Los Angeles herald., 1891-12-10

oiuiu aic III progress, anu Culb euGeT-
prise should have the suitable promo
tion OF the two governments. I strongly
recommend that provision be made for
improving the harbor of Pearl river and
equipping it as naval station.
THE ARBITRATION CONVENTION.
The arbitration convention formulated
by the International American confer
ence has lapsed by reason of the failure
to exchange ratifcations fully within
the limit of time provided, but several
OF the governments concerned have ex-
pressed desire to save this important
result of the conference by an extension
of the period. 1t is in my Judgment in
cumbent upon the United States to con-
serve its influential initiative in this
move, by ratifying the instrument and
by advocating the proposed extension of
the time for exchanging ratifications.
These views have been made known to
the other signatories.
A PROTEST AGAINST RUSSIA.
This government has found occasion
to express in friendly spirit, but with
much earnestness, to the government of
the czar, its serious concern because of
the harsh measures now being enforced
against the Hebrews of Russia. By the
revival OF the anti-Semitic laws, long in
allegiance, great numbers of these un-
fortunate people have been constrained
to abandon their homes and leave the
empire by reason of the impossibilty
of finding subsistence within the pale to
which it is proposed to confne them.
The emigration of these people to the
United States and other countries is
largely increasing, and is likely to reach
proportions which may make it difficult
to find homes and employment for those
here, and to seriously affect the labor
market. It is estimated that over L.
600, 900 will be forced from Russia within
a few years. The Hebrew is never
a beggar. He has always kept
the law, leading a life of toll
often under severe and oppressive civil
restrictions. 1t is also true that no
race, sect or class has more fully cared
for it's own than the Hebrew race. But
the sudden transfer of such multitude,
under conditions that tend to strip them
of their small accumulations, and to de-
press their energies and courage, is
neither good for them nor for US. The
banishment, whether by decree or by
not LEES certain indirect methods, of so
large a number of men and women, is
not local question. A decree to leave
one country is, in the nature of things,
an order to enter some other. This con-
sideration, as we'll as the suggestions of
humanity, furnishes US ample ground
for the remonstrances which we have
presented to Russia, while our historic
friendship for that government cannot
fail to give the assurance that our rep
resentations are those of sincere we'll
wisher.
THE NICARAGUA CANAL.
The annual report of the Maritime
Canal company of Nicaragua shows that
much costly and necessary preparatory
work been done during the year in the
construction of shops, railroad tracks,
harbor piers and breakwaters, and that
the work of canal construction has made
some progress l deem it to be matter
of the highest concern to the United
States that this canal, connecting the
waters of the Atlantic and Pacific ocean,
and giving us short water co nmunica-
ton between our ports upon those two
great seas, should be speedily construct
ed, and at the smallest practicable cost.
The gain in freights to the people and
the saving to the government of the
United States in the use of naval vessels
would pay the cost of this work within
a short series of years. The report of
the secretary of the navy shows the
saving of our naval expenditures which
would result. The senator from Ala
bama (Mr. Morgan) in his argument on
this subject before the senate at the last
session, did not over-estimate the i'm
portance of this work when he said that
"the canal is the most important sub
ject now connected with the COM
mercial growth and progress of the
United States" If this work is to
be promoted by the usual financial
methods and without the aid of this
government the expenditures in its
interest-bearing securities and stocks
will probably be twice the actual cost.
This will necessitate higher tolls and
constitute heavy and altogether need
less burden upon our commerce and that
of the world. Every dollar of the bonds
and stock of the company should repre-
sent dollar expended in the legitimate
and economical prosecution of this work.
This is only possible by giving the guar
antee of the United States government.
Such guarantee would secure the ready
sale at par of 8 per cent bond from
time to time as the money was needed.
/ do not doubt that, built upon business
methods, the canal would, when fully
inaugurated, earn its fixed charges and
operating expenses. But if it's bonds
are to be marketed at heavy discounts,
and every bond sold is to be accom-
panied by gift OF stock, as has come
to be expected by investors in such
enterprises, the traffic will be Sc
riousiy burdened to pay interest
and dividends. / am quite willing to
recommend government promotion in
the prosecution OF the work, which is of
such transcendent interest that the gov
ernment should, in my opinion, secure
it by direct appropriations from the
treasury. A guaranty of the bonds OF
the canal company to an amount neces-
sary to the completing OF the canal could,
think, be 80 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 to the United
States of the rights of the first mortgage
bondholders for any amounts it may
have to pay, and, in the meantime,
control of the stock of the company as
security against mismanagement and
loss. most sincerely hope that neither
party nor sectional lines will be drawn
upon this great American project, SO full
of interest to the people of all the states,
and 80 influential in its effects on the
prestige and spirit of our common coun-
try.