The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-02-16

Senator Squire on Tuesday last made IN
able speech in support Of the Nicaragua
canal bill. Senator Squire vigorously
urged upon congress the importance of
the construction Of this canal to the devel-
opment of the Pacific coast states; the
same line Of argument that was followed
by Senator John b. Allen in his speech
last year in support of this measure. Both
of our senators in turn have ably sup
ported the project Of the Nicaragua canal.
believing it to be . work of the very high
est importance. both from a national
and sectional point of view. When con-
gress granted a charter to 1.-The
Maritime Canal Company Of Nicara-
qua" it reserved the right to alter,
amend or repeal its charter. Congress
also required the president and secretary
of the canal company TO make reports, un-
der oath. from time to time. to the secre-
tary of the interior. 'giving such detailed
statement Of its officers and of its assets
and liabilities rs may be prescribed by the
secretary Of the interior, and any wi!lfully
false statement so made shall be deemed
perjury and punishable as SUCH" Con-
gress fixed the number OF directors Of the
canal company and the manner of their
election, the amount of the capital stock
to be issued. and required that a majority
Of the board OF directors shall be- citizens
and residents Of the United States.
1t is further asked of congress that it
make this legislation e:fectual by giving
material aid TO the building of the canal
and securing our government against loss
for its guarantee. United States Senator
Morgan fairly argues that if British sub
jects now held the concessions that are
owned by our people. ana if parliament
should charter company of execution"
aud grant it subsidy or any form Of aid, We
should have nothing TO in terpose. in the
way OF logical argument, to prevent the
British empire from dominating the canal
10 the extent OF every power. right and
privilege included In these concessions.
The suez canal. With almost q hundred
miles of digging. cost about 500. Oo0, 900,
Of which $50. COZ. 600 was asted in interest.
commissions, changes Of location and bad
management That canal has q traffic of
100000 tons Of freight annually, and
must speedily DO enlarged 10 accommo-
date increasing commerce. The Nicaragua
canal has twenty-nine and one.ha.f miles
Of canal line. The total length OF transi.
from sea to sea 10 1897 miles; of this line
la5,. milcs 10 slack water navigation at an
elevation Of 10 feet above the level of the
sea The entire cost Of the canal. in full
readiness for service. 1t 10 estimated. can
not possibly exceed $SS.ooo, 600, aud may
not exceed Sos .ooo. ooa
But even If We assume that the canal
will cost $lo,0Oo.oo Senator Morgan
roints out that il must DO the most valu-
able property in the world Of that magni-
tuce. Estimating its annual traffic at
1000, 600 tons Of freight, the tolls At dol
lar ton would realise 100000. making
no allowance for tho income from passen-
gers who would choose this route of emf
grafton to the Pacific coast. Take 5000
Ocn of this sum for maintenance OF the
canal. which will not exceed half that
sum, 81. 600 40 ios interest On the bonded