Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1883-02-20
DAHL z
POST NTELLIGENCER'
rue NICARAGUA CANAL

A New York correspondent says tha'
the Nicaragua canal scheme u looked
upon with increasing favor in the great
money market Of America. The OIL
now before Congress calls only Tor an
oct incorporating the company ana
.ska NO guarantee or assistance OF any
hind. On the passage Of this bill, Capt.
Phslps. the head of the Company, thinks
tbev can raise the necessary capital 10
oonstroct the canal. 1t is probable that
II cannot all be raised in this country.
Il NAV be necessary to call in the assist
anoe Of European capitalists. Captain
Phelps says that he has received eooa
dsal of encouragement from moneyed
men in this country who do not care Tor
auy guarantee on the part OF the Gov
eminent. Some few have told him that
a. soon az his bill is through Congress
they will take blocks Of stock OF five 10
tan thousand shares. II the company
cannot succeed in raising what funds
they need TO begin their enterprise, they
will come to Congress next winter and
AJAX for some sort Of assistance. The
concession they have from Nicaragua
runs through the next Congress, and
Captain Phelps says he has every rea-
son TO believe they will get what they
want.
The Northern Pacific Railway is deep
" interested in the enterprise, and
would like TO see it succeed. President
Willard is a long headed man, and sees
that he must depend on the growth OF
the country through which his road
runs for the prosperity of his railway
Only one man of the owners OF the
Southern Pacific, however. is kindly
disposed 70 tho canal scheme. That
ono il Huntington. He sees. 80 Captain
Phelps says, that California wheat can
not be transported to New Orleans and
thence to Liverpool at a rate that Will
b profitable. The Southern Pacific
Company say they will carry wheat
from California to New Orleans for s.
Q ton. II will cost Is more to get it to
Liverpool, making $i4 from California
70 Liverpool. When the canal is opened
the osst to Liverpool will not be more
than g ton.
To the people of the United States the
Nicaragua canal project is Of much
more importance than that of Panama,
the canal being cheaper one to make
and operate and being great deal
nearer our country. This canal project
II Of paticular (iuestimable, We may
say,) value TO the people Of the Pacific
slope, and we cannot urge it too strong
". The Southern Pacific Railroad has
demonstrated ono thing, and that Is
shat as a wheat carrier it cannot COM
pete with ships, and the same holding
good with the Northern Pacific accounts
fer tho frendliness Of President Willard
TO the canal. The railroads will do one
good, however, and that is saying to
producers tho enormous profits hereto
fore made by ships, for whenever more
than el5 or SIC ton is demanded for
wheat to Great Britain they will com
pete for the transportation, carrying to
the Atlantic seaboard and thence by
ship TO Europe. The canal, however,
will out down the cost Of wheat trans
portation TO $8 by ship from San Fran
CISCO. and mot to exceed $40 from Puget
Sound, at which competition by rail will
be simply impossible. As compared with
go q ton, the ruling rate year or SO
ego, this will save to the Pacific coast
on present production 100000 per
annum, nine-tcnths Of which will be
clear gain to the producer. The inter
est our people have in that canal may
b appreciated from this statement.