The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-08-04
THE sIcAEAGUk cAsAE MAI BE
LOST.

The chairman and another member Of
the reorganization COMMITTEES Of the Mica
rsgua cans Company recently sailed for
Europe, and 1t Is reported thgt they have
gone to negotiate for capital with which
to carry on the construction Of the canal
TO ompleticn. According 70 the report 3
Csyndicatso Of English capitalists hasoffered
70 furnish the amount feqmred. which Is
estimated At 81. 90. 600, The New York
3 Times warns congress that " bile the report
may be premature, nevertheless it Is quite
! likely that sooner or later the company
will turn over their enterprise 70 foreign
capitalists IL II does not Ee& the necessary
financial support from thss country.
1t il stated that there is no intention Of
turning the enterprise over to q foreign
corporation, but only Of obtaining for the
American company the necessary funds
from foreign sources. but the practical
consequences would Be that ultimately
''capltaI will eafry controL" The men
who furnish this Foreign capital will be-
come substantially the owners of il and
3 Will control its managemest. The 6nan-
eiai control will dstrrraine the government
control. ''ff the Nicaragua canal is built
with English capital ibs financial control
will pass into the hands of EngIishmen.
and then, in case of an appeal 10 govern
+ meat for protection. the governments APP
pesled 10 will be the British government.
Z and it pay find IL expedient to exercise a
very substantial kind Of control on Its own
account"
This is substantially the argument urged
upon our congress by the New York Times
asa sound reason why our government
should not allow matters to- drift into such
asituaton. If the men engaged in reor-
ganizing the company and preparing to
prosecute the work cannot raise the capi-
tai in this country, or induce the govern
nent TO come to their support, the only
Cway to save the undertaking Will be to go
abroad foEfunds.
of course, this foreign capital would not
be offered unless competent financial
judges in Great Britain regarded the canal
project as feasible and reasonably sure to
be profitable. 1t needs no argument 10
prove that this canal In commercial or
naval Importance is worth more TO Us
than to any other nation, and it is Of in
estimable consequences that governments
control or protection of this. canal should
be exercised by the United States and not
by any European government. This con-
troll can be secured by enacting the plan
favored by Senator John Sherman
and Senator Morgan. OF Alabama. who
propose a guarantee by our government OF
the bonds of the company to the amount
necessary for the construction and equip
msnt Of the canal, in return for which the
government would hold the bulk Of the
stock and wish Il the financial control and
supervision Of the waterway hereafter.
Both houses Of congress seem to be in
favor Of DIRECT government control of the
canal. ats supervision by engineer officers
Of the army. and the direct appropriation
of government money by the issue of
bonds or otherwise to pay Tor building it.
The house bill is said 30 provide for an
issue of SIS 0oo. 900 in stock Of the new
company. the United States 10 retain s7o,-
0c0. 600 and the remainder to be sold and
given 10 the canal company and the two
countries of Costa Rica and Nicaragua.
The new senator from Georgia. Patrick
Walsh, L. warm friend of this great
canal enterprise. lie recently said in
leading Baltimore paper:
The South Is deeply interested in the
construction Of the Nicaragua canal With
It's completion / see no reason Why this
country should not control tbe trade of
Central and South America. The con-
tiguity Of the ports OF the South would
give our people the advantage in trade
with the people south OF US. What the
Suez canal Bs TO the people OF Europe the
Nicaragua canal would be 10 the com.
uSerce of the United States. Our people.
Irrespective of party, should, in my opin-
ion. unite in support Of the NIcaragua
canal There are over 500. 900 900 people IN
China. India. sRd t5e other countries OF
the East, who will be brought Il. 600 miles
nearer 60 the people OF the UaIted States
We want fFeer trade with the republics OF
South America and the nations of Asia.
Taere never has been such = magnificent
opportunity as the building Of the Nicara-
gaa canal would present 20 the people of
the United States % secure a large share
81 the ee4nmeree that enrlches Great Brit
ain aud other nations