The times. [volume] (Richmond, Va.) 1890-1903, 1892-12-25
THE NICARAGUA C.fNAL.
Wrong Impression About Senate Bill Pro,
vlGnig for Government Aid Corrected,

Wrong Impression About Senate Bill Pro
vlGnig for Government Aid Corrected,
Editor Times:
The position OF The Times towards the
Nicaragua canal enterprise has been so
well established. that its friends were
somewhat surprised at one OF its recent
editorials. IN which the impression was
created that the Senate bill was a one
sided agreement on the part Of the Gov
eminent, by which in case Of failure
the United States would bear the loss.
while In case OF success the canal com
pany would secure the profit. While we
think this was an unfair and unjust esti-
mate of the former bill. the amended act
reported from the Senate committee on
Wednesday last settles that point conclu-
sively.
The new bill requires that all stock.
bonds, contracts ana engagements OF all
Kinds heretofore made are to be can
celled. The concessions, work and all
property OF every description, and, in fact.
tne entire enterprise, are 10 be turned over
free Of all membranes whatsoever to a
virtually new company, controlled by a
new board of directors. OF the fifteen
forming the board, ten are to be appointed
by the Government give from each party).
The company is TO have one hundred
millions Of capital and issue one hundred
millions Of bonds. Six millions OF these
bonds are TO be given the present COM
pany upon their satisfying the secretaries
Of State and Treasury that they have
spent that much I'm actual work and
property. The balance OF the bonds are
10 be reserved for building the canal IN
der the new directory, and only TO be is
sued as United States officers certify that
work IS done.
OF the stock twelve millions or less
than Is is to be given the present COM
p2ny to retire the stock now out. and as
compensation for the CONFESSIONS, out
lays ana labor in bringing the enterprise
TO the present time.
OF the balance Of the stock. after set
ting aside what is due the States OF Me
aragua and Costa Hica Qess than ten mil
ions) the balance. more tina taree-fourths
Of the whole, is to be given absolutely to
the United States, full paid and non
assessabie, with the rights OF represent
tation, ETC., as compensation for guaran-
teeing the bonds.
In his speech at st. Louis President
Miller gave his account of what occurred
when the Senate Committe of Foreign
Affairs. deemins il proper that the United
States should control the canal, sent for
lie said 10 them:
III the Government II the United States
thinks il ought 70 have a hand IN this
great work . this company is
composed OF loyal, patriotic American
citizens. and they will not stand in your
way. $50 II the Government Of the
States wants 10 take 1t up and
guarantee a sufficient amount OF the
bonds Of the canal II can DO so; it car
pay our company just what we have ex-
pended upon IL. We will place cur ac-
before the Secretary Of tn Treas
ury and the Secretary OF State, who shall
audit them, so you Will know what we
have expended upon II; then you can
give us as a profit for our labor. our
energy, our skill, our trouble and our
anxiety just what you think it IS worth.
II you think It is not worth anything
you need not give US anything for It,"
He then adds: If anybody thinks I
to have made a more generous
Proposition than that 10 the Govern
nent l would like TO have him stand up
md say So
At any rate, the Senate committee have
AIKEN him az his word, and the amended
I'll is framed exactly upon this PROPOSE
ion.
We have reason to think, from the IN
OF this bill, that the officials
4 the canal stand by the liberal PROPOSE
ion Of Mr.. Miller and are willing 10 ac-
IT.. Does not this dispose for all
OF all suspicion of fraud or jobbery
n the part Of the canal owners? Can
ny one doubt the value OF the canal TO
he United States. when the committee Of
he Senate, composed OF the ablest law
ers and leaders Of both parties, unite
n a unanimous report. urging II as es-
entail 10 the commerce. union. safety.
rogress and peace of the United States?
hould not this bill pass, and pass al this
ession Of Congress? W.