The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-11-27

gence and public spirit. every successive
generation will have something better to be
grateful for than mere physical prosperity.
General Grant and the Nicaragua
Canal.
Mr.. Thomas De Franco, the agent of Eu-
ropean capitalists who has come to this
country as the bearer of a pledge of heavy
subscriptions to the interoceanic canal,
has been for the last two or three days in
Washington in conference with Admiral
Ammen. Mr.. De Franco has conversed
freely with representatives Of tho
press, and he seems to entertain no
doubt that General Grant will ac-
cept the presidency of the projected
canal. Indeed. it is understood that he has
virtually accepted already, with the reser-
walton that the enterprise be put on solid
pecuniary basis and that the government
of the United States guarantees its pro-
lection. Certain it is that he is entertain
ing the proposal and that he has made an
appointment for an early personal con-
sultation with the representatives of the
project. 1t is believed that there
will be no difficulty in securing
compliance with all the conditions which
General Grant requires The money would
be subscribed at once if capitalists were
assured that General Grant will take direc-
ton of the enterprise-so complete is the
confidence that would be inspired by his
acceptance 1t is known that he has
studied the project for years that he has
no doubt of it's practicability that he
takes jealous interest in its success, and
its promoters place the most entire trust
both in his administrative ability and
his influence in securing efficient CO.
operation on the part of govern
ments and capitalists. Mr.. De Franco
probably does not speak without authority,
or at least not without encouragement, in
expressing the opinion that General Grant
will accept. The General seems to have
gone as far in this direction as prudence
will warrant, Tor he cannot be expected to
enter into any positive engagements until
it appears that there are responsible par
ties with whom he can conduct the negotia-
ton. IT. after q personal conference
with the representatives of the I'M
dertaking, he shall be satisfied that
the requisite capital is ready to
be embarked he will probably commit
himself far enough to encourage the imme-
diate formation of company; but of
course he cannot accept its presidency
until he has tangible and responsible party
to deal with. The solidity of character
which dictates this caution is q proof that
the enterprise will be no futile experiment
if he consents to engage in it.
It is stated that President Hayes, in his
forthcoming Message, will warmly COM
mend the subject to the favorable attention
of Congress, and that resolution will be
offered early in the session pledging the
protection of the government to an Ameri-
can company. There can be no doubt that
such resolution would be passed with
substantial unanimity. It is understood
that the company will be chartered by
the Legislature of New York, there
being constitutional objections to creating
such corporations by the federal govern
ment. Thirty years ago similar New York
company was organized, styled 1.-THE Ameri-
can Atlantic and Pacific Canal Company"
and in September, 1849, treaty between
the United States and Nicaragua was signed
by plenipotentiaries and ratified by the
government of Nicaragua. 1t was never
ratified, however. by our Senate, because
the Clayton-Bulwer treaty superseded it
treaty by which Great Britain and the
United States stipulated to protect the
property and defend the neutrality of
the ship canal. But nothing came
of that, and our government would
not now consent to joint protectorate
with any European Power. 1t will be
necessary to enter into treaty stipulations
with Nicaragua on the model of the treaty
which failed OF ratification thirty years ago.
All the Legislative and international ar
rangements may easily be perfected before
the end of January, and with General
Grant as president of the company the
whole capital will be subscribed without
delay.