The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-12-21
The Nicaragua Canal Bill.

Very little is being said in congress about
the Nicaragua canal bill. Congressman do
not appear to be willing to express them
selves freely about it. Il is prob
able that very few Of them have made
up their minds fully concerning it. They
think, probably, that this country ought to
control the canal If it should be constructed,
but they are not sure it would not be a fail
ure aud be productive OF a scandal almost
as great as that which the Panama canal
hes caused in France.
The bill provides that the government
shall guarantee bonds of the canal
TO the amount of $lOO, 900, 0O0 1t is
estimated by the engineer in charge Of
the work that that sum would be
sufficient to complete it. Il is the
history Of all such works, however, that tho
estimate is always greatly exceeded. 1t is
probable that the Nicaragua canal would
cost nearer SOC, O0O, 900 than 800 900 600.
II the estimate should be exceeded, would
the government have to guarantee sddi-
tional bonds2 It certainly would or lose
the Sl00.000,000 already guaranteed. No
other nation nor any syndicate Of capital
lists would be willing TO furnish money to
complete the canal, because it would not be
possible for the canal company TO offer any
security. The first mortgage bonds would
cover everything.
IL this government should guarantee
500. 600 of bonds it would not be In a
position to control the canal The canal
would be owned and controlled by the stock
LoIs 4 - ,yzf& .ko h,lA
ers might be foreigners. There is nothing
to prevent the canal company from selling
its stock to a European government or TO
European capitalists.
IL Is understood that there is big lobby
in Washington urging the passage Of the
bill If it should be passed il would be
charged that its passage was due to money.
II the canal should be failure 1t would be
alleged that the greater part of the canal
fund was used for corrupt purposes.
1t may be said there is no danger that any
members Of congress would allow themselves
to De bribed to support the bill. It is
probable they would not, and yet it will be
recalled that members of congress were
mixed up IN the Credit Mobilier scandal,
and the government has not yet succeeded
in getting any part of the money it loaned
the Union Pacific railroad.
The pending bill gives this government
very slight control of the canal. 1t is so
slight it is hardly worth noticing. 1t just
enough to justify the canal company to call
on it for aid If the governments Of Mica |
ragua, or any other one of the Central
American republics, should endeavor to
take possession Of the canal. Besides guar
anteeing the bonds of the canal it might |
have to fight the canals battles, and in Cen |
trail American countries revolutions are fire. |
quent and battles are of common occur |
renee
The canal would be good thing for this
country, but can this country afford to pro- |
vide the money to build it, IL might as
well build it Itself and own It as to furnish |
the money to build it to lot of stockholders
who would own and control it when finished. |
There are good many things for con- |
gresham to think Of In connection with the |
bill before voting for the canal bonds.