PMENT OF OUR PACIFIC POSSESSIONS: THE PACIFIC MAIL
STEAMSHIP COMPANY: ITS HISTORY, SERVICES, LARGE MATERIEL, AND
USEFULNESS: THE UNITED STATES MAIL STEAMSHIP COMPANY: ITS RAMIFIED
AND LARGE EXTRA SERVICE: EFFECT UPON THE COMMERCE OF THE GULF: ITS
HEAVY LOSSES, AND NEW SHIPS: STEAMSHIP STOCKS GENERALLY AVOIDED:
CONSTANTLY FAR BELOW PAR: THE COLLINS LINE: A COMPARISON WITH THE
CUNARD: ITS SOURCES OF HEAVY OUTLAY, AND ITS ENTERPRISE: THE
AMERICAN MARINE DISASTERS COULD NOT HAVE BEEN PREVENTED BY HUMAN
FORESIGHT: THE VANDERBILT BREMEN LINE.

It is not my intention to notice the various lines in detail, or in
any wise become their apologist, eulogist, or prosecutor. As a general
thing they have discharged their obligations to the Government and the
people in the most creditable manner; in a much better manner than
could have been expected of them, considering the novelty of such
enterprises in this country and our total want of experience either in
steamship building or ocean steam navigation. It is a cause of great
gratulation and satisfaction that springing into the great arena of
the mail and passenger strife at a single bound, our steamers at once
took the lead in the race, and have ever since distanced those of the
whole world in speed, comfort, general accommodations, and cheap
transit. This may be asserted as a rule without a single exception.
The Collins steamers and the steamer "Vanderbilt" have beaten the
Cunarders by nearly a day and a half on the average voyages; the Havre
and Bremen steamers make just the same time as the Cunarders; and the
California steamers of both lines have signally beaten those of all
the English lines in the West-Indies, the Mediterranean, and the
Pacific and Indian oceans. Indeed the triumphs of our steamers
generally and specially have been so decided in every valuable point
that we have great reason to be proud of the attainments to which the
legislation of 1846 and '47 led. We have nothing to record to the
credit of our legislation since that period.

The Havre and Bremen services were the first established in the United
States; and as the pioneers in our mail steamshipping they have both
proven themselves valuable to the country. The Bremen line went into
the hands of Mr. Vanderbilt during the present year, on the expiration
of the old contract; the "Ocean Steam Navigation Company" being
unwilling to attempt the performance of the service on the sma