Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1891-12-18
to fulall its treaty obligationsin this re
The Nicaragua Canal


The annual report of the Maratime
Canal company, Of Nicaragua, shows that
much costly and necessary preparatory
work has been done during the wear IL,
the construction of shops, railroad tracks
and harbor piers and break-waters, and
that the work of canal construction had
made some success deem it to be a
mater OF the highest concern to the
United States that this canal. connecting
the waters of the Atlantic and Pacific
oceans and giving to us short water com
municatlon between our ports upon those
two great seas, should be speedily con-
struoted, and at the smallest practicable
limit OF cost. The gain in freights to the
people and the direct saving to the gov
eminent OF the United States in the use of
naval vessels would pay the entire cost of
this work within a short series Of Years.
Inc report of the secretary of the navy
shows the saving in our naval expendi-
lures which would result. The senator
from Alabama (Mr. Morgan), in his argu-
ment upon this subject before the senate
at the last session, did not overestimate
the Importance of this work when he said,
that the canal is the most important SUBJ
ject now connected with the commercial
growth and progress of the United States"
II this work is to be promoted by the usual
financial methods, and without the aid of
this government, the expenditures, in it's
interest bearing securities and stocks,
will probably be twice the actual cost
This will necessitate higher tolls and con-
stltute heavy and altogether needless
burden upon our commerce and that of
the world: Every dollar of the bonds and
stock OF the company should represent q
dollar expended in the legitimate and eco
nomical prosecution of the work. This is
only possible by giving to the bonds the
guaranty of the United States govern
mont M w. A.
ready sale at par of q per cent. bond
from time to time as the money was
needed do not doubt that, built upon
those business methods, the canal would
when fully inaugurated earn it's fixed
charges and operating expenses. But if
Its bonds are to be ma, keted at heavy dis
counts and every bond sold is to be &C.
companied by gift of stock, as has come
to be expected by investors in such enter
prises. the traffic will be seriously bur-
dened to pay interest and dividends I
am quite willing to recommend
government promotion in the prose-
cution of a work which if no
other means offered for securing its COM
pletion is of such transcendent interest
that the government should, in my opin-
ion, secure it by direct appropriations
from its treasury. A guaranty of the bonds
OF the canal company to an amount neces-
sary to the completing of the canal could,
tnlnk, De so given as not to involve any
serious risk of ultimate loss. The things
to be carefully guarded are the compile
ton of the work, within the limits of the
guaranty, the subrogation of the United
States to the rights of the first mortgage
bondholders, for any amount it may have
to pay, and in the meantime control of the
stock of the company, as security against
Encouragement and loss. I most sim
cerely hope that neither party nor Sec
tional lines will be drawn upon this great
American project, SO full of interest to the
people OF all our states, and so influential
in its effects upon the prestige and pros
perity OF our common country.
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