Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1892-12-29
The Nicaragua Canal.
my. Tribune.l

my Tribune.l
The Senate Committee on Foreign Rela-
tons has reported the Nicaragua Canal bill
and Senator Sherman has announced that
he will make an earnest effort to secure its
passage. Ii follows substantially the gen.
eral lines Of the previous measure, but has
been modified SO a. to bring the enterprise
under the control of the United States
Government. These alter atoms strengthen
the bill since 1t is msnifestly proper that
q Government which lends its credit to the
scheme to the extent of Sl00 900 600
should also have the power of directing
the work and OF regulating expenditures.
In return for the guarantee the property
of the company will virtually be mort
gagged to the Government with the right
of foreclosure if there be default in the
payment of interest; ten Of the fifteen di-
Iectors are 10 be appointed by the Presi-
dent of the United States and the issue
of stock is regulated SO as to leave the Ma
tionsl Government in absolute control of
the enterprise.
When the Nicaragua Canal bill was in
trodnced in the last Congress it had the
sanction OF a unanimous report of the Sen
ate Committee on Foreign Relations. Ii
was discussed as a non-psrtisan measure,
Democratic Senators being conspicuous
and as hesrty in advocating it as their Re
publican colleagues. 1t is highly desirable
that the discussion OF the revised bill
should be equally free from party bias and
political considerations. The chief interest
which the United States Government will
have in this interoceaniC work is m litary
and naval defence. The canal when opened
will practically make the Pacific sesboard
coterminouS with the Gulf and Atlantic
coasts. 1t will enable the Government To
concentrate its naval resources for defen-
sive operations, and 1t will also expose the
Pacific States to offensive operations from
hostile base. The control of the water
way is Indispensable from NatioDal point
Of view and the most practical method of
securing il will be the construction of the
work under Government guarantee and d.
rection. This is matter which lies entire
ly outside the field of partisan politics.
Our National legislators ought to be able
10 approach il and to deal with 1t a. patrl-
otto and far-sighted Americans rather than
a. Republicans or Democrats.
While We are not al this time espeak-
ing for this great project anything more
than a strictly non partisan and conpre
! hen-ive discussion Of it in its bearings up
on National defence, one other considera-
/ ton Is too important IN escape ob,erva
ton. The measure is brought forward al
4 time when France is overwhelmed with
the Panama scandal. The collapse Of this
/ enterprise aud the revelations Of Official
and legislative corruption attending II
ought not to pass UNDECIDED when the Mic
sragua scheme is taken up. Experience at
Panama Is 8 warning against the open
ing of the Nicaragua Canal by public cor
poration dependent in the early stages up
on its own financial resources and in the
end upon legisl alive action on behalf Of
great body of shareholders and specula-
tors. Economical and successful construc-
ton, by which low tolls may eventually be
secured, requires Government guarantee.
! That Will carry the canal bonds above par
from the outset, bring in all the capital
that is needed and secure the enterprise
against a failure. II Government control
accompanies the guarantee, all the opera
! tons will be conducted in broad daylight,
| aud there will be neither engineering nor
| financial Encouragement. nor National
| scandal.