The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1892-02-12

not local question. A decree to leave
one country in the nature of things is
an order to enter some other. This con-
sidera.ion, as well as the suggestions of
humanity, furnishes ample ground for
the remonstrances, which we have pre-
sented to Russia, while our historic
friendship for that government cannot
but give the assurance the representa-
tions are those OF a well-wisher.
The Nicaragua Canal.
The annual report of the Maritime
Canal Company of Nicaragua shows
that much costly and necessary prepar-
atory work has been done during the
year in the construction of shops, rail
road tracks and harbor piers and break
waters, and that the work of canal con-
struction has made some progress. !
deem 1t to be matter of the highest
concern to the United States that this
canal, connecting the waters of the At
lantic and Pacific oceans, and giving us
a short water communication between
our ports upon these two great seas,
should be speedily constructed and at
| the most practicable limit of cost. The
gain of freights to the people and the
| direct saving to the government of the
| United States in the use of naval vessels
| would pay the cost OF this work within
| short series of years. The report OF
| the secretary of the navy shows the saw
| ing in our naval expenditures which
would result. The senator from Ala
bama (Mr. Morgan) in his argument on
this subject before the senate at the last
session, did not overestinate the i'm
| portance of this work when he said that
''The canal is the most important sub
| iect now connected with the commercial
| growth and progress of the United
| States"
If this work is to be promoted by the
usual financial methods and without the
| aid of this government the expenditures
| in it's interest-bearing securities and
| stocks will probably be twice the actua
| cost. This will necessjtate higher tolk
and constitute heavy and altogether
| needless burden upon our commerce
| and that of the world. Every dollar o.
| the bonds and the stock of the company
| should represent dollar expended in
| the legitimate and economical prosecu
| ton of the work. This is only possible
| by giving to the bonds the guaranty O
| the United States government. Such &
| guaranty would secure the ready sale al
| par of 8 per cent. bond from time tc
time as the money was needed. L de
not doubt that, built upon business
y
augurated earn its fixed charge,
and operating expenses; but if its
| bonds are to be marketed at heavy
| discounts and every bond sold is to b,
| accom- panied by gift of stock, as has
| come to be expected by investors in
such enterprises, the traffic will be seri
ouslv burdened to pay the interest and
dividends.
am quite willing to recommend gov
ernment promotion in the prosecution
| of work, if the other means for secur-
| ing it's completion are of such trans
cendent interest that the government
should, in my opinion, secure it by
direct appropriations from its treasury
A guaranty of the bonds of the canal
com panv to an amount necessary to the
completing of the canal could, think,
be 80 given as not to involve any serious
risk of ultimate loss. The things to be
carefully guarded are the completion o.
the work, within the limits of the o''"-
anty, the subrogation of the United
States to the rights of the first-mortgage
bondholders, for any amounts it may
have to pay, and in the meantime q
control of the stock of the company, al
security against mismanagement.
sincerely hope that no sectional lines
will be drawn upon this great American
project, so full of interest to the people
of all states, and so influential in its
effects on the prestige and spirits OF OIL
common country.
The Tariff Law.
The general interest in the operations
of the treasury department has beer
much augmented during the last year
by reason of the conflicting predictio, s
which accompanied and followed the
tariff and other legislation of the las
congress affecting the revenues, as tt
the results of this legislation upon the
treasury and upon the country. On th'
one hani it was contended that imports
would go fall off as to leave the treasury
bankrupt, and that the prices OF article
entering into the living of the peop.l
would be so enhanced as to- disastrousl.
affect their comfort and happiness, while
on the other it was argued that the los
to the revenue, largely the resn It Of plac
ing sugar on the free list, would be oil
rect gain to the people, that the price
of the necessaries of life, including thos
most highly protected, would not be en-
hanced that labor would have large
market, and the products Of the tarr
advanced prices, while the treasury SUI
plus and receipts would be adequate t
meet the appropriation, including tn
large exceptional expenditures for tn
I refund to the states of the direct ta
t and the redemption of the AZ per cen
| bonds.
; It is not my purpose to enter at an
length into discussion of the effects
this legislation to which have referred
l but a brief examination of the statistie
I of the treasury and a general glance
{ the state of business throughout tn
country will, think, satisfy every on
2 that its results have disappointed tn
! evil prophecies of its opponents and IN
large measure realized the hopeful pr'
: dictions OF it's friends. Rarely, If eve
y before in the history of the country, hs
: there been time when the proceeds
O one days labor or the product OF or
farm crop could purchase such lars
Q amount of things that enter into the IL
ing of the masses of the people. o
e lieve that full test will develop tt
v fact that the tariff act of the Flfty-f1r
e congress is very favorable in its averat
ol effect upon the prices of articles t1owlr
into common use.
# During the twelve months from
; tober /. 1890. to September 30, 1891, Il