The Providence news. (Providence [R.I.]) 1891-1906, 1894-08-08
THE NICARAGUA CANAL.


scured all other Legislative issues that
matters of great Importance are apt to
escape the public mind when consider
ing the legislation that Congress is at
work upon. After the tariff. probably
no question of greater Importance to
the United States and to the
world at large has been considered
by the present Congress than the Nicar-
aqua Canal question. There have been
five or six bills introduced but the one
that seems to find the most acceptance,
is that introduced by Senator Morgan.
To show the value such a canal would
be from business and from a strategic
standpoint, the sea distance between
New York and San Francisco would
be shortened by 10000 miles from
New Orleans to San Francisco by
1000 miles and from Liverpool
to San Francisco 1000 miles. The canal
scheme is pronounced perfectly practi-
cable in every way, and its cost is esti-
mated at $65, ,0O0,0 900. The route selected
covers distance of 1s9 miles. OF this.
i2l miles OF 1t would bsfn an approx.
mately straight line by way OF Lake
Nicaragua and its eastern outlet. the
San Juan River, both already navigable
by ocean going steamships, and % miles
more to be traverssd by means Of |
natural basins to be filed up, 80 that
only 26 miles of artificial canal cutting
would be needed, far less than at
Panama.
This canal scheme is not q new idea
and there Is already company at work
upon 1t, but with the resourc es at hand
its work is destined to fail unless the
Government comes to Its aid, and it is
work that the Udted States
should control.
The Nicaragua Maritime Canal Com
pany, an association of American busi-
ness men and fnanciers, was incor-
porated by an act of Congress
n 1883. That company delegated the
actual performance of the work
o tho Nicaragua Canal Construction
company. The latter concern fitted ont
IN expedition from New York in Nav.
SS9, tor Greytown, on the east coast OF
Nicaragua, and in June began opera
ions. Activities were pushed rapidly
'ntil the close Of the season of 1892 and
has remained suspended ever since !,
wing to business depression. But !.
y miles ofthe route have been cleared.
miles OF telegraph have been erected. !.
telephone system established, and six !.
lilies Of railroad have been constructed.
he net expenditures have footed up !
$500, ZOO. \
BY the terms of the Morgan bill, IL Is
roposed to amend the Incorporating !.
IT OF 1889 SO as to enable the Maritime q
anal Company to construct the canal !,
ifh the aid of the Government within =
ven years; to have the Government !,
farantce tho bonds of the company ),
ID stand sponsor for tho proper execu-
On and completion of the undertaking. :,
ID above all, to have the United States v
inmate and control the canal here
ter and prevent its falling into the
nds of any foreign power.
Senator Morgan says that his bill bu
esents absolute safeguards to the Gov da
iment against loss and that it will 20 20
obably never be necessary for the br,
asury department. fto advance th,
penny. even while the canal tai
building. Among the principal fea- su -.
'es of the Morgan bill is the provision nm nm
the reorganization of the Maritime SEQ
nal Company and the calling in and Fol
emption OF their bonds and stocks: ,ov
issuance by the company of siOO, O,O00.. sar con
OF the new stock. secured by mort the
70 bonds indorsed with the solemn in
'rantee Of the United States Govern and
nt and bearing 3 per cent. interest. ~, vss
TO be deposited In the treasury in pa,
shington; the transfer of $40. .Oe0. 600 at
this stock $4,000, 900 in the pro-
llory bilD by the company TO ana ana
Government in consideration tor its Tor
ranfy OF the company's bonds. also the,
'e deposited in the treasury; the is prov
nee Of 100000 of the stock to Mic Deu
qua and 1880, 900 to Costa Rica, the
aiming s22,5Oo,0O0 OF stock to Do
In settling the debts of the com tn
y A new board of directors Is TO s,ss sn.,
'reated, consisting Of is al in the cour
Tory bii) members, one each to be are
led by Nicaragua and Costa Rica. TO .
one oy the Maritime Canal Com s.~' @
:. and the remaining members BY mt,
President Of the United States. not so fr
e 'han half Of them to belong to the ever
e political party. su
" value Of sach . osual 70 the ne !