The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-09-13

been built, but, it is claimed. had not been
put in operation. In 1868, there
fore, the Peruvian government con-
coded to the Senores Montero the exclusive
right to control the nitrate railway for
sixty~flve years after which the property
was to revert 70 the government and people
OF Peru. In 1872 Thomson Bonar g. Co,
accepted mortgage for el,00.0OO. In
1873 the Angl Peruvian Bank. and mark
the beginning OF English interest in this en-
terprise, advanced to the Nitrate Railway
Company R450,OO0 and in the following
year (lS74 the National Nitrate Company
was chartered with a capital OF el.2OO,OOO.
The promised English loan not being
forthcoming, the railway company was
placed in the hands of trustees friendly TO
majority Of the creditors Of the corpora
tion. This legal proceeding was fought"
by Montero Bros, who succeeded in
placing the property in the hands OF a re-
ceiver. Under an arrangement finally made
in 1879 the railway became the asset Of the
National Nitrate Railway Company OF
Peru. A few months after this last agree
nent was signed, war broke out between
Peru and Chile Chile finally succeeded in
Wrestling the province OF Tara Poca the
nitrate country from Peru.
The confusion which followed the war
checked the dev eopment Of the nitrate in-
dustry until in 1852. HUH & Co. succeeded
in floating a company in London, IN
capital of Ell 200 900 and loan of 6 ,10J,-
COO. In 1883 this loan was paid OF, the
capital was called in and new mortgage
loan of 81, 900 200 was issued at 8 per cent.
This is the financial condition Of the Nitrate
railway to-day. so far as Is publicly known.
IquiGue is the ocean terminus OF the road,
and at this seaport are large works. used
in the shipment Of nitrates to all parts of
the world
POLITICS AND NITRATES IEsEPARABLE.
How intimate the nitrate question enters
into the politics OF Chile can hardly be un-
derstood until it is known that since 1888
the government Of Chile has been engaged
IN an attempt to declare forfeiture of the
rights and privileges of then itrate railway,
which had been given by the government Of
Peru, a concession which Chile claims does
not bind. her in any way. This fight Of the
government against the railway company
has been vigorously carried on. The con-
gress Of Chile decreed that the nitrate
railway had in deed and fact
forfeited its character: the railway appealed
to the supreme court of Chile-the attorney
general filed an objection to the appeal on
the grounds that the court was not compe-
9ent TO deal with the issue, claiming that
the resident alone could (cous,itutionally)
decide the question. The supreme court
decided adversely to the attorney general,
whereupon President Balmaoeda and his
cabinet, the council OF state, overriding
both the Senate and the supreme court iu-
sisted on his absolute right to annul the
privileges Of the railway company.
What .nors proof is necessary to demon
stratethat che nitrate question is the liv-
ing isIue Of Chilean politics: that the late
rumpus in Chile wss commercial war
that "liberty, fraternity, equality" tho
rights of man." etc, had nothing
to do with the matter; that Bal
msceda was fighting for TO great
principle Of right or wrong; that
the 'congressionalistsn we're not inspired by
love OF country or any other praise worthy
sentiment. In short, that the Chilean war
was not, to put too fine point upon it. a
contemplate piece Of stock jobbery; a deal.
a contest between bulls aud bears who tried
to rig" the market in a nitrate specula-
ton.
And all this time. where has Col. North.
"the nitrate king " kept himself3 Who can
tell In the language Of the late William
Orton, Col. North has not INDUCED lin the
fascinating occupation of hunting sbunks
preceded by brass band.