Omaha daily bee., 1894-04-17
THE NICARAGUA CANAL BILL.

The zeal of Senator Morgan of Ala
project is commendable, but he will
hardly be able to convince the peo-
pie of the United States that his plan
for completing that enterprise by practically
making the government responsible for the
cost of it is wise or desirable. The bill
which the senator, as chairman of the for
eign relations committee, has reported to
the senate ~contemplates nothing less than
the assumption by the United States Of the
construction of the canal, for, while the
government would appear simply as guar
antor of the bonds and would hold a large
amount of the stock of the canal company as
security, it is hardly to be doubted that
ultimately the cost of this enterprise would
come out of the national treasury. I'm
doubtedly Senator Morgan and those who
support his bill do not intend that this shall
be the case, and it is not to be questioned
that they have endeavored to make the gov
eminent as secure as possible against loss;
but after the canal is completed, if this
bill should become law and the govern
ment is fully involved, some way will be
found, perhaps long after Senator Morgan
and his colleagues of the foreign relations
committee have passed from the stage Of
public life, to mulct the government in the
interest Of whoever shall then constitute
the canal company.
The report accompanying the bill presents
a very persuasive argument for the proposed
legislation. 1t points out the advantages,
commercial, political and strategic, that
would result to the United States from the
completion Of this enterprise. 1t would
greatly shorten the water route between
the Atlantic and the Pacific, to the material
benefit Of the states on the Pacific coast.
1t would conduce to an enlargement of our
with the eastern coasts of Asia
and of Japan and the islands of the Pacific
ocean. From a military and strategic point
Of view it would be of great Importance,
since it would enable the United States in
an emergency to quickly send any naval
force that might be necessary from the
Atlantic to the Pacific. The strong point
is made that the United States is completely
circumvallated by the naval posts of Euro
pean powers, which are a menace of possible
danger to our exposed coasts that may arise
at any time. The possession of this canal
would also give us a stronger political in
fuence in Central America and enable us
to more successfully combat any effort that
might DO made in the future to eX-
tend European political influence there.
As to the possibilities of the earning
capacity of the canal no doubt is expressed
in the report that 1t would be found a highly
profitable enterprise, though it is to be re-
marked that with all the efforts the canal
company has made 1t has been unable to
convince the capitalists of the country that
II offered an attractive Investment. The
report urges that it would be a great mis-
fortune If any European country should
obtain control of the concessions we have so
far refused,
All the claims regarding the Importance
Ct this project are, so far as we are aware,
generally conceded. Nobody doubts that if
the canal is constructed it ought to be alb
solutely an American enterprise, The only
question is as to the government becoming
financially involved in the undertaking, even
to the extent Of guaranteeing the bonds of
the canal company. At the inception Of the
enterprise there was no thought OF asking
the government for a dollar, It was to be
built by private capital. and managed as
every other corporation is, receiving only
such recognition from congress as would