Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-05-13
PRESS COMMENTS.
Nicaragua Canal Board.


The cruiser Montgomery is carrying to
Greytown from Mobile the party of engi-
neers appointed under the recent act OF
Congress for the investigation of the prac-
ticability and cost of the Nicaragua canal.
The GRAND on which these engineers
are going Is of the highest public impor
lance. After most thorough discussion,
maintained from time to time through
weeks the Senate, by the strong vote OF
81 yeas to 81 nays, passed the bill for the
assumption of the canal enterprise by the
United States. That bill reorganized the
Maritime Canal Company of Nicaragua
and made its stock consist of 1000, 600
shares of 800 each. The United States
treasury was to endorse and guarantee
construction bonds of this company, bear
ing three per cent interest, to the amount
of SO. 900, 600, and on any failure OF the
company, to pay this interest, it was TO
be held to pay four per cent to the United
States as guarantOr and also to be liable 10
have all its property foreclosed and sold In
return for its guarantee, the united
States was to have 100000, 900 OF the
stock, while ST. 900, 900 would go to Mica
ragua and 81, 500. 900 to Costa Rica, in &C
cordance with old agreements. The re-
naming shares were to reimburse the
company for its outlays. pay its debts x-
tinguish old stock, and remain avail liable,
if needed, for building the canal.
This bill reached the House, however,
too late for action by that body. The
House, indeed, had on its calendar bill
of its own, which made the stock of the
new company 1888, 900, 900, and the interest
~ no Initial in ~ SSl non 600.
and provided also for the issue of three
per cent bonds. In fact it closely resent
bled the Senate bill in several leading
particulars, notable variation being this
reduction in the total stock by making
much smaller allowance to the present
company for its rights, property and out
lay, and by not leaving a large margin OF
surplus stock for construction purposes.
But with the session limited to March 4,
and with so many routine appropriation
bills to dispose of, the House could not
take up this subject, although strong
vote to do SO showed its deep interest in
the canal.
The opponents of the bill in the Senate
| had contented themselves with offering a
substitute that required a preliminary sur
vey and estimate by board OF three COM
petent engineers, who were to report on
the practicability of the Menocal route,
ON which work is now proceeding. Most
wisely. therefore, both the House and
the Senate joined in a provision for the
appointment of such board of experts, to
report on these very points before the next
meeting of Congress- and it consists of
Major Ludlow of the army, Civil Engi-
neer Endicott of the navy, and Mr.. Noble
1t will be seen, therefore, that the task
undertaken by the party that has gone
south in the Montgomery is of extraor
binary Importance. Its conclusions may
have decisive influence upon Congress
in determining whether this great high
way of commerce shall be built and main
tanned by the American people through
the means to be furnished by their gov
eminent.
Its most important duty will undoubt-
cdly be that of ascertaining whether the
canal is practicable at all; for, during
the Senate discussion, a leading point
urged by the opponents of the project was
that the fierce heat of the tropics, baking
and cracking the soil, and, above all, the
resistless torrents produced by the tremen-
dous rainfalls of that region, would not
allow any canal to last unless built so
solidly rs to mako its cost and mainte-
nance ruinous even the lowest interest be,