Morning journal and courier., 1893-02-14
inquest is still unfinished.
NICARAGUAN CANAL.

Senators Cannon and Frye Argue for
 Government Guarantee - Some
 Calculations-Prospe Trade Ad-
 vantages.
 WASHINGTON, Feb. 13.-The senate re- fussd to consider the New Mexico state hood bill in the morning hour. Yeas 14, nays 30.
 The senate bill to amend the act of Feb ruary 20, 1889, to incorporate the Mari time Canal Company of Nicaragua, was taken up. MT. Frye advocated the bill. MT. Frye went deeply into the details of this route, it's conception, the physical and political features of the country, and the measures already taken toward the con- struction of the work. He said the cost of construction, if the governments guar antee was given, would be about $100, ,000,- 900, but If this was not accorded 1t would be at least twice that sum, for the reason that the eompany's bonds should not be sold for more than 60 per cent. He calcu. lated that the fixed charges of the Nicara- qua canal under the two systems would be as follows:
 Interest on s10O, ,OOoO,OOO guaranteed by the United States government ct 8 per cent, $3, ,000, 900; maintenance, repairs and operations, s2,000, 900; sinking fund, which would in fifty years pay the entire issue of bonds, $1 1000, ,O0O; total, SC, ,OOO, ,OOO. In- terest on s200, 100000 which it would cost If the bonds were not guaranteed by the government, at 6 per cent, s12. .000, ,00o; annual maintenance $2,O0O,OOo; total, without sinking fund, s14, 900, 900. He calculated on the basis of 9,000, ,000 tons in sight, that the plan of the bill, profit of $3,000,00 g year, while the same tonnage and toll, without that plan, would leave loss of l $5 ,000, ,000 a year. The company, there fore, would have to charge not a dollar a | ton, but two dollars.
 Mir. Frye described in glowing terms the | advantages which the opening of the Mica rsgua canal would give the United States in the trade with China and Japan. If his showing, he said, were correct, the United States government could afford to lend it's credit for $100, ,000, ,000to build theNicsrsgus canal for the foreign commerce alone, and he asserted that the domestic commerce of the United States would reap much more advantage from the canal than foreign commerce would.
 MT. Cannon advocated the bill. He dis cussed the diplomatic features, and the country, he said whose opinion the United States most respected and whose power the United States was always watchful of, England, had never a word to utter in op- position to the bill, This was because the bill was strictly and justly program in favor of the canal to which the govern ments of the United States, Great Britain, France, Nicaragua, Costa Rlca and other Central American states had agreed. MT Morgan declared that no one vote which the senate would give would have SC much influence on the destinies of the Pacific as an affirmative vote in favor o1 the bill. The nations of the earth would ascertain from that vote that the Ameri cans were united people and comprehend the magnitude and majesty of their des tinies.
 In response to a question MT. Morgan said there was no treaty existing betwee1 the United States and any other country excepting Nicaragua, which would forbid the government, if the company failed t, : build the canal, to construct and operat
 the canal itself.
 The bill went over until tomorrow. MT. Allison reported from the commit
 tee on appropriations the sundry bill. Tn ] senate went into executive session and af 2 terWard adjourned.