The Washington times., 1894-06-09
TO DRAFT A NEW CANAL BILL
Interstate and Foreign Commerce Com
mittee Decides to Take Action.
WILL REMEDY IMPERFECTIONS
Chairman Wise Anxious to Keep the Hands
of Spectators Off the National Enterprise.
Preference for Payment by Currency Is
sue Rather than by Government Bonds

Inc House Committee on Interstate ana
| Foreign Commerce has decided to reject all
the Nicaragua canal bills that have been sub
mitted to it, and authorized its chairman. MIR.
Wise. OF Virginia, to appoint subcommittee
to draw up measure which shall more ex-
| actly meet its views. In conformity to this
authority Mr.. Wise has appointed .he follow
ing committee: Representatives Mallory Of
Florida, Geary of California and Paterson OF
Tennessee Oemocrats); Mahon Of Pennsyl-
vania and Hepburn OF Iowa (Republicans).
Mr.. Wise is chairman ex oficio.
The new bill will be prepared with four spe-
cial objects in view: first, to prevent the pay
ment to the present Nicaragua Canal Com
pany of an excessive sum for its property and
concessions; second, to keep spectators from
getting the benefit of the project; third. 10
provide for the issuance Of United States
notes for the cost Of construction rather than
bonds, and fourth. to secure complete and
permanent control to the United States gov
eminent. Senator Morgan's plan is the near
est approximation to thsgt of the committee,
that plan proposing bonds. but the Alabama
Senator has stated to the House committee,
before which he had repeatedly appeared 10
urge the project. that he would be equally
well satisfied with a plan to issue currency
notes instead. If such a course were possible.
Mr. Wise is of the opinion that in giving Its
sanction to any plan the Nicaragua Canal
Company should first be compelled to furnish
a statement of its actual cash outlay. This
being ascertained the, corpmittee would know
just what was proper to expend for the prop
erty and franchise of the present company.
He thinks that every dollar invested and
fair premium in addition should be paid to
the original promoters, and the government
obtain and hold permanently the entire prop
ertv.
On the question Of issuing currency to paw
therefor Mr.. Wise is very urgent. He says
that the amount expended would not be more
than 10,000. 900 year. sum which could
not possibly initiate our currency. and urged
that it would be very foolish to issue bonds
for $50 .O00. 600 or SO. 900 900 and pay inter
est thereon when the country needs the
money and such interest payments are thrown
away. Inasnucn as the money thus issued is
really represented by valuable and salable
property, he sees no reason why there should
be opposition thereto.
In paying the present company for its out
lay Mr.. Wise favors paying it in stock OF the
new company which the Federal government
can ultimately redeem.
Above all, Mr.. Wise is anxious that such
steps should be taken as will prevent specula-
ton IN tae stock or any such scandals as have
followed the government G:d TO the Pacific
railways. To do this, he thinks government
ownership preferable to government aid by
loans.
The total cost of the canal he estimates to
be 5000, 900 20 $4,000, 900, or even less.
Air. Wise states that the measure is popu-
lar one and will find favor in the Senate and
House and before the people. In appointing
the committee he has sought especially to
have every section of the country represented
He looks for the early report of bill.