New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-10-29

pect he may have been quite too hasty and sweep
ing in his condemnation of the English traveller
The Nicaragua Cnnal-Loan Negotiated.
From the London Times Oct. IA.
The junction of the Atlantic and Pacific may
almost be regarded as a work commenced. On
the 18th of February, l849, we described the
Nicaragua route urging the attention OF capitalists
to its ADVANTAGES and the American Company,
by whom agents were subsequently dispatched to
obtain concession from the Government OF that
country have now not only two steamers upon
the waters of the San Juan for the purpose OF
establishing temporary transit, but have also
CORDS of 10 engineers actively engaged IN the
surveys for the canal. The head OF the party is
Mr. o w. Childs, lately chief engineer OF the
State Of New York, under whose charge was CON
Quoted the recent enlargement OF the Erie Canal
The Nicaragua route to California, across the
Isthmus saves 900 miles, as compared With Pana-
ma and has the advantage OF healthy climate
Hopes seem to be entertained moreover that the
temporary transit, when it shall be fully organ
lied may be accomplished IN "a hours 1t VIII
commence from Grey Town. ascend the San JUAN
and cross the lake to the City of Nicaragua where
a land journey of only fifteen miles remains to
reach the Pacific. The contemplated fare for the
passage is $50, including 250 pounds OF baggage
tor each passenger This is lower than the charge
at Panama, and consequently the saving OF dis
lance and the advantage OF health VIII be also &C
companed by q more than proportlOnatG dlmlnu-
ton of expense. Nothing in connection with the
present movements on the Pacific will be watched
with more interest than these proceedings 1t
has been commonly reported that the number who
crossed the lsthmus last year was 10000, and the
lowest estimute was $4,000. The increasing eX-
element regarding California and the shortening
of the distance, coupled with the removal OF in
conveniences and dangers, give the stimulus OF
still better prospects for the future. Should every
thing go, therefore, smoothly as appears to be
calculated upon, year or two can hardly elapse
before results may be realized from this new
opening, more remark able than any that have yet
been dreamed of. The course proposed for the
Temporary transit is the same as that which was
surveyed by Lieut. Bailey in 1887 for the canal
The company find, however, that there Is every
prospect OF large saving being effected by carry
ing the permanent work to more northerly ter
minus, described in the pamphlet OF Prince Louis
Napoleon. Mr. Baileys estimate OF 34ooo'OoV
for the cost of its construction is III excess there
fore of that which they entertain, and the change
of route which reduces the elevation to becrossed
from 4s7 feet down to So feet, has also the atYant
age of bringing them to the port OF Reaielo the
finest ON the Pacific and about l3O miles nearer
to San Francisco
The charter granted by the State of Nicaragua
provides that the Canal is to be completed IN II
wears. The Company are to have the exclusive
ENJOYMENT of it for So years after the date of COM
pletion and to receive 10 per cent out OF the net
profits for the further period of 10 or 20 years
Meanwhile they are to have a monopoly OF the
temporary route. They also to have the ex
elusive privilege ofsteam nayi gation and OF road
making throughout the entire State for 81 years,
together with free grant ofeight sections OF land
of six miles square, to be chosen by themselves on
the banks OF the Canal In return for these prvl
leges, the State Of Nicaragua is to receive moth
ing, with the exception of some minor payments
until per cent shall have been paid to the stock
holders. OF all profits exceeding per cent 1t IS
to receive onehith during the first 20 years, and
one. fourth thereafter. The minor payments con-
sist OF 3d. 900 year until the completion of the
Canal, and q donation of 100000 gifts stock.
The two governments of Great Britain and the
United States have bound themselves to the en-
terprise by treaty OF protection All the other
powers will accord to it the same advantage
The territory around it will constitute the first
neutral ground, whence, by the pledged faith of all
civilized nations, strife must be forever banshed.
1t is the grandest physical work the world can
witness The past has seen nothing like it, and
any similar fame must be equally denied to the fu-
ture, since there will be no more hemspheres to
join. Is it destined it will be asked, that in de-
sign which must thus stand alone and unapproach-
able in the records Of material progress, England,
as active agent, is to have no part From all
that appears on the surface the answer would be
in the Affirmative and looking at it as the penal
ty OF mania in which it was denounced as trea-
sonabe to question the spending OF t300,000,000
year in analogous operations, the humiliation
would be as deserved as it would be inehaceable.
Happily, however it has been averted.
Throughout their entire negotiations, it has al.
ways been known that the New-York Company
have desired that the work should be one of CO.
operation between the two countries, and III this
spirit although surrounded by violent political in
fuences that would have urged different result,
promise was given to Sir Henry Bulwer that an
equal participation in the enterprise should be
offered to this country on reasonable terms. To
fulfill that pledge two Commissioners from the
Company, Messrs White and Vanderbilt, arrived
IN London on the 18th ultimo and after a short pc.
Rod Of negotiation satisfactory arrangement was
completed this afternoon. That such has been the
case, it must at the same time be stated, is owing
to the Straightforward and moderate requirements
of the NewYork Company, and to the sagacity
and patriotism OF our two leading mercantile firms,
and also OF the Governor of the Hudson's Bay
Company, Sir Henry Pelly BY the course which
has been adopted, these parties, conformity with
others, will possess the power OF offering to the
British public in due time one-half share OF the
enterprise, the exercise of which power viii de-
pend we understand upon its being demonstra-
ted TO the satisfaction OF government engineers
that the estimates of outlay and income Will be
such as to warrant the most unquestionable reli-
ance. The offer, therefore, will not be put forth
until seyerl months further experience OF what is
passing on the coast OF the Pacific shall have ena
bled all persons Judge for themselves as TO the
eagerness or otherwise with which it should be
accepted, and we are disposed to anticipate thai
enough Will speedily transpire TO render it certain
that the undertaking will then be pushed to com
pletlon by the accumulated force of blended
confidence and enthusiasm, such as will more than
compensate for all our past DELAYS