Mr. STEWART. I am in favor of this great work, the building of this canal, and I wish to say to Senators who claim that it. will be an increase of the national debt, that that depends upon another question. Our national debt is comparative. this nominally $3,000,00t),000. Our wealth is, according to the last census, in round numbers. $16,000,000,000, so that the debt is about 20%. of the wealth of the country. Now, t a question is not about adding $6,000,000 to the debt, but whether by adding $6,000,000 you will not increase the wealth more than $00,000,000. While ameasuremay increase the aggregate debt, it' it does not increase the proportion of' debt to wealth, and actually increases the wealth so that the debt bears a less ratio to the public wealth than it did before, it. does not increase, but in fact decreases, the burdens of the country. [am of opinion that the building of this canal will add many 100 millions to the estimated value of the property oft he West. As I traveled through that country last year, passed the falls of Niagara, saw the great valley of the mississippi, saw their avenues of transportation clogged up, as it were, corn being used for fue, Icould not but reflect that if they had this additional outlet our national debt would be in fact diminished; for the national wealth would be increased. I believe that it would be a great relief to the people of this country to enhance values. I believe it would reduce the national debt, and for that reason I am in favor of the project. We mustidevelop the resources of this great country and grow it we would pay the national debt. Every time you doulile the wealth of the country on pay 1/2 the debt, because the debt then only hours half as great a proportion to the value of the property of the country. If we were to stop here, care our resources undeveloped, and attempt to pay the debt without increasing our pro)erty, 3,000 millions would be appalling; but in view of the development of its resources, the development of the rent Mississippi ‘val lay, the development oftie 1000s ot miles 0t mineral country we have in the West, the growth of the country is the only thing that is to relieve the people from the burdens of taxation to pay this debt, and I believe that this more than any other enterprise which has been before Congress at this session will tend to enhance values and lighten the burdens of the people. l y own opinion is, however, that the work should be constructed by the Government it self. Agentleman who has figured upon the cost ofconstrnction in the State of NewYork, by the State and by private corporations, has given me some figures which I have no doubt. are entirely reliable. The State has realized in actual labor 95%. of the money expended in building her system of canals, having lost only 5%. in carrying on the work. On the ot ier hand the railroad companies, on account of their want of credit, on account of the discounts which they were compelled to suffer, and on account of mismanagement, in one way or another, have only realized upon the whole amount of the cost of their works, in actual work upon the railroads, 57%. So the State government of NewYork has succeeded better than private corporations by the difference between 95 and 57%. I believe it will be better for the country that this should be a national work. When it shall have been completed its effects will be more munificent; it will then be simply kept in repair for the use of the nation. think its construction will enhance the value of the property of the country, and will be the very best. investment this country can make for the payment of the national debt.