The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-12-26
THE NICARAGUA CANAL STEAL.

Senator Turpie left very litile of the
! Nicaragua canal steal when he got through
with it. and what is left is in a fair way to
be removed by others. One Of the most re-
marl1able attacks on the bills now before
congress is by Mr.. NJ. II. Moore, vino is
one Of the executive committee appointed at
the New Orleans convention to promote the
construction Of the canal. OF course Mr.
Moore believes that the construction of the
canal is feasible. but at the same time he
evidently realizes that there is a big steal
! in the bills under consideration, for he says
in published letter:
The project is perfectly feasible and sim
ple though one OF great magnitude The
promoter ard Spectator can make millions.
! If allowed to manipulate it under this act
The bills before congress contain excellent
I provisions IL contracted and simplifed. This
congress will deserve the greatest praise If
il so aids this canal project as 70 secure it's
, construction. and al the same time prevents
any OF the Panama canal corruption
This is very plain talk from man spe-
| oially deputed 70 help the canal project, but
I he goes further. and points out objection
; able features in the bills which are suf-
1cient to kill them with all honest men. He
says:
Both bills in congress proceed upon the
plan Of indcrsing bonds The senate bill
bestows subsidy Of S7.00O0c0 upon the
canal company In New York. The house
bill allows them but $1.000,000. and is an
excellent bill upon the plan adopted. The
great objection. TO both bills is that they
give unnecessarily 10 Nicaragua and Costa
Plea ~ per cent. on the $4,000 900 Of bonds
which they provide for issuing. The
| language Of the concessions is that these
states shall receive ~ per cent of all the
stocks. bords ard certificates in construct
ing the canal. The senate bill also provides
for a capitalization Of 100000 coo, which Is
al least $25.0O0.000 more than would be
necessary under prudent and economical
management, thus adding another ~ per
cent. on the $25,O0OO0O 20 the allowance Of
the Central American states
Mr.. Moore states elsewhere that the esti-
mated cost Of construction of the canal is
about $50. 900, COO" If the canal can be
Constructed for that amount there would
be s1s.O0O.OoO in bonds. indorsed by the
United States. over and above the entire
cost Of construction, and this presumably
would be partly used in bribery. but chiefly
divided among the promoters Of the scheme.
And Mr.. Moore shows needless and Law
ISL extravaganza in the very preliminaries
of the undertaking, in the provisions above
mentioned. thus:
The New York canal companies having
made failure Of the enterprise would be
more than satisfied TO receive their money
expended and a round million for their con-
cessicns. The Central American states are
exceedingly anxious TO have this canal built
and would not and could not claim any
more than the minimum conditions Of the
grants. Then why bastow $4,000 900 upon
the New York stockholders and SIPS. 600
upon Costa Rica and Nicaragua, and thus
water the stock Of the Martins canal COM
pany gratuitously with s13. 125. 900 and then
back the enterprise with the credit of the
United States?
The sooner congress kicks ont this scheme
and all kindred ones. ami turns It's atten-
ton to an earnest consideration Of currency
reform. and other important legislation, the
better it will be for all concerned. The
country is in no mood for extravaganza or
knavery. II needs and is entitled to de-
mand the full attention Of congress to leg
isla;ion that will improve business condi-
tons and promote the welfare OF the
masses