commence this work. We feel in the West that it is just. as important in a national point of view and just as important in a commercial point of view that we should open the lakes to the commerce of the southern portion of the nation as it is that we should open them to NewYork. We do not think that now is the time to commence such works, when we are struggling to consolidate the existing debt, to get it into a shape that the U.S. can bear it with ease and comfort, and give confideuce to all the holders of the debt that we will pay it, and until we have seen really what that debt. is. We do not know its amount, and I would advise gentlemen not to begin this system of expenditure until we know on what ground we stand. My judgment is in favor of this work; but I shall vote for postponing the bill, because I think we and the nation require time to reflect, time to think upon the subject, and time to mature our judgments. I do not intend to go into any further argument on the subject.