The advocate and Topeka tribune., 1892-10-12
WE MUST OWN IT.

Government Must Own and Operate
the Nicaragua Canal,
From a lengthy communication con-
corning the Nicaragua canal, published
in the Inter ocean of July 90, l clip the
following paragraphs:
We are now, by our apathy and indif-
ferences, aiding and abetting England In
securing control of the Nicaragua canal.
The people are impatient and held ma
tIonal convention at st. Louis, and
another meeting Is soon to be held at
Chicago. They object to this canal being
built BY the Maritime company ct great
cost and with certainty Of foreign con-
troll. Suez bonds and stocks were sold
at 60 per cent. of their par value, yet It's
shares Of 500 francs par are quoted at
90 35. The Nicaragua canal Is sure to
surpass the Suez canal as q financial In
vestment, as we'll as military strong
hold.
The Sherman bill appears to be en-
tirely satisfactory. It secures control by
the United States, and provides for the
construction OF the canal at cost, and
thus limits the tolls. To raise 81 for
twenty years with the 6 per cent canal
bonds ut so cents will cost $1.45. To
raise it on government per cent. bonds
will cost go cents. This Is not all the
difference, as the contractors will bid
without any margin for risk In their way,
Il the United States is behind 1t. The
government can indorse or they can
please their labor and alliance friends by
Issuing $1000O,000 treasury notes annu-
ally in the purchase Of these bonds.
These notes would also circulate In the
West Indies and In Nicaragua. Being
able to take the entire loan, the govern
ment could assume no risk. Any one Of
the four or five railroads across the con-
tinent has cost more than this canal will
cost, and 1t will carry as much through
freight as all of them, and in quicker
time. Besides the cost of operating q
railway is about two-thirds of It's gross
e"rnlngs as rule, while the Suez canal
LIST year earned $15,OOO,O00 net at an ex-
pense of $1,OO000O for operating.
The route chosen is believed to be far
better than any ever suggested before.
It is also a safe route, as against the dan
ger OF destructive floods. Admiral
Ammen, an eminent authority on this
subject, says the canal can be built for
the $65 100000 If the money Is honestly
and intslligently used. At first it will
do more business than the SueZ, and In
ten years twice as much. Last year the
tonnage of Suez canal increased 2000 600
tons. At this ratio 1t will be 100000
by the time the Nicaragua Is completed.
At present rates of toll, 80 per ton, the
earnings would pay for construction in
less than two years.
The Peoples party, at the Omaha con-
vention, passed resolution as follows:
ResolUed, That we oppose any subsidy
or national aid to any private corporation
for any purpose.
1t is probable that any prominent
member of the Peoples party will cheer
fully endorse all the arguments in the
foregoing extracts, tending to show the
propriety and wisdom of United States
control Of the Nicaragua canal. But
every member Of the party will 60 much
further than that, and insist that the
United States should not only control,
but also absolutely OtUn the canal. We
must own It.
From another source l gather the In
formation that the Sherman bill en-
powers the United States to guarantee
the principal and interest on $1O0,OOO,OOO
3 per cent. construction bonds. Mote.-