Mr. SPALDING. It was made for another purpose; the gentleman is correct in that. It was made for the purpose ofinducing confidence by capitalists in the stock of this company, and induce them to invest their money ii. it. Now, I do not design to impute any impropermotives to the 3rd Auditor of the Treasury; far from it. I believe he was exending his best judgment upon the question then submit ted to him for his opinion, for he proceeds in a portion of his letter to describe these lands, their quality, their location, and everything about (them and he thus concludes by giving his estimate of the value of the grant made by the 38 h Congress assuring the capi talists that if these lands are judiciously man aged, they will provide the means to construct this road from the Grand Trunk in Canada to Puget sound and the navigable waters of the Columbia, and in addition to that, fit out afieet of merchant vessels and steamers for China and East ladies, with a margih left of “millions of dollars.” Upon this munificentgrantacom any springs tip reorganized, they tell iis ang asks us to do, what? Why, in the face of a present as certained indebtedness on the part ofour government of nearly 4,000 million dollars; in the face of the taxation now imposed upon our people to pay current national expenses and the interest upon the public debt, we are asked to pay interest upon the bonds of this company. To what extent, sir? The sum tota of the amount upon which the Government is to bind itself to pay interest at 6%. perannum is $57, 420,000. One years interest upon this amount is $3, 445, 200. But, say the advocates of this measure, the Government never will be called upon to ay the whole sum. When the 1st 25 miles of the road shall be completed, then the amount will be estimated at an average rate, as stated here, of $31000 permile, making for the 25 miles $797, 500, on which the Government is expected to pay interest. When the 1st 25 miles are completed the bonds are to be issued and the indemnity by the Government is to go into effect. At that time the interest upon this sum for the 1st 25 miles ivi l amount to $47, 850 which is to be aid out of the Treasury; an so on from the irst 25 miles to another 25 miles, and another, and another, until the road is completed. But it is claimed by the advocates of this bill that the Government is here offered complete security for assuming this liability. Security in what way? The company will give us, they say, as security one liaf of their lands all their lands lying on one side of the road. The other half they reserve for their own purposes, 8 cculative or otherwise. One halfofour liberal gift to this company they give us back as security for the further advancement in the shape of a loan of the national credit, upon which we are to pay interest, as ii on hon s, for 20 years. Now, I am willing to take the chair man of the Pacific Railroad company at his word. For the sake of argument, will admit all the great practical benefits which it is claimed are to result from the constiuction of this road. I will admit that a portion of these benefits will flow in upon my own people, for it is claimed that all a ong the route from minnesota through Lake sufferior and all the great chain oflakes, even to Hbw England, the benefits resulting from this great national work must flow in most copious y. I admit it all. I, will go further and admit, if you please, that so soon as the 1st 25 miles of road shall have been completed, and it shall be as certained that the company can stand upon its own feet, they will not calIupon the Treasury for a dollar. I say that, even admitting that not one single dollhr may ever be taken from the national Treasury by reason of this under taking, still Isa the weight of the argument is against any such proposition as that contained in this bill. Sir. we cannot assume at this moment, in l behalf of the Government, a liability of $57,000,000 without shakin faith in its responsi bility and integrity. 1 y, sir, one of the 1st lessons which we learn in our school boy days isthnt “money is credit” and “creditis money.” So 10ng as our nation preservesits creditit can command money. But, sir, if you heap upon the Government, the organ of the nation, iability upon liability, even though ultimately the payment of those liabilities may never be exacted, still the bare fact that the nation is liablefor such immense sums shakes the faith of capitalists, not only here, but in Europe, in our capacity to meet our liabilities and pay punctu ally the principal and interestofour public debt. No man should doubt this. It is common sense. It is predicated upon ordinary business experience. No individual who has any regard for his credit will suffer his liabilities to exceed greatly his ability to pay; and although a man may not be called upon to pay, yet, if he in a reckless manner assumes liabilities, men of prudence and sagucity will distrust him. As this principle applies to individuals, so does it also to Governments; and it is a principle which we should never disregard in our legislation. I say, then, Mr. Speaker, I would object to passing this bill into a law on the simple proposition that it is not sound policy to make this Government liable for this large sum of money even though it may never be called upon to pay a dollar of it. When I say this, I do not admit that such will be the result. Irather agree with my honorable friend and colleague who has made so able an argument on this subject, that the prospect would be the other way, that the Government would have to ay all rather than none of the liabilities it is t us called upon to assume. Mr. Speaker, I have made my sentiments known in regard to this measure, and I trust they will justify my vote. I know very well how these tele phic communications to members are broug t about. The same agency that has been at work around this Hall for months, has worked over the telegraph wires and brought a monition to me as well as to the Gentfrom Chicago, and no doubt to other members upon this floor, in order to induce them to sustain this bill. Sir, I can never be reached in this manner. I must, whenever I vote on an important measure in this House, be permitted to vote according to the honest convictions of my own judgment or I will not vote at all; I will abandon my position at once, and ask my constituents to send some one in my place who will be more subservient to extraneous influences.