The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1859-03-16

Another frightful mares nest has been discovered
in the project Of Mr.. Belly. Mr.. Belly is a stock
jobbing schemer, and just as likely to make a canal
through Nicaragua as to make one in the moon. 1t
is a stockjobbing bubble but its folly is SO trans
parent that there is little likelihood that any capital
lists VIII be taken in by it.
Lord MaImesbury, the other day, aptly pro-
nounced it a humbug and the London Times, in
announcing the departure of Mr.. Belly, truly re-
marked that English capitalists would be chary Of
investing capital in such a project. And in the in
structions from our Department of State TO General
Lamar, General Cass pronounces this judgment upon
it; " 1t is not necessary that / should enter into a
detailed examination of Mr.. Belly's contract. There
are physical and financial obstacles as well as politi-
cal ones in the way of its execution, some of which
can hardly be overcome" Moreover, the house of
Barring Brothers, as competent judges as there are
in the world, have passed the emphatic condemna-
ton upon il, as a remuneratiye money speculation,
which We quote from the London Economist
ave must not close our slight notice OF this State with
out CHANGING at the proposed canal communication be-
tween the Atlantic and Pacific, of which IL was the des-
tined site. This great scheme is now apparently given
up, through the inherent difficulties aud great expense OF
the undertaking. To moderate the latter, q canal only
IL feet deep, 80 feet wide at the bottom, All AIS at the
top was proposed and adopted. A short extract from the
heads OF q letter, in which the house Of Barring Brothers
gives its reasons for not embarking in the enterprise, will
serve to show its probable value as an investment Of CAPT
tai. That 'the dimensions of the canal were not such as
in their opinion to meet the requirements OF commerce,
and the route could not be used except by medium sized
steamers and small vessels : that, ''while unhesitating-
ly coneeding the immense local advantages of q canal TO
the United States, these capitalists confessed themselves
utterly unable to discover how it could prove of compen-
sating value to the men who should invest their money
IN the enterprise.
We will here quote at large the position taken by
our government in relation to this undertaking, and
which has been made known to the governments of
Nicaragua and Costa RIGA, in the published instruc-
tons Of General Cass TO General Lamar, dated July
rs, 1853
"The United States no more claim for their citizens
an exclusive right to form contracts for opening these
transit routes than they claim for them the exclusive use
of the routes when the work is completed. Their con
struction is a fair object of competition for the citizens
and subjects of all other powers. The work is as open to
NJ. Belly and his associates as to any other enterprising
person. There are but two points connected with this
matter which have any interest for the United States, or
which would Justify their Intervention. The first is that
| no contract with M. Belly, or with any one indeed, should
interfere with engagements previously existing with Amer
lean citizens, but that all such engagements should be
preserved inviolate and the second is that the regula-
tons and conditions Of the grant should be such as TO
render the routes free and safe to all nations, but con-
trolled by no one, and upon moderate and reasonable
terms. 1t would be equally .mpolitic and unjust for
these governments, in a desire to make these great under
takines profitable to themselves without furnishing any
contribution towards their construction, to levy onerous
charges upon the persons and property destined to pass
over them, and by this means interpose serious obstacles to
their general use. These local governments should look
to the vast benefits which these enterprises will bring to
the countries through which they pass, and not strive by
excessive impositions to make them sources of revenue,
and defeat by this ~ill-judged measure the very object
sought to be obtained.
The United States have no objection to one canal,
or 10 twenty canals, in that region. They do not
deny the right of the local governments to authorize
them to be made by Monsieur Bellys or Baron Nun
chausens-by Chinese or French bubble-blowers or
by any other people on the face of the earth. It is
no question under the Monroe doctrine. What they
do assert, and do mean to make good, is, that con-
tracts already made and existing with their citizens
shall not be violated, and that such canals, when
made, shall be equally free and open to all CONNER
cial nations, and shall not be controlled by any one
power, especially any European power.
He knows but little of the constituencies of the
stock iobbing markets, who believes that a work
like this would be accomplished an the face Of obje-
lions urged by the United States, and accomplished
by funds raised in Paris; for it is clear that nothing
will be contributed in England or in the United
States. But for the necromancy in the name of
Belly, we might doubt the possibility of raising the
funds in Paris. Thirty millions of dollars to be
raised in Paris for the construction of a canal across
the Nicaraguan Isthmus, in which France has SO
little INTEREST," And this without the aid of dollar
from the French treasury for it is well known that
the redoubtabie Belly has left France in a towering
- -.I. T.-oIo- ,Iooo ~ -
aid hin in his project.
The relations of England, too, with the Central
American governments are the subject Of daily
speculation. Our penetrating and sagacious para
g~raphists give our government credit for knowing
little about them. This may be true but our gov
eminent is officially assured that England is not pur-
suing a tortious or dishonest policy in that region.
True, the Nicaraguan government has behaved very
badly towards this country, but it must be recol
lected that IL Ia in q very unenightened condition,
and its Legislators, who control treaties, are hard to
manage. The British government profess fairness,
and ours is not at liberty to doubt their honor.
It is understood that Of both the treaties they meGi-
tate with the government of Niearagua--one for the
regulation Of the transit route and Of commercial in
tercoursc, and the other for the abandonment of the
Mosquito protectorate- til general principles have
been submitted to the government of the United
States, and approved by it.