The New York herald., 1879-08-28
ACROSS NICARAGUA.
Lively Interest in the Great
Canal Scheme.
ADMIRAL AMMEN's VIEWS.
General Grant To Head a New
York Company.
PROMINENT CAPITALISTS MOVING.
ADMIRAL AMMEN'S VIEWS.
PROMINENT CAPITALISTS MOVING
lsY TELEGRAPH TO THE HERALD

The account published in the HERALD to- ay of
General Grants ambition to be connected with the
construction Of interoceanic canal has awakened
here an unusual interest in the project. and 1t
is astonishing what number Of prominent men
are also anxious to be identified with it. The
telegram to Rear Admiral Ammen cmae
through the Secretary of the Navy. whom
the information of General Grants acceptance
was made known. When Secretary Thompson heard
that the canal was going to be built through MICA
ragua he said to . friend II wish our government
would assume the task Of constructing this
interocesnio canal and put the work in
charge of the Navy Department. know Of
no honor that American citizen could covet with
more commendable pride than to be known as the
builder of canal which will not only change the
topography OF the continent and be great COM
mercial highway. but will rebound to the credit Of
our country when half its history is forgotten"
A FAvoRIrE DREAM OF SEWARD.
1t was said to-day by gentleman of long expo
rience in the State department that it was not
generally known that Secretary Seward did all in
bis power to crown his arduous labors OF eight
years. service as Secretary OF State by securing .
treaty between the United States of America and
the United States Of Colombia for o ship canal.
He thought that if he could end his labors
In the State Department with such treaty it
would be sufficient reward for the onerous task
performed during the eventful period Of the re-
belion. So anxious was Mr. Seward 70 deserve dis
tnction ~ having opened the way to the universal
pacihcation OF nations through such achannel Of
commerce. that in the winter Of 1863, when Presi
dent Johnson's term was drawing to q close Mr..
Caleb Cushing sent in haste Bogota to exercise
his tact and diplomatic ingenuity in getting
treaty concessions the isthmus for an
interoceanic canal. 1t important that the work
should be done speedily. as the administration Of
President johnson would end on the 4th Of March.
Mr. Gushing acted promptly and was successful. for
ON the 14th of January. 1869. q convention be-
tween this government aud that of the United
States Of Colombia on the subject Of .
ship canal was signed ct Bogota. It was
sent to Senate in time for its action but there
suspicion that lurked in Its pages. as
It came from Mr.. Johnson. and 1t was buried in the
archives OF the executive Office Of the Senate. So
determined was Mr.. Seward that he fastened to New
York. called together . number Of the prominent
business OF the CITY, appealed to their patriotism
not to allow grand project to rest, and during
the sesslon Of the Legislature of New York in the
same winter bill was passed granting q charter to
IN interocesnic ship canal company. These incl
dents related to show how great IN honor has
bean accepted by General Grant, and in what light
II II held by those familiar with naval and dip
lOmatlc intercourse Win other nations.
ADMIRAL AMMEN's VIEWS
In the opinion Of Admiral Ammen the financial
policy of NJ. de Lesseps in relation to the Panama
Canal project is the best one it enables persons
having small incomes to become stockholders
through the payment Of interest from the date Of
paying in their stock. The aggregate wealth Of
this class is many times greater than what
might be called the floating capital. readily
available. of men of very large wealth. who could
afford to wait for the payment OF interest for pc
riod OF Ave more years from the hrst payment on
their stocks until canal opened for the transit
Of vessels after which the payment OF interest
cesse and that OF dividends OF earnings be made
instead. This payment OF interest. however say Of
per cent until dividends Of earnings could be
made. would only be possible where the capital
stock did not include sufficient means for all the la
Dor. machinery. personnel and interest on money
expended otherwise dormant
NEW SURVEY FAVORED.
The Admiral thinks that q careful relocation of
the Nicaraguan Canal will probably reduce the esti
mate for labor. including twenty per cent con-
tingent. to about s55.OO0.oOO. The probability Of
this is to be found the fact that OH tho section
lying between Greytown and che River San Juan u
lower line of levels has boon run. without any ma
terial increase Of distance. which will decrease tho
labor estimate $3.0oO.O00
The La3as route, lying between Lake Nicaragua
and Brito, distance of seven or eight miles, pre-
sents possibilities of substitution tho Rio del
Medic route depending being able to divert the
head waters of the Rio Grande. now falling into the
Pacific. into the head waters OF the Lajas River.
which case good surface drainage will be sec ured
and the estimates for labor be reduced $5.0c000o.
DANGER TO AVOIDED.
The object of the commission appointed by the
D~o. osx ~. Vr.xtt~
engaged In making surveys and estimates generally.
has been to avoid falling into tho SO fatal to
employment of capital prontably-that of making
under estimates and afterwsrd borrowing money at
great loss. ofton aggravated in suspension of the
work from time to time nominal labor
upon 1t. - was the with the Suez Canal which
cost go estimate of less than onethird
of that amount.
In Nioarauga the work Of blasting the San Juan
River. by ingenious method OF Mr.. Menocal--
operating boat screwed up ON sponsors so as to
become platform--has been done ut less than two
thirds Of the cost of the estimate, including the
contingent OF twenty-five per cent before alluded to-
This work forms actually part Of an interocsauic
canal whom 1t shall be constructed.
GRANTS INTEREST SCHEME.
Before General Grant went abroad no called on the
President and expressed the great interest felt in
~ affecting the general commerce OF the world.
Since then at various times he has written somo
OF his friends such communications as
show rather continued interest in that
subject than any special ideas upon 1t. When in
England he had conversation regarding 1t with Sir
sohn Hawkshaw and IL is not unlikely that he also
conferred with other engineers When in Paris no
'refused to DO pestcrcd" by persons who had canal
schemes. probably because in them he recognized
stock jobbing operations.
In letter from pekin. dated juno g. he says:--
II was pleased that Admiral Ammen consented to be
our representative at the Congress to discuss the
question OF the interoceanic canal because do not
believe there is another American who understands
the relative advantages of the one feasible route over
oil others. nor who can state tho advantages and OBJ
staces In the way OF other as clearly as he.
In letter from Toxic Japan. dated July 1O. he
stated that he had previously received several letters
from Admiral Ammcn. the last from Paris. and
N1ds. ssI hud viouslv read In tho Ny., w..