Pleas for Peace and Union Against Political Intolerance and Sectional Animosity Volume 89; Speeches of Thomas F. Bayard, R. E. Withers, S. B. Maxey in the Senate of the United States, March 30, 1876, with the Speech of George S. Boutwell
Pleas for Peace and Union Against Political Intolerance and Sectional Animosity Volume 89; Speeches of Thomas F. Bayard, R. E. Withers, S. B. Maxey in the Senate of the United States, March 30, 1876, with the Speech of George S. Boutwell
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1876 Excerpt: ...long, subject to a prior lien of first mortgages, the principal of which alone is far more than the cost of building a new road. The United States cannot become the operator of a railway. No government however consolidated in executive power has yet done so successfully; and individual interest and enterprise and the ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1876 Excerpt: ...long, subject to a prior lien of first mortgages, the principal of which alone is far more than the cost of building a new road. The United States cannot become the operator of a railway. No government however consolidated in executive power has yet done so successfully; and individual interest and enterprise and the spur of individual profit are essential for the proper management of such undertakings. Then I ask, can Congress, as the guardian of the money and the interests of the American people, stand by and allow the great object of this work to fail? Can they suffer this road to be sold and pass out of the hands of corporators with whom there is such a contract? It seems to me it would be the clearest default in duty, to which every man among us would be and ought to be held strictly answerable to his constituency. The act of 186'2 was altered and amended by the act of 1864; the land grants were doubled; half of the Government transportation was released; the iron and coal, those twin giants of industry and of necessity to a people, on all the lands were given for the purposes of this act; and for what object? For the profit of those corporators, to enrich the stockholders? No. sir. They were given to enable the companies to fulfill and accomplish the great object of their agency. The honorable Senator from Georgia Mr. Hill yesterday said that this company was "not incorporated for the purpose of paying its debts;" but I would say it was incorporated to be and remain a solvent instrument capable of performing the objects for which it was created. Its solvency and its ability to pay its debts are essential for the performance of the great object of its creation; and the power that made it can promote the object, by compelling such an administr...
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