New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-02

markets Of Europe than the markets OF own coun-
try while, II the canal DO constructed, there VIII Dc
SAFE we'll protected water route between the western
ports OF the American conDent and our chief com
merclal cities The canal will for the first tine'
make possible an enforcement Of the Monroe Doctrine
hitherto mere dogma In American policy. The COM
munion OF interests between the American States VIII
be enormously strengthened by this work The South
American Republics patterned after ours; there
| can be no clashng OF interests between us. For
many years they are not likely to be manufacturing
countries but will be devoted mainly TO agriculture
| and mining They would naturally exchange their
gold, silver sugar coffee, tropical fruits guano and
other sources Of wealth for the manufactures ana
Productions Of the United States
Tho construction OF this canal would seem, judging
by Statistics ~ be very profitable investment LOT
American capital ira rapid accumulation OF wealth. IN
our country has removed us from among the nations
that, by their means arc limited to home enterprises
Assuming that the estimate OF tonnage Is not
excessive, and that the cost of the improve
ment Will not exceed 100000 900, the small
est rate Of tolls proposed by any one VIII
yield at least per cent on the investment as well
ms 10 our citizens from their proximity TO the
work. great advantages Of trade and profit over foreign
competitors.
will not enter into details as to the nature Of the
work, or as to the further benefits 10 be derived
from its construction. The question remains, How
shall 1t be executed And this question must be
solved not in such way rs to advance the interests
OF private citizens companies, but as to beneht
all the people OF the United States. 1t Is proper for
me to emphasize the fact that the Maritime Canal
Company and the Construction Company ORGANIZED
by it. have made no application to Congress for aid
The Maritime Canal Company can, doubt, by max
ing great sacrifices OF its stock and bonds secure
the completion OF the canal but all experience shows
that this viii involve output Of stock and bonds
that will be a permanent charge and burden upon
the commerce that passes through the canal Ihe
Senate Committee on Foreign Relations has examined
the officers of the Maritime Company to their plans
for raising money, which appear to be substantially The
those adopted for other works Of improvement
constructed by private corporations AS income or
profit be derived from the work until It's COM
pleton and until the actual passage of vessels through
the entire length Of the canal, the company without
aid from the Government, would be obliged to rely
upon its credit upon its own resources and, under
the most favorable circumstances, 1t Is shown that
the burden of liabilities upon the completed work
would be not less than $3.50, 900 900, and might ex-
tend to 9400 900 900, most OF the amount borrowed
at high of interest, accompanied by large us
counts The stock and bonds would have to be dis
posed Of in the open market, and would be SOLD largely
in Europe. Therefore, though the work would nave
been Instituted and conducted by American ctlzens'
the control and management of the corporation would
necessarily drift into the hands Of holders who would
involved in the enterprise On the other hand, IL Is
apparent that II the United States should aid
the work by their credit, the Maritime COM
pany would be able to complete at
tho estimated cost, without discount or loss' ana
that In consideration for this aid, the United states
could prescribe such terms and conditions as would
carry out the object Of the concessions and the hXed
policy of this Government. Vessels OF the united
States WILL in all probability, carry the chief COM
merce through the canal md 1t is for the interest OF
our people that the charges these vessels shall be
so low as to induce the largest possible number OF
their owners to avail themselves Of the benefits OF the
canal.
The question then, before those who were drafting
a bill TO secure Government aid, in what way this
aid should be rendered without involving departure
from our established policy as stated by Mr. CieVe-
land and without pecuniary loss or entanglns
alliances The only method that suggested was
the one adopted by other nations under like crcuu-
stances and especially by Great Britain In respect to
the suez Canal namely, that the Government should,
I'm consideration OF Its guarantee, secure such control
of the majority OF the stock as to enable
IL to protect the interests Of the people,
and such control Of the expenditures on the
work as certainly to limit the obligations OF
the company tie actual cost Of the cana ~ money,
These primary objects have been, 1t IS thought secured
in the bill now pending, by unconditional guarantee
Of payment Of the principal and interest OF the bonds
Of the company; by the application o. the proceeds
engineers, TO the work actually done; and by the
transfer of S7OOO0,OO0 out Of SlO0,OOOOOO In stock
TO the United States with the power to vote at any
meeting OF the company and With proper repre-
entaton on the board OF directors. These and other
provisions OF the Bill reported WILL IL Is cohLuehty
believed. not only secure the completion OF the work
cost bat will place 1t In the power Oh tlc Cht1u
states to protect their citizens IN the i9i iiss con
cedod by Nicaragua and Costa Rica, and VIII prevent
the management OF the work from falling into the
hands OF linen who Indifferent or hostile 10 Anerl-
tptor e. tlsaNV IA
These objects being secured, the question arose as
to what arrangement should be made g., win Ir tae
states declined TO construct the work., OBJ
tailed concessions and who had actually entered upon
vided that il might be altered amended or changed
at the pleasure OF the United states but the exercise
incorporators and without neglect or forfeiture on
their part, would have been preach Oh 1e PuP ply
Government would have been compelled to undertake
the work itself, or, by declining TO DO So would nave
To execute or to allow any other Power to execute
work of conceded Importance to all the nations of
objects to the use Of the credit or the money Of the
United states to advance the personal interests ana
the promoters of the Nicaragua Canal should be re-
imbursed only the actual cost TO them Of the work
by proper officers OF the Government and paid in
the bonds Of the Maritime Company guaranteed by
that the promoters should have such reasonable
allotment OF tic stock that they already own by virtue
Just and fair compensation for their vested rights and
for their services. BY the terms of the contract
entered into by the Maritime Company with the Con
strucon Company, the latter Is entitled to $1,000
privileges granted by Nicaragua and Costa RIGA, which
were transferred by the Construction Company 10 the
Maritime Company. II deemed, after careful |
consideration that, this stock has not yet been
earned, the Maritime Company should be allowed to
issue to the Construction Company stock OF the former
that ali other ' stock Of the Maritime Company Of every
kind name and nature or agreed to De ISe o6
stipulated to be given tn Nicaragua for its concessions
and 81 10000 to be given to Costa Ricn. The value
OF this stock at first would be nominal, and |
It's future value would depend entirely upon |
the value OF the completed work. This proviso |
is regarded by the Maritime and Construction com
It. we'll as TO the other terms and conditions pro
posed in the pending bill.
The more / reflect upon the transccndent I'M