The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-04-14
THE NICARAGUA CANAL.
Report of Senator Morgan on COndi-
ton os Plant, Cost, Etc.

non on Sost,
WASHINGTON, April Ex-senator Nor
gan has completed and will present to the
Senate, within the next day or two. his
report on the Nicaragua canal. The re-
port. after referring to the suspension of
work on the canal owing TO the monetary
stringency of the last year, has the follow
ing to say of the canal plant:
I'm consequence of the suspension there
has been some loss but not of a serious
character, in the depreciation of the plant
connected with the construction Of the
nal. but all the dredges and machinery
requisite for dredging and the houses,
structures and wharves necessary for the
work on the eastern division have been
supplied, and, with slight repairs, are in
condition for the immediate resumption of
work on the canal Carefully revised esti-
mates OF the cost of the canal ano work
connected with 1t makes the total So, SO
at the outside.
Senator Morgan then says that the action
taken by the Senate up to the present time
in encouragement of the canal created the
belief and excited the desire of the country
that the canal would be speedily constructed
under the immediate auspices of the gov
eminent of the United States and with the
use Of it's credit. This sentiment and con-
viction,' he says, has increased from tnat
time to the present, and ii has been en-
cOuraged by the fact that the great lead
ing political parties of the country have
United States as far as that may be done
under the concessions of Nicaragua and
Costa Rica. In the annual messages of our
Presidents this subject had uniformly re-
ceived a strong Endorsement.
IF action by Congress Is unreasonabiy
delayed the company will be compelled
either to abandon the concessions and lose
the money they have already invested in
the canal. to accent the offers made
either of these results should follow the
inaction of Congress the people could not
corsure the canal company for yielding
TO a fate that they could have avoided If
of constructing the canal through the aid
of the United States. The work done on
the canal is permanent, as far as IL has
progressed, is important as demonstra-
ton of the final success of the location
and plan of the canal, and i will not be
abandoned by the commercial world. The
canal will be well built" 49,. -,
canal is completed The lard grant alone
will be worth 100000. OF the value OF
the canal from another point OF view he
says: ITO the United States, in political
and strategic view. and as a sea route
to our Pacific coast, shortened by more
than half the length of the present ocean
route. this waterway Is of greater impor
tarce than the Suez canal is to Europe
ard Great Britain. or than the freedom. of
the BOSDhorus would be 10 Russia. If it
shall result, from our indifference or dread
of expansion in the direction of national
duty and self-pres ervation. that Great
Britain OF. any other great European
power shall get control of the concessions
tha- have far refused the result is
even now plainly manifest that the Cen
trail American states will repeat the ex-
perience of Egypt. Then we shall have
our country broken in its coast line of
trade defenses by a European power"
Senator Morgan advances the opinion that
ii Is improbable that the treasury Of the
United States will ever be required TO adj
vance any money either for the construc-
tion of the canal or for the payment of in
terest on the bonds, even while the canal
is in process of construction. The interest
on the bonds, even after $70.000,000 has been
expended. is $2,l00,000 per annum. II IL re-
quires seven years to complete the canal
the issue OF bonds required will be about
100000 each year; that is 100000 the first
year, S600OO0 the second year, 600 the
theird year, and on until the seventh
year. when the sum needed to meet the
interest would be $2,l00,G0 AT that time
the canal will be opened and in full oper-
alton, and its income even for the first year
would reach $5,0O0000 at the rate of tolls
now received by the Suez canal.
In conclusion, the Morgan report says:
Tine plan and certain effects of this bill,
if ii becomes law, will put into active
borrowed from our own people, without
risk TO the government. Such a movement
at this time would stir all industries into
activity and release other hundreds of mil
lions of dollars that are now being hoard
ed or employed in gambling in stocks. 1t
would furnish good and wholesome en-
ployment TO fifty thousand Americans that
are marching on the highways. begging
for work and often for food. 1t would
yield 10 the United States. at the rate of
81 per ton for canal charges, not less than
100000 per annum of dividends on it's
SO 900 900 of stocks in the canal"