The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-12-07
The NICARAGUA CANAL.

s'O lit IViEaTagFtd Canal Oil.
originality introduced by Senator Morgan
'. Aiaoaina and now pending in the sem
a'e' AS reported from the committee on
-ofe'gn affairs by Senator Sherman of
ohio' this bill authorizes the issuing of
.ap''ai stock to the amount of 500. 600. oOo,
.ne principal and interest of which shall
- guaranteed by the government of the
ohIed States. The bonds are to be issued
AZ denominations of not less thar 500.
ana not more than $1,000. and are to bear
interest at the rate of 3 per cent, payable
quarterly. Seventy million dollars worth
oi the shares are to remain in the treas
ory OF the United States as a pledge to the
government for whatever obligations it
may incur under it's guarantee, and the
secretary OF the treasury is to have the
privilege OF voting on such stock.
These are the leading provisions of the
nicaragua canal bill. There does not
seem to be any good reason whv the gov
eminent should not afford this assistance
70 this great project. whose quick compile
tion would be of vast and far-reaching
oeneht to the Pacific coast states and to
those that border on the Gulf of Mexico.
Inc government not only gave the Union
faciiic railroad a vast land grant, but
heiped Its credit by granting it govern
hent aid and taking a mortgage on the
railroad for security, and allowed the rail-
road to issue first mortgage bonds, so that
the government claim became practically
. second mortgage.
surely the government can we'll afford
to do as much for the Nicaragua canal
and the Pacific coast as it did for the
Union Pacific railroad. for the rapid con-
struction of this ~thoroughfare between the
Atlantic and Pacific would be a work of
vast naval and military ~onseauenc to the
nation. With five tra~nscontinental rail-
roads in operation a great still
goes round Cape Horn. From New York
to San Francisco by the latter route is
5000 miles. With the Nicaragua canal
built the distance would be 1907 miles. or
. saving of over two-thirds of the distance.
A still greater saving would be made in a
voyage from New Orleans to California.
Its military and naval value to the
United States can hardly be exaggerated.
When We expected war with Chile that
little power held the Pacific coast of the
United States at complete disadvantage,
for its ironclad. could have reached the
seaports of this Coast, like San Francisco,
and destroyed them before We could have
passed a strong fleet around the Horn, but
with the Nicaragua canal built We could
quickly pass our warships from ocean to
ocean for the defense of our Pacific ports.
There are but twenty-six and three-fourths
miles of excavation, and the advocates of
the canal claim that at least 6,00o,0Oo tons
would pass through the canal in the first
year, which. a 81 a ton foliage, would re-
turn $12, 0oo.0 DOC a year, or enough to pay
the cost of maintenance and 4 good inter-
est on the bonds.
With these facts in its favor of course the
Nicaragua canal is sure to be built some
day, but there is danger that before
enough private capital III America is gath
cred to build it that British capital may
secure a controlling interest in the canal
just as it did IN the Suez canal. which was
originally projected by a French company.
OF the advantage of the canal to the
Pacific coast there can be no dispute. In
deed until this canal is built there never
CHI JIG a SISat ON " kiN : tNttN
on the Pacific coast of North and South
America. The enormous and various
natural resources of this Coast will never
be richly developed until our people are
stimulated TO produce a vast surplus pro-
duet by the knowledge thatit can he quick
Iv and cheaply transported to the worlds
markets on the Atlantic coast. The trans
continental railway lines and their
subsidized annex. the Pacific Mail Steam
shin Company. will never furnish this
Coast with cheap transportation to these
markets, but cheap TRANSPORTATION via the
Nicaragua canal would give this Coast
what it needs 10 stimulate its develop
ment.
We are on the wrong side Of the CONT
nens TO reach the great and valuable mar
kets of the world. II Asia was as valuable
a marke. TO our Coast Is Europe Is 10 the
Atlantic coast of America We would be as
yell of as the East, but Asia Is a barren
market. and to reach the markets OF the
world by cheap water transportation with
mr. nroducts we need the Nicaragua canal.
and the sooner We get it the sooner will
the peonle OF this Coast be able 10 fully
develop our and market a great
surplus product.
When the Nicaragua canal IS built il
Mill be the gateway Of commerce on the
Western continent. as the Suez Is in the
East. 10 take toll Of more than one-half
.he Of the world. Il will re Of
more importance than the SueE canal, for
the great improvement in carrying capac-
,,v and speed of ocean steamships has
~ssussd So much the time between Eng
land and India via the Cape OF Good Hope
Aha. the advantage IS no longer So much
nth the Suez route as formerly.
Nv the transfer of the stock IF the
Panama railroad corporation 70 the Pan
an. Canal Company the power Of on
trolling the transit trade in the interest
~ foreign shipping has passed into French
..,as a commercial misfortune in time
- ,esee and \ national danger in time Of
a. The New York Tribune describes
.n;. twisting situation or the .sthrnus and
saws Of IL:
r. .ns aonrce doctrine - II he reduced 20 4
- :, the rsthraus and American commercial
~ : are 20 be endan<aret ~ a foreign cor
Aa~ssi,n. IL Is high tina that The Nicaragua
- xxs. taken up as & government enterprise
-.rrssts cut a. az American woEA. Ina;
- Knock out WAIST little breath there II t>tt
-. panama canal project and would fatally
-. .ha value a. the Colombian governments
TT. 20 lac Istanaas properly IS tie rssi3a&-y
legatse.