balance against the Government is $256,453.20 for the whole time,
or $128,226.60 per annum.

"Thus it appears, that from a fair statement of the account
current between the line and the Government, the latter is out of
pocket, at the end of the two first years of the undertaking and
under circumstances the most disadvantageous to the line,
$256,453.20, or in other words, has paid $128,226.60 per annum,
for carrying the ocean mail by steam over about six thousand miles
of the greatest commercial thoroughfare in the world, for which,
as yet, it has received nothing in return. But your Committee
would ask, what has _the country_ received in return for this
$256,453.20? They will furnish the answer. The country has
received through the proprietors of this line, in the form of
freights and passage money, a no less amount than $1,979,760.85,
in cash; and, if the reduction in the prices of freight formerly
paid to the British line be taken into account, nearly as much
more, by saving the difference in freights and passage money, to
say nothing of the general advantages derived by all of our
producing interests from the existence of this American line,
which, as your Committee believe, are incalculable. The money
account will then stand as follows: Government debtor to
$256,453.80; Country creditor to $1,979,760.85 _in cash_; and if
the former be deducted from the latter, the balance in favor of
the country will stand $1,723,307.05, _in cash alone_, leaving out
of view the duties on increased importations caused by the
establishment of the American line."

Speaking of the Pacific Mail Steam Company, the Report says:

"It will be seen from the above, that the total cost of the six
vessels which have been accepted by the officers whose duty it was
to supervise them and decide whether they had been built in
accordance with the requisitions of the law and terms of the
contract, and whose decision is presumed, by your Committee, to be
conclusive in the premises, has been $1,555,069, and that their
aggregate tonnage is 7,365 tons, instead of 5,200 tons, the amount
agreed for. In addition to these ships, as your Committee are
informed, the company has in the Pacific seven steamers, with an
aggregate tonnage of five thousand tons, not yet accepted by the
Government. The additional steam