Autobiography of Seventy Years, Vol. 1-2Hoar, George Frisbie
History
Autobiography of Seventy Years, Vol. 1-2
Hoar, George Frisbie
United States -- History -- 1865-1921; United States -- Politics and government -- 1865-1900
This act was not passed to further the personal interests
of the corporators, nor for the advancement of commercial
interests, nor for the convenience of the general public,
alone; but in addition to these the interests, present and
future, of the Government, as such, were to be subserved.
A great highway was to be created, the use of which for postal,
military, and other purposes was to be secured to the Government
"at all times," but particularly in time of war. Your committee
deem it important to call especial attention to this declared
object of this act, to accomplish which object the munificent
grant of lands and loan of the Government credit was made.
To make such a highway and to have it ready at "all times,"
and "particularly in time of war," to meet the demands that
might be made upon it; to be able to withstand the loss of
business and other casualties incident to war and still to
perform for the Government such reasonable service as might
under such circumstances be demanded, required a strong, solvent
corporation; and when Congress expressed the object and granted
the corporate powers to carry that object into execution,
and aided the enterprise with subsidies of lands and bonds,
the corporators in whom these powers were vested and under
whose control these subsidies were placed, were, in the opinion
of your committee, under the highest moral, to say nothing
of legal or equitable obligations, to use the utmost degree
of good faith toward the Government in the exercise of the
powers and disposition of the subsidies.
Congress relied for the performance of these great trusts
by the corporators upon their sense of public duty; upon
the fact that they were to deal with and protect a large
capital of their own which they were to pay in money; upon
the presence of five directors appointed by the President
especially to represent the public interests, who were to
own no stock; one of whom should be a member of every Committee,
standing or special; upon the commissioners to be appointed
by the President, who should examine and report upon the work
as it progressed; in certain cases upon the certificate of
the chief engineer, to be made upon his professional honor;
and lastly, upon the reserved power to add to, alter, amend,
or repeal the act.
Public-domain text, read in full here on John Shaqi.
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