The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-12-18
SENATORS AND THE CANAL.
Two Speeches in Opposition 10 IndOTSe-
melt Of the Bonds.

Senator PETER Questions the Ability of
the Government to Pay in Gold the
Proposed obligation-senator Turpie
Handles the Pending Measure With
Severity - He Denies the Govern
ment's Right to Subsidize or Guaran-
tee the Paper Of ANY Corporation.
Washington, Dec. 1.-THE debate in the
Senate to-day on the Nicaraguan canal bill
was of an interesting character. Mr.. Pef-
fer. pop, Of Kansas. declared himself In
favor OF the enterprise but opposed to
the financial feature of the bill. He ques-
toned the ability OF the government to
pay in gold the bonds provided for in the
bill, and asked in a despairing tone what
the government was to do when the day
of the final payments Of its outstanding
bonds should arrive. He foresaw hnan-
cial difficulties in which domestic insurrec-
tion, or foreign war, or both, were the logi-
cal possibility-tf silver coinage were not
restored, or fresh issue OF paper cur
rency made-in which to pay the expenses
of the construction of the canal: but he
was oINONtQ 10 the AuItutI issue anu SAFE
Of bonds for any purpose.
Mr.. Squires. rep. Of Washington. put
forward no such conditions. but advocated
the bill unqualihedly declaring that the
work would be an enduring monument to
the civilization OF the age. and of more
importance to the commerce Of the west
than the Suez canal was to that of the
east.
The pending measure was handled by
Mr.. Turpe. dem. of Indiana, with vehe-
ment severity. While declaring himself in
favor of an isthmian canal. he did not re-
gard the pending measure as furnishing
"a means for its accomplishment. lie re-
garded IL as one of those measures that
would certainly lead to another failure.
the ffty-hrst. he thought. OF a similar con-
ception. Besides. he had grave doubts Of
it's constitutonality. holding, as he did,
that the government had no right to sub
sidize or to guarantee the paper of any
corporation. The only precedent that
could be found for II was the case of the
Pacific railroad, and he said that the gov
ernment security for the repayment OF the
immense sum due by those companies was
ample as compared with the security
which It would have for the Nicaraguan
Company-all of whose assets had been
sold two years ago in New York, under a
decree Of the United States court for S2S7
600, and would not fetch $50 to-day in Lon
don or in Amsterdam. lie had not com
pleted his speech when the Senate ad-
journed.
Vice President Stevenson presided over
the Senate to-day. The Senate bill to
amend the act authorizing the construc-
tion of a bridge across the Contentnea
creek, at Griften, Lenoir county, North
Carolina, was taken from the calendar
and passed.
The urgent deficiency, pension, military
academy and fortihcations appropriations
bills were received from the House and
were referred to the committee on APP
propriations.
The Senate bill to establish a national
university was taken up and Mr.. Kyle,
pop, of South Dakota, addressed the Sen
ate in its advocacy, and at the close Of
his speech the bill was again placed on
the calendar.
After some further unmportant pro-
ceeding the debate on the Nicaragua canal
bill came on. Mr.. Turpie prefaced his
speech with an amendment which he Of
fered in the shape of an additional section,
for the appointment of three competent
engineers-two of them army engineer
oficers-to make survey and estimate
of the canal on the line proposed by Mr..
Menocal.
At the conclusion of Mr.. Turpie's speech
a short executive session was held and
the Senate adjourned till tomorrow.