St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-04-15
q = . = ::
THE NICARAGUA CANAL


then open the pot.
III .THE NiCAls AQUA CANAL
n .fhereport of the, senate committee on
foreign affairs relative to the Nicaragua
capA scheme Is prepared. and will be
i'm the course of a few days.
sfhe report is, in some respects. an ex-
Extraordinary one, and should not be per-
omitted to go uncnallenged. fhe report
isaYs that 1.-THE action taken by the SEN
ate up to the present time in encourage
ment of the work created the belief and
excited the desire OF the 1country. that
the canal would be speedily constructed
under the Immediate auspices of the
government of tine United States. and
with the use of its credit"
The only action thus far taken by the
senate has been merely speculative aud
anticipatOry. That body has not taken
any steps which in ths slightest de-
gree commit it to the assistance of the
scheme. Bulls ia it's aid have, it is true.
been presented. but SD also have bills
for the creation of All aluminium cur
rency, for the encouragement of aerial
navigation. and for the construction of
railway to the moon. 1t would be just
as reasonable to claim that the govern
ment was committed to the substituting
of these schemes as to the Nicaraguan
canal scheme.
The government has had satisfying,
though not gratifying. experience in
the direction of substituting private en-
terprises. Its debt Oil account OF the
bonds issued to the Pacific railroads
still amounts to s64,633,5l2. and the
government has paid in interest on
these bonds 1896. 200.66. OF this i'm
terest only S27. Ill, 4O6.46 has been re-
paid by the companies. The entire
debt OF these companies, it is now prol,-
able. will have to be paid ultimately by
the government, which will have no
rec0mpense save in the way of the
transportation of the mails and troops
and supplies-a trif1ing sum to receive
in return for such an immense outlay.
Senator Morgan expresses the opin-
ion that it is improbable that the treas
ury of the United States will ever be
required to advance any money. either
for the construction Of the canal or for
payment OF interest Oh the bouds, even
when the canal is in process of con-
strucrion.
People with long memories will recall
the fact that the same claim was made
on behalf of the Pacific railroad sub
sides. And yet how niserably have
! these promises been fulfilled Instead
of liquidating their obligations. the rail-
roads have been constantly increasing
sthem from year to year, until no hope
exists that they can ever be paid, or
even materially reduced. Indeed, it
would be saving to the government If
sit should donate to the. companies out
right ali the bonds issued for their bene-
sit, provided the companies would pay
athe interest.
/ 1t is proposed that the government
shall guarantee the bonds of the canal
, company to the amount Of some two
hundred millions Of dollars. Such guar
anIee would be equivalent TO donation
OF the entire amount to a syndicate Of
Capitalists engaged in the enterprise.
:, No one with common sense undertakes
to claim that the government would re-
ceive any adequate return for such an
expenditure. Our interoceanic trade is
comparatively small, aud would not be
materially increased by the opening of
this highway of commerce. Other
nations would gain far more proportion.
ally. Great Britain especially would
be benefited. Her commerce in the
Pacific is hundred fold greater than
ours, and her merchantmen would be
chiefly benefited by the opening of the
canal. Such being the case, it is but
fair that that nation, and not the United
States, should bear the cost of It's con-
struction.
The claim that this is an American en-
terprise. national in its character, is all
fOl-de-rol. Americans, it is true, are pro-
noting it, but not from patriotic mo-
tives. They are in it for the money that
can be got out of it, and for no other
reason. If they thought government
subsidy could not be obtained, they
would abandon it instantly. 1t can
never be made money-laaking enter
prise otherwise. This is a self-manifest
proposition.
1t would be an act of folly akin to
crilnInality for the government of the
United States to impose the burden of
debt demanded by this com oination of
adventures upon the taxpayers. If there
were compromising advantages in sight
there might be some palliation for such
an act; but there are none. The only
prospect in view is continuous ex-
penditure of public moneys for private
benefit. with the ultimate probability
that foreign power will own aud COLI
troll the canal.
Unless the members of the senate
have gone daft, they will not entertain a
scheme of the nature referred to. The
nation has no money to throw away in
foreign parts upon enterprises designed
merely for Individual benefit, and
which are certain to be absorbed by
foreign capitalists. if not by foreign and
hostile powers. Senator Morgan can
devote his talents to a better use than
the attempt to foster such an enter
prise. The country wants none of it.
;. WHAT "Good Republican" was so
reckless as to propose to squander fifty
dollars to secure another nomination for
the Republican candidate for mayor?
Mr.. Doran is in bad enough shape as it
is. He must have some enemy.
49, OUR RATE OF PROG RESS.
Changes come so gradually in the
order of evolutionary progress that one
fails to note the rate of the movement