mportant interests of the country at large, is
an object of paramount importance; but which, however desirable,
can only be effected at great expense. It is a matter of
comparatively small moment at what precise time this expense is to
be paid, provided that the end in view can be attained with
certainty. The temporary loan of a part of the means required,
under proper securities for reimbursement, appears to be the
readiest mode by which the purpose can be effected. How is this
security to be acquired? Simply, by taking due care that the funds
advanced shall be faithfully and honestly applied to the object
for which they are intended, and then holding a lien upon the
ships, for the construction of which they are appropriated, in
such a manner as to insure the reimbursement of the sums advanced
in the form of mail service or money; or, should circumstances
require, of ships suitable for national purposes, as war steamers.
This has been done. In all cases the contractors for the
transportation of the ocean mails, have been required to cause
their ships to be built and equipped under the immediate
superintendence of experienced naval officers and under the
direction of naval constructors, appointed by the Government, in
such manner as to be convertible, at the smallest possible
expense, into war steamers of the first class.

"Nor has experience caused any regret, on the part of the friends
of the system, further than that in some cases, owing to the
increase in the tonnage and power of the ships and other
circumstances, the expenses incurred by the contractors have
outrun the receipts, and they have incurred heavy losses, which
might even prove ruinous, if they were forced to sell the property
acquired in this form. It should always be borne in mind, however,
that in these cases, the increase of expenditure thus incurred has
been caused by a laudable ambition on the part of the proprietors
of these lines to do even more than they were required to do under
their contracts, with a view to secure the confidence of the
Government and the public. It should also be remembered that in
thus increasing the cost and consequent value of their ships,
these companies have enlarged the security of the Government for
the money loaned, and promoted the safety and comfort of
passengers. It ha