that rich and beautiful agricultural district, and making
it available for useful purposes as a part of the United States. They
have converted the wilderness of California into a smiling garden, and
will ere long produce the same effect on Oregon. With that coast
comparatively unprotected, and with the small standing army sustained
in this country, they become very important as a ready means of
concentrating on the Pacific coast a large army in a few days. They
also afford a ready transit for the changing crews of our national
vessels, which, when once around the Horn, may remain there several
years; having to change their crews only.

The large property of this Company in the Pacific can be made
available for no other purpose than that for which it was created. Any
company to be thoroughly effective there, must create its own stock,
and support works on the same general plan as those created by the
British East-India Company. Their success in building up this large
establishment on the Pacific was simply an accident; and that accident
the discovery of gold. But for this the Company would have failed in
two years, or gone back pleading to Congress for relief. But the gold
crisis saved it, and the enterprise was very remunerative for the
first few years; but since 1853 the profits have been limited, while
for one or two years the Company have sustained actual loss. They
calculated too largely on the prospective business with California,
and have too large a sum invested to make much for the future. And
yet, with a smaller investment they could not perform the service,
except in that dangerous, cheap, indecent way, of innumerable wants
and deprivations, which the American people have begun to despise.
They have had some few disasters, but none of those of a fatal
character in the Pacific. The "Winfield Scott" was lost in entering
the harbor of Acapulco; the "Tennessee" in entering that of San
Francisco in a dense fog. The "San Francisco" was lost, as will be
remembered, on this side, near our coast, as she sailed with troops
for the Pacific. The Nicaragua Transit Company fared much worse with
their steamers in the Pacific. They lost the "North America," the
"Independence," the "S. S. Lewis," the "Pioneer," and the "Yankee
Blade." Mr. Wm. Brown also lost his steamer "America," which he was
running between San Francisco and Oregon. She was burned.

Their dividends for four years have been but twelve per cent. And
should