The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-03-14

oceanic canal. The sabjoined table viii show hsw
much the aggregate of the trade requiring 70 use ~
canal could AFFORD TO pay for It, computed -
above:-
Six per oen. on California trade siss 900 900, atses.
Aas. ss Trade $500 900 600 .niy soc; inc
fourth Of the advantage which that Of Cali.
orria oerive', or per cent. ......... 5000 ~
United States trade ~ih other ports OF the Pa.
cafe than California and Australia per cent IA 80
France with d1lerept ports IN the Pacific. ex.
elusive Of California aud Australia. per ssnt go ~
Englano with poits in tho Pacific, exclusive Of
California and Australia, par cent. TOO ~
Total revenue 0. cana, .............. $40 SO -
more than thirteen per cent per annum on the
coet of construction II but two locks of only seven
feet lit were admitted the cost Of the canal would
be reduced TO $72 500 900 just seven times the cost
entirely emitted in the plans a. it is supposed thak
the commercial requirements of the age call for the
most complete work that can be accomplished, mas
much the canal is not for the present merely BIT
for future centuries of active and increasing com
merce. Moreover it ia probable that iron ships II
great size, propelled by the screw, will speedily dis
place the present system OF naval architecture,
aud will require canal OF sufficient width
and depth TO permit the passage of two abreak.
Having shewn by reference to commercial statistics
within the reach OF every inquirer that the Atra&o
nteroeesnc canal although costing large SUM.
will still earn an ample and sufficient revenue, it
now remains to consider the Immediate financial Oh
stacle to be overcome.
II it were consistent with the worlds best into
rests thst any one OF the great maritime EoweeA
shOuld possess the exclusive control OF this canal.
the expense of building it could be well afforded By
the nation 80 favored in consideration OF the enoe-
nous advantage that would accrue from the posses-
sion of IT,. But such exclusive possession would b
regarded with jealous eye, and might prove bone
OF contention and the cause even Of the most Do
stnctive and sanguinsry wars curse instead Of Q
blessing to the human race. The canal must belong
to the world, as much as does the ocean itself. H
must be the worlds highway, open to the commerce
of every nation that is willing to participate in it's
construction. On this point the governments Of tho
United States, England and France are agreed ana
will doubtless combine for the purpose of guaran-
teeng to the stockholders sufficient minimum rate
Of interest during the period of construction thus
removing every obstacle to the accomplishment at
the work.
The time required for the complete construction
Of the canal is twelve years, during which period
revenue will be derivabe, and twelve millions each
year must be provided and expended mere item
to capitalists either side Of the Atlantic Z
guaranteed a sufficient rate of interest. This diff
Guilty will appear triling if we reflect that the city
of Liverpool alone has expended upon the construo-
ton Of her splendid docks within few millions of
the amount now required to unite the two oceans.
It is proposed, then, stock shall be issued yearly
to the amount $12 0000 900, bearing interest at five
per cent per annum, payable to the stockholders
during the construction OF the canal The govern
ments charging themselves with the payment of
these dividends will Of course hold lien on the
work itself or derive advantage equivalent to the
expenditure by them incurred. When the work is
finished they will have advanced the amount Of
oo0 as will appear by the synoPtical table Of
yearly payments which subjoin. 1t has beea
shown that once in operation the canal can take
care Of itself.
Suppose the governments Of England. France and
the United States, deemng the canal to be of great
national and commercial importance, should con
clude to pay five per cent per annum ON the stock
issued, as stated above, let US see what sum they
will have advanced when the work Is Completed