New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-18
THE NICARAGUA CANAL.
PETER FAvORS IT. But IN CHARACTER
ISTIC FASHION.

i'i ~ -''''''D-''
HE WANTS TO PAY FOR 1T WITH SILVER OR
OBSERVATION-DISCLOSURES IS AGAINST 1T BE-
CAUSE MAN Is TOO GREEDY or DO
MINION OVER THE EARTH
[BY TELEGRAPH TO THE TRIBUNEl
Washington. Dec 17.-Sght progress was MADE IN
the Senate to-day with the Nicaragua Canal DILL
and II looks now as II Mr.. Morgan will be very
fortunate II he vote before the holiday
recess. Mr. PETER. Mr.. Squres and Mr. Turpie
made speeches this afternoon. the last named oppos-
ing the pending This speech was the flrst
hostile made during the whole debate ana IL
is becoming and more apparent that the
enemies of the canal project will number only
handful when the final vote is reached
Mr. PETER suggested that the financial part OF the
bin was subject criticism, and in that connection
he discussed the proposed measure reported by the
House Committee Banking and Currency ana
pointed out what he regarded its defects lie
questioned :he ability OF the Government to pay in
gold the bonds provided for In the Nicaragua Canal
bill or to pay in gold the bonds issued in 1884 they
were due tomorrow The inability OF the Govern
ment to pay in gold would be painfully evil
dent at every interest period. What was the Gov
eminent to do when the day of final payment came?
Should II be placed In the hands Of receivers? The
outstanding bonds all payable in silver coin or
In gold coin or IN both. the Government might
prefer II silver coinage were restored and the coin
reserve thus enlarged the day of payment need not
be dreaded for then there would be coin enough
TO meet tho Government obligations. But TO con-
tinue existing methods but to strengthen the
grip of the concentrated money power In ten years
there would be slOOOOOcD0 of bonds due. and in hf-
teen years SGOoG0.co In the can time the bonds
proposed 10 he issued under the Nicaragua Canal
bill would have be paid, all in gold coin The
Government was compelled to sell bonds In
order to procure gold TO carry on its ordinary af-
fairs: but TO continue that policy was to invite dis
aster II the pending bill provided for the use OF
silver as PAYMENT he would be inclined 10 support
II by his vote. Let the people OF the United
States he said. supply the coin for this work as
fast as needed. taking a mortgage on the canal ana
all the assets OF the company. or let US pay the
cxpenses with "A fresh issue of paper money. This
will nut a great deal OF much-needed money III CIR
c,,ation and secure the building OF this great work.
Iut II the money for its construction Is TO De DOT
roved prefer wait until We can 90 pet'e''
am opposed 10 the Issue and sale or bondS io' any
purpose 4 nation Ike this has properly enough 10
,,y rs vav would vote 70 create millions OF
money out OF our materials TO pay men LOT '''''
labor on this work. but am not wi"ihs 10 pay
,ruu,e IN ANYBODY do not want this country 10
become again a dependent OF Great britain put ou'
present financial pdnIcy would certainly result III
that We have wealth enough In this country "n'
I yish We had il sense enough to stop seihhs
bonds g.,
AZ s,p,res ,I{.p WashD next addressed the SEN
. a., s,nr,rt Of the bill He declared that the
,ulldlng of the Nicaragua Canal would be an eh'ui ,
Ing monument the civilization OF the Hse anu
would De- OF far greater importance 10 t"e com.
mere. ~ the West than the Suez Canal was 70 tha'
OF the East. ,.
Mr. Turp. dem. Ind) offered an amendment
=, ,h. shane of an additional section for the APP
,ointrnent 81 three competent "ngineeis-t"o oi
them army engineer oiicers-to make a survey anu
estimate OF the canal on tn" line proioS'n W vi
Nenocal lie entertained grave doubts Of the CON
siifuttonality OF IN" pending measure, -" nv
ground that the general Government had 10 ''s"'
e., suisiIize or guarantee the paper OF any 'o'-
,oratlon But conccling that the measure was
lawful Mr. Turpic asked whether u was ~.
OF the trpl"-heai"i orghnllit' ,,s,r',rtion
canal Company. the Ncarasuh ana, nr.igiDa,
and Draining 'ompaany , ~ 49,, under a decree OF
3D., .nt,.I states Court: and II had been saiu ~
BE- i'm. that that sum was sl-ovo more ti, an
the assets were worth me o ny Invention was
,r, ~ tho Paolnc Railroad companies, anu az =,
,,,nna, ~ 81, DpoD Was due to the Government
th mourn s,,,,.nilou tho security which the Gov
rnrn.nt had FOR It's repayment Vas afPle a.
tar.I Win the guarantee provided III 'ne ''"''''
'',r Trr,ie went on 70 speak Of the asslrano1,s
that bonus o. VI IN london and Amsterdam and he
rsr,ei aith much emphasis that " all the asSc eS
a. Iaughter) The failure OF the ,rm danlnrcd
canal protect. which he most 1efPif ,,ppn"ss,
ana, pIyertisemcnt TO the world of me IMPOSE
,,I liuf.asiAIllty OF isihmian canais re u,
rlrsd that there was nothing III rly -, =, - n /
-, rls 1'h.r. was no interior credit II, IL am
nn Inferior strength In IT, ~ iar a. 'nr ,' ,,
r,,,f,,.r 'rr.tfv r"rnci. II thht u
,t,d AN .xtires- provision permitting IN. ia
J St,t.s 10 build the canal or recurring ,,no,filing
| a., vot. for the pending measure OF any ,r,,nI
nnc The Senator from Alabama ,Mi. I'm, v, If
rt rk..i the other day, with Il supSt y,
ht,,.ru..s that the sthmus was sun t'.tir c.
.,s ain unuierc"l and untravers"i Pun Wv ~
VIZ S , -, ,h. t'uitcd States and the people oi
~ I-ult.I states not rrsp"hSpi'. ~
The Almighty did not require 'li1 Ii,ue loss
~. a,J mon had be content WIN Il n','' '''
.n,,ipIon over the earth than MS MINT ns', ,h.
| Hefor- Mr. Turpe finished ms a. ar : n n,
| ,,.nt into executive session. anu 1T ~ -"
,lnfN 20 MORROW.