The morning call., 1892-12-15
1T WILL BE BUILT.
Canal Promoters Greatly
Encouraged.
MORGAN MAKES A SPEECH.
This Congress May Not Act, but There
Is Belief That the New
One Will.
Special to THE MORNING CALL.

WASHINGTON, Dec 14-The Nicaragua
canal project received attention AT both
wings of the Capitol to-day The Sherlnas
bill was considered by the Senate Commit
tee on Foreign Relations. and several slight
changes suggested by Mr. Sherman were
agreed to. Further consideration was then
postponed until the next regular meeting of
the committee.
The chief interest, however, was on the
House side, where Senator Morgan deliy-
cred an argument advocating the early COM
pletion of the canal by Government aid.
Morgan spoke for two hours, and the COM
mittee-rOOm was well filled With enthpsi-
astic Nicaragua canal promoters. The
speaker was thoroughly conyersant with
his subject. He has always been a close
student of matters affecting foreign and
interstate commerce and has taken special
Interest in the Nicaragua canal project
MoTgan's views were given at the special
request of the committee. He said that the
great importance of The proposed work was
too well appreciated to call for extended
comment. He dwelt at length upon the
vast benefit that would result to the coast
wise trade Of the country. The trip around
Cape Horn is too slow for these days, and
it is dangerous Also Morgan detailed the
events that have transpired in the history
of the cana. and explained at length the
financial propositions taat form the most
important feature of the enterprise. includ-
ing the proposed guarantee by the Govern
ment of the United States of SI0O, 600 in
bonds.
He said that the Sherman bill. which was
now being considered by the Senate Com
mittee OH Foreign Relations, included this
proposition. He expected that the Senate
committee woul1 be ready TO report Sher-
mans bill Tomorrow or very soon there
after Certain amendments were to be
proposed that could not be dvulged at this
time. Mr.. Morgan declared that he was in
no sense personal champion of the bill.
His State-Alabama-wa greatly inter
ested in the commerce. between the Atlantic
and Pacific oceans. He gave a statistical
comparison Of the business transacted BY
the Suez and Sault Ste. Marie canals and
the immense volume of business that would
be transacted by the proposed Nicaragua
canal.
Considerable interest was eyineed in the
financial aspect of the canal scheme by
those who heard Mr.. Morgan speak, and 1t
was evident from the inquiries made that
there would be strong opposition to the
pending legislation. This bill. il was said,
would give the promoters OF the canal, after
it had been paid for, the entire balance of
the $780, 0000. 0O0 OF capital stock left after
deducting the sums that had been paid for
concessions ard for other expenses. This
remainder of stock would amount to S7a,-
100000 or $50. 600. coo. or more. at IFS par
value.
Senator Morgan said however, that the
canal people were willing, should the
A.
construction of the canal, TO turn the S7O,-
Gee GOO OF SSo.010000 of stock over TO the
Government. to bs held as its own pr0pert Y.
He said that Nicaragua favored the United
states against any other nation and wanted
il 10 build the canal. The Nicaragua Gov
ernment lad already granted this country
valuable concessions for the purpose. Great
Britain bad stood 10y and seen the treaty
made. after which she tried to get the same
concessions ana succeeded in making
treaty subordinate 70 that with the United
States. In making that treaty Great Britain
had acknowledged that the treaty OF 1850
the ClaytoH- Balwer treaty-had been aban-
doned.
At the close Of Mr.. MOrgan's remarks the
committee adjourned.
The committee OF five sent here by the
New Orleans conven tion met tonight at the
Arlington Hotel. They talked over the
situation and were apparently very much
encouraged over the bright prospects for the
bills passage.