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

The Atrsts Inseroeesnae canal-Its Financial
Aspect.
JAMES GoxDoN BENNETT, ESQ.,
6IR-Having recently contributed TO the illus
trated journals some sketches and narratives descrp
tive of this proposed route for nteroceanic ship
canal--explored in 1885 by q party to which had
the honor of being attached as physician and inter
prefer in the absence o. its leader, who is now in
New Grenada on the field Of his former labors-I Of
fer through your columns some information in reply
to numerous inquiries as to the financial difficulties
that must be overcome in carrying this project into
execution, admitting that it is physically prac-
ticable.
Into the question of its practicability do not now
propose to enter since the grounds on which it rests
have been fully and clearly set forth in the official
report of the expedition, and will be further confirm
ed the contrary by the exploration which is now
in progress under the command OF very able topo
graphical engineer, Lieutenant Craven, u. N.
shall in this communication cOndne myself to
the financial aspect OF the question. It's Importance
to the world at large, but more especially to the
United States, need not be expstiated upon. Much
az we esteem the public services of such men
AZ Dir John Franklin and Doctor Kane, it will
be conceded that the existence of an open passage
to the Pacific through regions Of perpetual ice and
snow. is of less practical importance 10 the world
than Is the possibility of cutting canal through the
American lsthmus-a canal without locks, and
capable of permitting the passage from to of
the very largest vessels that have ever been con-
structed, not excepting the Leviathan herself
Admitting, for the present, that it is physically
practicable; how, in these hard times, can it be
possible TO raise the Of $l45 900 900? And how
can this vast expenditure be made to pay For
unless the last of these questions can be satisfac
torily answered no individual will invest his money
in the undertaking. There WAS time when religious
enthusiasm or the caprice OF despotic power could
accomplish works OF gigantic magnitude aud pro-
portionate inutiity, such the Egyptian pyramids
OF the wall of China but in the present day every
daring project must harmonic with the rules of
arithmetic and yield sufficient per centage in dol
lars and cents; otherwise it falls at from the
sublime to the ridiculous.
have named $l45 900 900 the sum required
to complete the canal from the AtratO, on the
Gulf OF DarieD, to the Pacific terminus at Keey's
Inlet This sum has been arrived at from elabo-
rate calculations, according to the field books
and journals Of the survey and it includes item OF
s27 900 600 for unforeseen contingencies The is
just fourteen times the cost Of the Genesee Valley
canal; consequently, the former undertaking must
do fourteen times as much business as the latter in
order that it may merit the attention Of the stock
exchanges OF New York, London, Paris and other
financial centres. Can the commerce Of Europe
and America, with California, Australia China, the
East Indies and the countless islands of Polynesia,
afford TO pay fourteen times much for the of
canal that shall lessen, by nearly one half, vessels
time and expenditure in ceiling to or from these
countries as is paid by our Western merchants for
the use Of the Genesee Valley canal? That is the
question to be solved. In answer to it beg TO sub
NIT the following facts and figures, for which am
indebted 10 gentleman who has most efficiently,
yet unObtrusively promoted this undertaking, de-
voting it with generous berality both his money
and his time, and who merits the gratitude and
esteem of his fellow citizens. even should greater
difficulties be encountered in its ful6lment than
anticipated by those who have closely investigated
the subject l refrain from mentioning his name
out of Difference to what suppose to be his wishes
At meeting of the Royal Geographical Society
of London, in April, 1856, at which was present Col
de lesseps the protector Of the Suez canal to con-
meet the Mediterranean with the Red Sea- the plans
and estimates Of the Atrato project were brought
forward by the gentleman first referred TO, and il
was clearly shown that the distance to Australia by
the American lsthmus canal was three thousand
miles less than by any other route; whilst the mode
rate currents, light breeZes and smooth of the
Pacific Ocean would induce the trade of China ia
pan and the Poynesian islands Of Australia and
| New Zealand-to which may be added the whaling
fleets resorting TO the Pacific and the trade Of the
western coast Of North and South America, includ-
ing, OF course Californiato pass through the canal
instead OF battling with the fierce westerly gales and
| mountainous seas Of Cape Horn with exposure TO
icebegs and 10 the long and dark nights Of the Ant
| arctic winter. At the same time il was admitted
possessions and with China (altfrough that appears
doubtfu would avail itself Of the Isthmus OF Suez
| canal, If that should be constructed,
Deducting the trade that would follow the Red
| Sea route above stated, and which amounts
| annually to upwards OF two hundred millions Of
| dollars, it can be shown that the trade which
| would unavoidably cross the American Isthmus by
the Atrato canal amounts, according to official re-
turns for the years 1854 and 1855 to $434 900 900.
| ! say unavoidably, because economy of time and
money Is imperous in its influences the currents
Of trade, and admits Of no deviation from what Is
proved to be the cheapest aud shortest route And
IL is to observed that this trade, whose component
parts given in the following table, is one that
must increase during the construction Of the canal
TO fifteen per cent on the Australia and California
trade, aud ten per cent on the trade of other
| tries. Were we ~ assume a basis Of computation
| the actual increase that Is known TO have taken
place In the commerce OF Australia and California
during the last ten years, we might safely fix the
| amount Of trade that would cross the Interoceanic
Isthmus fifteen years hence at 81 900 900 OO0 but as
the last ten years are 10 be considered exceptional
with respect to the general and average increase Of
| the worlds commerce, IL may be assumed that
$500 900 600 will In fifteen years from this time,
present the amount OF export and import trade that
| must flow through the Atrsto Interocesnc canal
when IL IL ready tor operation.
AMOUNT rssDy mar MET PAS nrpordH CANAL
4 spps A. ~ ~ IN oPEaAuos.
California Cs55) with the United States and
other countries III. Atlantic $50 900 900
| Australia {ls5a) With England and other
the Atlantic ........ 200 900 900
United stsies (ls5I) with different ports In
the Pacific, exclusive Of California and Aus
$1,000 900
| England Cssa) with different pors In the
Pacific 49,, exclusive u California and
AustrsIa. 10000, 900
1 -
Total exports and imports. sas4 900 900
fifteen years 5000 900
Total s4ss 900 900
| In round numbers s5oo, 900, 900
The question now arises, what per centage on this
amount OF trade could II proftsbly afford 70 give for
the privilege OF passing directly through the Amer-
can lsthmus instead Of rounding the great Southern
/ Cape. We may arrive at this by taking the
the time and expenditure Of fast sailing vessel that
| recently made prosperous voyage from san Fran
| cisco TO New York in $50 days:-
Captains wages per month leo
Three s,es ESQ., $50 and t2s each per month. los
II