The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-02-23

GERS OF the maritime company as to their
plans for raising money, which appear to
be substantially the same as those adopted
for other works ofimprovement constructed
by private corporations.
las no income or profit, can be derived
from the work until the completion. and
until the actual passage of vessels through
the entire length of the canal. the company
must rely upon its credit or upon its own
resources, and, under the most favorable
circumstances, it is sho IN that the burden
Of liabilities upon the completed work
would, without aid from the government,
be not less than $3.50, 000, 900, and might
extend to 800, 900, 600, most Of it borrowed
at high rate Of interest, accompanied by
large discounts. This stock and those bonds
would have to be disposed of in the open
market. and woald be sold largely in Euro
pean countries. 50 that, though the work is
instituted and conducted by American citi~
zens. the control and management OF the
corporation would necessarily drift into the
hands of holders who would have no regard
to the important American interest in-
volved in the work.
ION the other hand, it was apparent
that if the United States should aid the
work by their credit, the Maritime COM
pany would be able to complete il at the
and, 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 fixed policy of this govern
ment, that, while the work would be for
the benefit of all nations. it should not pass
| from American control Vessels of the
United States will, in all human probability
carry the chief commerce through the
canal, and it is for the interest of our people
| that the charges on these vessels should be
so low as TO induce the largest number pos
| sible to avail themselves Of the benefits OF
the canal.
1.-The question, then, was: In what way
should this aid be rendered without involv-
ing a departure from our established policy
as stated by hr. Cleveland, and without
pecuniary loss or entangling alliancel The
| only method that was suggested was the
one adopted by other nations under like
circumstances, and especially by Great
| Britain in respect to the Suez canal,
namely, that the United States should, in
| consideration Of its guarantee, secure such
a control of the majority Of the stock as to
enable it to protect the interests of its peo-
| pie, and such control of the expenditures on
the work as certainly TO limit the obliga-
tons Of the company to the actual cost Of
the canal in money.
these primary objects have been, it Is
thought, secured in the bill now pending,
| by an unconditional guarantee of payment
the company bearing low rate of interest;
| by the application of the proceeds Of these
| bonds, under the direction of United States
| engineers, to the work actually done, and
| by the transfer of $4,000, 900 out Of the
| 500, 900, 900 ia stock to the United States,
with the power to vote the stock and with
| proper representation on the board Of di-
rectors. These, and other provisions of the
bill reported, will, it is confidently believed.
J not only secure the completion of the work
| at cost, but will place it in the power of
| the United States to protect its citizens in
the full rights conceded by Nicaragua and
Costa RIGA, and will prevent the manage
ment of the work from falling into the
| hands Of men who are Indifferent or hostile
to American interests In that portion of the
world.n
The senator argues that the bill deals
| justly with the American citizens who took
| up the work after the United States had
| declined it, and at the same time does not
| pledge the credit Of tho government to the
furtherance of personal interests. 1t pro-
vides that the promoters of the Nicaragua
canal should be reimbursed only for the
actual cost to them of the work already
done, and that this cost should be ascer-
tanned by proper officers of the government
| and paid in the bonds of the Maritime COM
pany, guaranteed by the United States.
The Maritime company had agreed with
the construction com any TO give the latter
$12, DOC, 600 in stock in consideration of con-
cessions from Nicaragua and Costa Rica
transferred by the construction to the Mari
time company. This is cut down to 80, 600
900; the sum of Sc, 100000 in bonds must 20
to Nicaragua and S1,500, 900 to Coata RIGA.
This would be all the outstanding stock,
The two companies objected strongly al
first but finally agreed to this arrangement.
The article which ia the most important
Of any that is 30 appear in next months
review enters into full discussion of the
financial aspects of the project 1t con-
cludes as follows:
ITO reject or to neglect the opportunity
now offered would leave this enterprise to
the chances Of failure, or transfer its con-
troll to commercial rivals whose interests
and fixed policy would lead them to convert
a great highway of nations into depend
ency more formidable than Gibraltar and
more troublesome than Canada. A com.
mercial company in India has been con-
verted into vast empire; the single port Of
Hong Kong is made to dominate a great
population to China; the control of toe
Suez canal and of Egypt has been pur-
chased in the stock market-these are suffi.
/ Gent warnings to the American people tt
avail themselves of the opportunity. now
, open to them, to protect their coastwise
trade from interruption. and at the same
time, with little cost and no risk, to con
tribute to the world one of the greatest
} achievements of mind over matter that ha!
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