the State in any event to assume the road, unless it should prove to be necessary for the security of the Commonwealth, and they have therefore been the more anxious to satisfy themselves that the work, if prosecuted, will be carried on and completed by the private stockholders; and to the solemn assurances of the directors of their entire confidence that such will be the case, the committee add their own belief that the loan may, in respect to security for its re-payment, be safely made.

Upon the last point of their inquiry, viz., the expediency of the Commonwealth making the loan if it can safely be done, the committee entertain no doubt.

They regard the work as one of the first importance to the Commonwealth. Such is the progress of improvement at the present day that Massachusetts cannot afford to be without this work. Its accomplishment is identified with her present well being, and future progress and prosperity. It is now twelve years since this enterprise was conceived, and it has been gaining confidence every year. In the mean time important improvements in the construction and use of rail-roads have been made, till they have become all but essential to the profitable prosecution of the business of a country. They have given a new impulse to the arts and manufactures of England; they are in the progress of introduction upon the continent of Europe, as the avenues of its internal trade and commerce. And in our own country the extent to which they have been adopted, and are now in progress of construction, leaves it no longer problematical whether they can be dispensed with by any portion of the community, whose prosperity depends upon agriculture, manufactures, or the mechanic arts.

Such is the obvious connexion of trade and commerce

with agriculture and the arts, that they necessarily seek those channels and outlets which offer the greatest facilities. Industry and enterprise will seek employment where it is the most sure of an adequate return. And while five, at least, of the principal Atlantic States, are opening from the seaboard artificial lines of communication with the rich and fertile regions of the west, can Massachusetts safely remain inactive in regard to her own trade and resources? She cannot, for the reasons already referred to, remain stationary; she must go forward, or her course will be retrograde. The recent returns of the business and wealth of this ancient Commonwealth are indeed unspeakably gratifying. They show the triumph of art and enterprise over the adverse influences of soil and climate, and present, in bold relief, the influence of the habits of her people and of her institutions, of which her citizens may be justly proud.

Yet it is not difficult to see, that the same determined persevering industry, enterprise and skill which created these resources are still to be exercised to preserve them. If prompted by hopes of greater gains, her sons should seek employment elsewhere; if, by the introduction of new improvements and increased facilities in other parts of our country, the arts, and with them, the commerce which have made Massachusetts what she is, shall seek a home in more favored regions, it is not difficult to anticipate the consequences. Works, like the one under consideration, must be created to preserve our prosperity, and what is more, they must keep pace with those of other states, or a diversion of our trade may and must be the consequence.

If the enterprise must now be arrested for a want of confidence in the Legislature in its successful accomplish

ment, it is not difficult to see that the consequence must be an entire sacrifice of the enterprise. It can hardly be supposed that individual capitalists will be found willing again to embark in a wok towards which the State shall refuse to lend even the collateral guaranty of its credit, when it must be obvious that the work has a greater reference to the public good than the emolument of its private stockholders.

The Western Rail-road is more decidedly a state enterprise than any other that is now before the public. It addresses itself to the favorable consideration of every part and portion of the body politic. It asks, for the accomplishment of this public work, the temporary accommodation of the public credit; and promises in return, a guaranty of a still richer reward to industry and enterprise, than that which has raised Massachusetts to the enviable height which she now holds among her sister

states.

All which, together with the accompanying bill, is respectfully submitted.

Per order,

EMORY WASHBURN.

Commonwealth of Massachusetts.

In the Year One Thousand Eight Hundred and ThirtyEight.

AN ACT

To aid the construction of the Western Rail-road.

BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, as follows:

1

SECTION 1. The treasurer of the Commonwealth 2 is hereby authorized and directed to issue scrip or cer3 tificates of debt in the name and in behalf of the 4 Commonwealth, for the sum of two millions, one 5 hundred thousand dollars, which may be expressed in 6 the currency of Great Britain, and shall be payable to 7 the bearer thereof in London, and bearing an interest 8 of five per cent. per annum, payable semi-annually in 9 London, on the first days of April and October, with

10 warrants for the interest attached thereto, signed by 11 the treasurer; which scrip or certificates shall be re12 deemable in London at the end of thirty years from 13 the date thereof; and in no case exceeding thirty 14 years from the first day of April in the year one thou15 sand eight hundred and thirty-nine, and shall be coun16 tersigned by the governor of the Commonwealth, and 17 be deemed a pledge of the faith and credit of the 18 Commonwealth, for the redemption thereof. And 19 the treasurer of the Commonwealth, shall, under the 20 conditions herein after provided, deliver the same to 21 the treasurer of the Western Rail-road Corporation, 22 for the purpose of enabling said corporation to com23 plete the Western Rail-road.

1 SEC. 2. When the said corporation shall have re2 ceived, to be expended in the construction of said 3 road, the one half of the fifth assessment of five per 4 cent. upon the stock held by private stockholders, and 5 shall have filed a certificate thereof in the office of 6 the treasurer of the Commonwealth, signed by the 7 directors of said corporation, then the said fifth as8 sessment on the shares of said stock owned by the 9 Commonwealth shall be paid, any thing in the "act 10 in aid of the Western Rail-road Corporation," passed 11 April fourth, in the year one thousand eight hundred 12 and thirty-six, to the contrary notwithstanding. And 13 the scrip or certificates of debt for the one half of the 14 amount authorized by the first section of this act, 15 shall be thereafter delivered to the treasurer of said 16 corporation. And when the said corporation shall 17 have received, to be expended as aforesaid, upon the 18 said fifth assessment, seventy-five per cent. of the 19 amount thereof due from the private stockholders, and