The Superior times. [volume] (Superior, Wis.) 1870-1912, 1891-12-12
IMPORTANCE or Int NICARAGUA CANAL.
Plans for the Construction of the Great
MalrrMAN Are ENriaincA.

The annual report of the Maritime CuHgI
Company, Of Nicaragua. shows that much cost
N aud necessary preparatory work has been
done GuFluG the year III the construction ot
shops, ThllroGd tracks, and hHrbor piers and
hrca kwnterN. and that the work ut canal con
siTuytIon has made some progress.
deem II Ia he matter ui the highest con
cern TO the nited States that this canal. con
meeting the waters Of the Atlantic and Pacific
oceans, and giving 10 us a short water commuu-
lCatiOn between our ports upon those two great
seas should hc speedily constructed. ana at the
smallest practicable limit of cost. HE gain in
ircIShts To the people, and the direct saving to
the government of the United States in the use
OF It's naval vessels would pay the entire cost ot
this work within short series of wears The
report of the secretary ot the navy shows the
saving in our naval expenditures which would
result.
The senator from Alabama MIR. Morgan, III
his argument upon this subject before the Sen
ate at the last s,s-ion, did not estimate the
importance tthlS work when he said that the
canal Is The most important subject now con
nected with the commercial growth ana prog
resS OF the United StateS.' lfthiS work is 10 l,.
promoted 10y the usual financial methods urd
without the aid of this government, the eN pcudl-
lures, in its interest bearing securities ana
stocks will probably be twice the actual cost.
lhls VIII nCcesSltatc higher tolls and constitute
a heavy and altogether needless burden upon
our commerce ana that OF the world Every
dollar Of the bonds AMI stock of the company
should represent dollar expended in the Ic-
gltimute and economical prosecution OF the
work. This l. only possible by giving to the
bonds the guaranty OF the nlted states govern
ment such guaranty would secure he ready
sale ut p4r OF Il pr cent. bond. from time tn
time, rs the money was needed. do not doubt
that, built uIon these business methods the
canal would. " hen fully lnaUgurated, earn its
fixed Charges and operating expenses But ii
its bonds are to lie marketed Ht heavy discounts
and every bond sold is 10 be accompanied by 81
gift of stock, as has come tO be expected by i'll
vestOrS IN such enterprises, the traffic will hc
seriously burdcned To pay interest and diyi-
dends. | am quite willing to recommend goX,
crnment promotion in the prosecution of u
work which, II no other means offered for
curing the completion. Is Ot such trausCendrnt
interest that the government should, in my
opinion. secure il by direct appropriations
from its treasury.
A guaranty of the bonds OF the canal COmpH-
ny 10 an amount necessary 10 the completion of
the canal could think, be so given not To
involve any serious risk of ultimate loss. The
things to be carefully guarded are the compile
tion of the work within the limits of the guar
anty the Subrogaton Of the United States to the
rights of the first mortgage bunfhOltcrS for any
amounts il may have 10 pay, and in the meaH-
time control of the stock of the company Il
security against miSmanagCmeut and loss.
most sincerely nope that neither party nor see
tiunal lines Will be drawn upon this great
American project. so full of interest to the pcO-
pie of all our states, and influential i'll its ct
tccts upon the prestige and prosperity of our
gpr