New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-24
the NICJRAG "a CANAL.

Tho Senate Committee on Foreign Relations
has ,ono,tod the Nicaragua Canal bill and SEN
ot,r sherman has announced that he will make
an earnest effort to secure It's passage. IL ioi-
lows substantially the general lines OF the pieVi-
OILS measure but has been modified 50 is 10
hiring the enterprise under the conlioI Oh the
Tinted states Government. these altcratloiS
strengthen the bill. since it Is manlfostly proper
that n Government which lends us credit 10
the scheme to the extent Of SlOO'OOO,0Oo
should also have the power OF directing me
work and of regulating expenditures In re-
t,,n for the guarantee the property of the COM
many will virtually be mortgaged TO the GOV
crnment with the right OF foreclosure II there
he a default in the payment or interest ten VI
the fifteen directors are TO be appointed by inc
President of the United States; and the ISSUE
of steel, is regulated aS 70 leave the Natlohai
Government in absolute control OF the enter
prise.
When the Nicaragua Canal bill was intro
duced in the last Congress it had the sanction
of = unanimous report of the Senate Committee
or Foreign Relations. II was discussed rs a
ron-natjsan measure Democratic Senators
beinr as conspicuous and as hearty in advo-
HIGHLY desirable that the discussion of the re-
vised bill should DO equally free from parry
bias and political considerations. The chief
interest which tho United states Government
will have in this interoceanic work ~ military
and naval defence The canal when opened
will practically make the Pacific seaboard co.
tc,lninous with the Gulf and Atlantic coasts.
H. will enable the Government to concentrate
;ts naval resources for defensive operations,
and il will also expose the Pacific states TO
offensive oporltions from hostile base. The
Central of the waterway is indispensable from
n National pont of view; and the most prac-
tica method Of securing II Will be the c)hSti''c-
ton of the work under Government guarantee
and direction. This j. Il matter which lies en-
tircly outside the field Of partisan politics. our
National legislators ought 10 be able 10 APP
proach il and to deal with 1t a. patriotic ana
for-siphted Americans rather than as Repub-
leans or Democrats.
While we are not at this time bespeaklne for
This great project ANYTHING more than strictly
non partisan AID comprehensive discussion of
il in il, bearings upon National defence, one
other consideration is too important to escape
observation. The measure il brought forward
Panama scandal. The collapse OF this enterprise
and the revelations of official and legislative
corruption attending II ought not II pas, I'M
needed when the Nicaragua scheme ~ taken
ND. Xxi cricncc at Panama Is warning against
the opening Of the Nicaragua Canal by pub
lie corporation dependent in the early stages
upon It's own financial resources and IN the end
upon legislative action on behalf Of great
body of shareholders and spectators. Iro-
nomical and successful construction by when
low tolls may eventually be- secured. requires a
Government guarantee That VIII carry the
canal bonds above par from the outset, bring
in all the capital that is needed and secure the
ont rmi.c against failure. II Government con-
troll accompanies the guarantee, all the opera
lions will be conducted in broad daylight. and
there will be neither engineering nor financial
mismanagemenf. nor National scandal.