The morning call., 1892-12-14
PLAN OF CAMPAIGN.
How 1t Is Proposed to Help the Mic.
aragua Canal.
Points of the Bill Which Is Now Being
Urged for Passage in Con-
greSS.
Special to THE MORNING CALL

WASHINGTON, Dec. 13.--M. NJ. Estee, who
Is here on legal business, takes g lively iu-
terest in the Nicaragua Canal project. To a
CALL representative, who called on him to-
night, he gave an interesting interview con-
cerning the canal and the prospect of secur-
ing legislation to promote the enterprise.
Senator Morgan of Alabama will appear be-
fore the House Committee ON Interstate and
Foreign Commerce tomorrow aud argue in
favor OF Government aid for the canal, but
Mr.. Estee will probably not speak. for he is
just recovering from very severe cold.
Mr.. Estee says that the bill which will be
urged before Congress has been agreed
upon. The capital stock OF the Maritime
Canal Company will be 500, ,O0O, coo. of
which SS0.Ooo.O0O will be absolutely
owned by the United States. The
original canal promoters agreed to
aud did pay to Nicaragua $4,000, COO
OF unassessable stock of the company, and
to Costa Rica sl.5OO0Oo for the exclusive
right TO control and navigate the San Juan
River and Lake Nicaragua and for grant
Of land Of more than 100000 acres. When
the Maritime Canal Company was organ
lied by Congress, in order TO secure the old
compaDy's rights, 1t paid TO the latter S12,-
0C0.Co0 of the capital stock, making in all
SIS, COO which Congress authorized the
Maritime Canal Company to issue Tbe re-
naming $50. 500, 600 of stock will be owned
by the United States absolutely and for
ever
The Presid ent is authorized to nominate,
by and with the advice OF the Senate. nine
directors out OF fifteen to be selected from
all political parties. The engineers are
to make monthly reports OF progress made,
nj m 10 tas Of
lures. The United States treasury will
issue guarantee bonds only as the work is
actually performed. and in no event to ex-
ceed S1,o00,0O0.
All of the promoters are enthusiastic over
the project. and doing good missionary work
at the capital. The statement is made TO
Congressman that by having this great COM
mereial gateway under the economical con-
troll and management of the United States,
low rates Of tolls would be established and
maintained so as TO encourage commerce
rather than to seek to increase dividends,
which would be the case should a private
corporation control the canal.
For these and other reasons the Mica
ragCa canal convention at New Orleans
unanimously favored governmental aid to
build the canal and governmental cont rol
after its completion.
Experts say that the relative benefits of
the Nicaragua and Suez canals are In the
proportion of two 20 one. The Nicaragua
canal will shorten the distance between
New York and San Francisco by 10, 600
miles, while only 3400 miles are saved be-
tween Calcutta and London by the Suez
canal; yet that Disraeii was certainly a
long headed statesmen Is proven by the fact
that the SueZ canal has been not only of
far-reaching benefit to Eugland's commerce
and that of the world. bat she has also real
lied on her investment in the proportion of
five and half TO one. There is an average
yearly tonnage of 5000. coo through the Suez
canal, every ton of which pays 81 80 in tolls.
There Is now in Washington a regularly
organized committee, consisting of five
members sent from the New Orleans con-
vention, to aid in pus hing the canal bill
through Congress. They are all con fident
that the bill will pass. although they are
not so confident that it will pass at the
short Sc ssion.