The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-12-10
THE NICARAGUA CANAL.
Recommendation That the Government
Guarantee the company's Bonds.

The annual report of the Maritime Canal
Company, OF Nicaragua, shows that much
costly and necessary preparatory work has been
done during the year in the construction of
shops, railroad tracks, harbor piers and break
waters, and that the work of canal construction
has made some success. deem it to be a mat
ter OF the highest concern to the United States
that this canal connecting the waters of the
Atlantic and Pacific oceans aud Civ
inG US Il short water communication between
orr ports upon those two great seas should be
speedily constructed, and at the most practic-
able limit o. cost The gain OF freights to the
people by this direct saving and TO the govern
meut OF the United States in the use OF naval
vessels would pay the cost OF this work within a
short series 81 years. The report of the seere-
tary OF the navy shows the saving In our naval
expenditures which would result The senator
ftO'n Alabama tNf. Morgan, in his argument GA
this subject before the senate at the lat session
uid not oyercshmate the Importance of this
work when he said that the canal is the most
important subject now cor pecteC with the com
mereial growth and progress OF the United
states
II this work is to be promoted by the usual
financial methods ana v .thout the aid OF this
government. the expenditures IL its interest
hearing securities and stocks Will probably be
twice the actual cost. This VIII necessitate
higher tolls ana constitute q heavy and aito-
geiher needless burden 1pOn our commerce and
that OF the world. Every dollar OF the bonds
and the stock ~ the company should represent
dollar expended in the legitimate aad eco.
3
possible by giving To the bonds the
guaranty o. the United states govern
Ineat such guaranty would secure the
cent bond from time to time as the money Was
needed. / do nUt doubt that. built upon
business methods. tho canal would. when f,illv
in2ugurated, earn rs fixed charges and Operat-
ing expenses, bat II its bonds are 20 b mar
keIea ~ heavy discounts aad every bond sold
is 20 re accompanied by gift o! stock rs has
come 70 be expected by investors in such euter.
pslscS, the traffic VIII be se,iouSly ourdened TO
pas tie interest and DIVIDENDS. ! am quite
wiling 10 recommend governments promotion
in the prosecution Of the work or A.
ford OtheF means for securing is Completion
which is q sgch traHsceadeut interest that the
government might, IN my opinion, secure x b.
direct appropriations from It's treasury. 4
guaranty ci the bonds of The canal company TO
an amount ueces airy 10 the sonpleting OF thu
car al could, ] think. be so given s. not To IN
volve any serious risk OF ultimate loss The
things 70 D. carefully guarded are the com pie
tluu oi the WORK within the limits OF tia guar
amy. the snorosatlon OF the United states 20 the
rights Of he first mortgage boRGhos4ers Tor any
amount IS 81 may have 20 pay, and in the mean
time control OF the stock Q. the company as a
security against acknowledgement sincerely
Eofe thar no sectional lines VIII be drawn on
ths great American pro.ect 80 iugl OF interest -
thc PEOPLE q! 81 the states. aud So influential il
lis efforts on TIE prestige and spirits Of car
Eloa eountrg.
The island OF Sayassa, in the West Indian
grour, has, under the provisions OF tile - OF
tae Revised statutes, been recognized by the
president s. pertaining - the United states. Ii
Contains gpAno deposits. and is owned by the
NavaxSa Phosphate Company. ami is occlpiel
solely by iJs exployeS In Ssp;em ber, fSS9. a
revolt took place among these LsboseTs, result
Ing IN the killing OF the agents o. tae company.
caused, as the laSoTers claimed. by cruelty
These men were arrested and tried IN the United
states courts AZ baltimore under section 5,575
OF the statute referrea 10. as *
The oGeEses lad been committed on board