The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-02-16
debt. and 100000 for tho stock

debt, and 100000 for the stock
holders, and We certainly have an
great trans-isthmian highway that from .
mere commercial standpoint is work OF
enormous value. If the United States is
the owner of sc. OoO. 900 of the lO0. 0O0. 900 of
the stock in this canal. and If it is to cost
$lO0. 10000 TO build it. the dividends on
that S0,0O0, 600 of stock, employed in
sinking fund and invested in the bonds Of
the company, would pay the entire cost Of
construction and the interest on the bonds
in less than fifty years.
The Nicaragua canal is, therefore, . good
financial operation and il indispensable to
the welfare and security of the United
States. If our government does not build
and control it. the capital Of Europe
win be prompt to invest in this
enterprise and build it. If the peo-
pie Of Europe did not hesitate to build
the Suez canal, if France poured her money
recklessly into the bottomless pit OF the
Panama swindle, is it probable that
Europe would long neglect an opportunity
80 excellent - that offered by the Mica
ragua canal! If our government does not
build and control the canal, it will cost
the canal company $50, OOO, 600 to raise the
money to build the canal and our coastwise
and foreign commerce will be taxed on that
basis for its use. Senator Morgan further
says that government that has given far
more than 500. 0O0. 900 20 build transconti-
mental railroads should not fear to invest
money. on an assured basis of profit, in
order to give some Of the advantages OF
far competition in transportation charges
to the great body Of the industrial classes.
The absence of governmental control In
the board Of directors made corruption
possible. Two Of these transcontinental
railroads now owe us more than $100, 00O,-
600. and they can and must pay the debt.
That money. when it fails into the treas
ury. will more than replace all that We
will expend in building the Nicaragua
canal. if we should sink every dollar of it.
This is brief abstract of United States
Senator Morgan's argument for the con-
struction and control by our government
OF the Nicaragua canal. Senator Morgan's
financial exposition answers the objections
of the Popuiists. who do not seem to dis
tinguish between the recklessly granted
and loosely guarded government aid to the
Pacific railroads and the proposed prac-
tical ownership and control OF the Mica
ragus canal by guaranteeing 500. 00O. 600
of the canal bonds, and becoming thereby
owner of . majority of the capital stock.
No intelligent man doubts its practicable
ity or its real importance. Without the
canal there is no naval transit between
the Atlantic and Pacific coast of our
country. excepting by the long. stormy
route around the Horn" The argument
for the Pacific railway was the danger Of
An independent Pacific republic because of
its remoteness from the protecting center.
Today the transcontinental railways have
reduced the six-months journey across the
continent to six days, but while the gov
eminent can send US men and munitions
of war in . week it can not send us ships
save around the Horn. and in event of war
our vulnerable side on the sea would be
open to attack. Tho Nicaragua canal is
said to be opposed by the transcontinental
railways. 1t is hard to believe that brains
big enough to operate these great railways
are 80 dull as not to see that ultimately
the transcontinental railways would be
enormously benefited by the canal. On
this point United States Senator Morgan
says:
Water transportation through the Isthmus OF
Darien Il 10 be the sfdcient and just competitor
OF transcontinentai trafic. and will add i'm
menssly to their income, at lower rates OF trans
portation, BY the rapid increase OF population
on the Pacific slope. A We have aided great
corporations BY building railroads for them, let
u now aid the people BY building . canal that
viii make ireghts cheaper and will enrich the
common treasury.