Savannah morning news. [volume] (Savannah) 1868-1887, 1884-12-25

Poe taxi Pa great deal Of interestin sever
al important enterprises in this country,
in a late letter to the New York Sun,
states his belief pretty strongly that the
Panama canal will never be completed.
He SAYS that when he was at Panama last
October one-half the capital of the canal
company had been expended, and not one
tenth Of the work had been done, and that
what had been done was the easiest part.
This statement of Capt. PIN is impOr-
tant, because the question whether or
not there is a reasonable prospect of the
completion Of the Panama canal may
have some influence in determining
whether or rot the Nicaragua treaty shall
be ratified.
At present the treaty appears TO be un-
popular. A fun discussion Of it, how
ever, may effect a change in public sent.-
mont with respect TO it.
There are many other things besides the
question whether or not the Panama canal
Will be completed which viii have weight
in determining whether or not the Mica
ragua treaty shall be ratified.
If the Spanish and san Domingo treaties
and other. commercial treaties now con-
templated with South American States,
should be ratified the government would b.
without the means to build the canal.
The treaties would cut OFF all the surplus
revenue. Even if the policy embodied in
these commercial treaties is not carried
out the tariff IS pretty certain to be so
reduced that there Will be no money for
canal building purposes.
As to the cost of the canal there are
various estimates. There is no reason to
think, however, that it would be below
500, 100000. One engineer places it as
high as $40, 100000. Ii the government
does the work it would reach probably
$2OO, 100000.
The canal would make an eXpen-
sive navy a necessity. To build such a
navy as would, in all probability, be
deemed advisable, would cost pretty
nearly as much as the canal. 1t is plain
that if the canal is determined on, COM
merciaI treaties and tariff reform must
be given up. At least they must be given
up until the canal is built.
But would the Nicaragua canal pay if
the Panama canal were also built? That
question cannot, of course, be answered
with any degree of certainty. 1t will
have to be considered By Congress, how
ever, when the treaty comes up for
action.
The Panama canal will be only about
At miles long and will have but one lock
a tidal lock at one of the termini. The
Nicaragua canal viii be lS5 miles long
and Will have at least a dozen locks. For
a very large part Of the trade that would
use the canals the Nicaragua route
would be considerably shorter. From
New York TO san Francisco the distance
would be 40 miles less and
from New Orleans to san Francisco
$50 miles less by the Nicaragua than by
the Panama route. The Nicaragua canal
would, in all probability, get the larger
portion of tue trade. 1t is, Of course, i'm
possible to approximate closely the amount
of tonnage annually that would pass
through either or both of the canals. Ithas
been estimated as high as 5000, 600 and as
low as 100000 tons. The revenues Of
the Suez canal increased wonderfully
after the first three years. Last year
they were more than six times as great
as they were the first, second
or even the third year. The
dividend last year was l. per cent, and in
the next - years 1t viii reach, it Il ex-
pected, 80 per cent. Judging from the
success, financially. Of the SueZ canal it
is probable that the Nicaragua canal,
even il the Panama canal should be COM
pleted, would pay fair interest on the
cost of its construction.