The sun., 1894-12-27
THE SrClR<sUA ClSAE.
some Point. n the se-ate's Diseus-ion d
the RtII 20 Atd Its Ioustruetten.

the RiIl 90 Ala Hts Coustruetten.
WASHINGTON. Dec. 20-Although the present
is not a very favorable time for incurrlng the
obligations which ths Government IL asked to
assume in the Nicaragua Canal enterprise, yet
It's friends have good hopes Of pushing bill for
that purpose through the Senate.
Certainly the project has been thoroughly ex-
planned, and the leading points connected with
IL have been Get forth In the able arguments Of
It's advocates. AS to the primary question, that
OF the constitutionallty Of the pending bill, Mr..
Morgan quoted the opinion of Chief Justice
Charles =. DAILY whom he referred 10 80 one of
the ablest jurisJs OF the Unted States. ut does
not make IL any the less an act to facilitate COM
meroial intercourse" said Chief Justice Daily,
"that what is mainly TO be done by an Ameri-
can corporation is TO be done in the territory Of
foreign country" Decisions are also cited TO
show that the power of Congress to create cor
poration for constructing this canal extends TO
assisting the work and controlling IL when IL be-
comes of vast national consequence. The point
was brought out that more than . generation
ago Democratic National Convention advocat-
ed IN it's platform the building Of q ship canal
across the Isthmus Of Darlen. Republican Con-
ventions have also advocated the same measure,
and, indeed. the discussions in the Senate show
that II is not partisan matter.
A citation of evidences Of public opinion in
favor of national aid for the canal includes
memorials from the Legislatures OF various
States and from Boards of Trade, Chambers Of
Commerce, and other organizations OF New
York, Chicago, Philadelphia, Boston. San Fran
cisco. and, in brief. great part Of the chief
cities Of the country.
or course. tho question of the form to be given
to the bill Is one upon which differences OF
opinion exist, and perhaps the difficulties in
haC oh af
which the measure will encounter. The money
for building the canal, as has been explained by
Mr.. Morgan, is mainly to be raised on q popular
loan, based upon the guarantee by the Govern
ment that the bonds will pay three per cent In
terest. The Maritime Canal Company is pro-
hibited from the handling Of the money "for
any other purpose than to pay debts that have
been audited and approved In the Treasury ISs
Credit Mobilier scandal or Panama defalcation.
the consent OF the Government, which holds the
majority of It. The present stockholders and
o so moro
of stock and S4,500.000 worth of bonds In the
new organization. The canal is to be built
from the proceeds Of about sio, 600, 900 Of stock
70 be sold for cash at not less than par, and Of
by the Government, also TO be sold at not less
than par. The Government reserves for itself
20 s sS vim ''PSS have S
company, and will appoint ten Of the fifteen d.
supplemented or altered during its discussion, |
and indeed. various amendments have already
to provide additional safeguards are invited by |
the managers of the bill. |
As to the value Of the Nicaragua Canal there
seems to be little difference of opinion; and In
deed many of its advocates believe that the
stocks held by the United States will prove d.
Of course Congress would not go into the enter
prise with that as the main motive. The view |
laken Is that the canal is OF vast strategic and
Importance to the United States, |
and that experience has shown that 1t must
1ave a Government guarantee In order TO be
n its construction. Senator Perkins or Cslifor-
lia, whose experience for twenty years or more
.peciai value on the latter point notes that in
SOB there entered and cleared at San Francis:
70 3s7 vessels, averaging, 1873 tons. They had
md the United States which required trip
Iround the Horn. At $50 per ton for construc-
{ their voyages could have bden through the
Nicaragua Canal they would nave saved two
birds OF the distance and one-half the time,
which is equivalent to saying that the in
'estment required in vessels for performing the
anne service might have been only half, or
'ls,OOO,OOO instead OF S36, 10000 As to the
aving In cost Of the wages and food OF the crew,
hat of course is obvious.
One interesting point brought out In the recent
lebate relates to the value of the Nicaragua
quite by reason of its furnishing a fresh water
AXE for the destruction Of the barnacles that
orm on hulls of ships during their voyage In
alt water, Mr. Perkins said that the advan- |
age given to, ships from this source might be
quail TO nearly 90 cents n ton, since tho falling
m Of the barnacles would save the expense and
lelay OF q docking; and he further pointed out
hat this was u clear gain over the Suez Canal,
which Is salt water.
As to the strategic advantages OF the control
u the canal, they are not matter OF doubt, and
naturally that Is one OF the leading reasons why
congress is giving attention TO the latter. For
ign ownership OF majority Of the stock might
lot itself imply the control of the canal by the
OF those foreign owners; but Il sug-
'ests risk too great TO be run. IL has been
cen how England found IL a matter OF neces-
ity to secure the control OF the Suez Canal, and
Ike considerations cannot fail to have a certain
weight with Congress. Even the difference be-
ween risking the money in an enterprise of
uch enormous magnitude subject to private
Ontrol and the same enterprise undertak en- and
by the Government. is SO obvious
hat 1t will appeal to the people of the United
'tates. What remains TO be done in discussing
he subject may we'll turn To some extent upon |
he practical question Of the best form OF Offer
ny Government aid tO the enterprise.
a A m