New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-15
NICARAGUA CANAL FINANCE
SENATOR SHERMAN MAKES AN EXPLANA'
TON.
HE SAYS THE sl2ooooOo OF OUTSTANDING
STOCK WILL BE NEUTRALITY-SUSPICIOUS.
TELLER thinks TIE CoMMlTTELS
EXPORT SHOWS DIFFERENTLY.

TELLER thinks TIE COMMITTEES
REPORT SHOWS DIFFERENTLY.
Washington. Feb 14.-ln tie senate 'ou"S .''
Nicaragua Canal bill was then taken up ana 'ir'
SherInan Of OHIO In charge OF 1t said that he 'eSr''
TO clear up antiquities rather to explain matters
about which senators appeared To be III DOUBT
These points were as To the amount Oi STOCK "h'ch
tJe IovclnmciI; VA, not 70 and also AZ TO out
standing contract, between the Ianal Company ana
the Construction Company. These contracts Nv a''u
were an to be- swept ont Of existence ImS Wr'
Inconsistent with The bill Leeau>c thty were on u"
basis OF "A cost If s2J0.O0OOOO for I'll" construction
OF the canal. The Government would start WIN ID
clear fable IL wond own $-O,0oOOJJ out 81 fioo-
600 OOD OF The stock. and would have ten directors
the Maritime Company becoming the mere agent anu
servant Of the United States. Twelve millions Oh inc
stock was in The hands Of private owners ana co"u
be obtained from them only by some method OF co"'
lemnation
Mr. lrlcc inquired whether 1t would not Dc o''
rolcv ~ the Government ,hoding $aO.O00O00 Of The
stock TO fix the canal tolls as to leave no oiNioenu
for the stock: and whether, III mat event. 'h'
SI2O0O,COo OF stock In the hands OF private o"hers
would be Of value At all
Mr. sherman replied that his colleague lad stated
very clearly TIE exact position which V'e 'o'"''
on Foreign Relations took MI bii'c A'
further whether I'm anticipation OF tnt state VI
facts tho private owners Of this stock hao ho' 'o'
where some safeguard, against snol ratS VI ~,
bc,ne fixed as would leave their stock valueleSN. ii
they had taken such precautions or Safeguards Nv
would like to know what they were
Mr.. sherman replied that they had no such safe
guards .,un,
Then OF what value will that stock be to them
Mr.. Bricc inquired, "if the Government oil 'hc
United states shall fix the tolls as to leave no'hhE
for the stockholders
aThe Committee Foreign Relations ME- IN J.
man replied was OF opiron that. under these CIR
be
indeed
Mr. Brice said that he had not made these IN
ouries In any spirit of hostility to the BILL or 70 e
CANAL as to which he had not made up Ill MS Nhhu'
Iut he wanted to know whether tn private Stoch-
holders were to be granted real thing, or Only the
appearance OF thing in orcer 10 eihi'a'e 'i'"'
from further Interest In the work
Nr Ddph Suggested that Nr. sherman was uhc'T
n wrong impression ; to the ownership OF the STOCK
I'm question. With the exception OF Sl.ooo'ooo OIL
IT, the stock was still owned. Mr. DOlph aSScr1u' ps
the Con.trnt ton Company, which was virtually thc
same rs tac Canal Company, ana 'Aa' iio" N'
been sold at so share. Ut least III, Snair' y,
the Construction Company had been SOLD Win All
equal number OF shares Of the Canm Company DIT
800 a share.
Mr. Teller interviewed In the discussion, relying OH
the report Of the Committee on For Ign hea'lo"' |"
show that Mr.. Sherman mistaken as 10 some
points ..
Mr. sherman dcclucd to submit to the 1nterrup-
tion which Mr.. Teller excused by saving 'hat ~
INTERVIEWED because the Senator from Ohio had been
making a Misrepresentation.
"That was false" said Mr.. Sherman. Il 90 not
msreprcsent anything say again 'ha' II 'he WV
eminent OF the United States Shall hav. the cohro
~ This canal IL is not be presumed that II wouio
law snch tolls Us would pay dividends on watercd
stock or any other stock. The probability Is tnat u
Government, dealing with Its own properly "ou'u
levy only toll enough pay the expense OF carrying
the work. the interest OIL 'ie o'"u' M" N
Sinking Fund.-
Mr. Teller came back TO the report Of tac conn'te'
and claimed from 1t that he was right In what lie hao
prey ic,lsly said "Nhe2 the senator from ohio' "r'
Teller continued says that my statement Is UNTRUE
he denies his own record he denies the facts OH when
his bill is lascd. If the Committee on Foreign hea'
lions has since come 10 the conclusion mat anoh'i
system is 10 be adopted By the Government we are
not responsible for that We presumed to 60 nts,,
OH the bill which the committee has presented ahd'
secondly its report and 10 snpposr mat 'hese CON
tain their id.as We had right TO say that giving
TO this company Si3OOo,CoJ OF stock. when 1t wa
worth more than par, was giving II too much. We
had q right to suppose that :hnl stock was going to
be worth what the committee says IN It's report II *
going worth. We have not been served with any
notice that there was secret intent so to manage the
canal that the Of one fifth OF th stock Were
TO get nothing. Tie statement which nlad" was
absolutely correct; aud the statement OF TIE senator
Wi Mr.. o hUtiSi"f We c,,n@ amend the bill 10
eliminate the T12,oOo.OAD OF SOCK would the Send
tor from Colorado support IL ~
Mr. feller-Iiai mas ling % do with II. IN.
committee is impatient OF the slightest criticism oil ire
bill.
Mr.. Butlcy-Not at all.
Mr.. Teller Yesterday when male an inquiry my
motives questioned, and when another eeia'c
(Mr Stewart did the same. his motives were qu'a,
TONED. / an III favor Df the Nicaragua Can1l ana
have been In favor of IL as long a any senator VINO
supports II.
Mr.. l4.lre addressed the Senate il support OF the
Mr.. Higgins offered an amendment providing that
nane of shall be delivered to Inc Cana Ea
pany until ii shall appear 10 the satisfaction OF the
President oi the Unit. states that t' work can be
completed at c1s, not exceeding thc cash proceeds
Of tho SiO0OO9,0O0 OF bonds.
Mr.. Stewart submitted amendment 10 the eject
that all money arr Ing from the sale OF bonds ap-
plicablc 10 the construction ana equipment Oi In"
canal shall be expended by the secretary OF war; ana
all existing contracts shall be cancelled.
Mr.. Quay gave notice Of on amendment that the act
shall MOI taRc effect until III" Government OF Inc
United shall have secured, by convention with
the Governments Of Costa hita and Nicaragua the
rixht to fortify and garrison the t,rmini OF The pro
posed canal IN the Atlantic and Pacific oceans aud
10 maintain more armed vessels on Lake
Nicaragua, ana 10 march military forces through the
territory OF either Of those states for the pur.c oi
protecting canal and the persons citizens OF the
Cnited states) operating the same.