The times. [volume] (Richmond, Va.) 1890-1903, 1895-08-02

Mr. MepocaI says That II tini>h'" ~
Won't Hurt the Nicaragua Route


Won't Hurt the Nicaragua Route
WASHINGTON, July S.-Some inter-
est is felt In Administration circles over
the report from Colon that work Is 10
be resumed on the Panama canal. lheIe
is no question in the minds VI eNpeIls
that the canal can be built, the Vi"s
difference among them is as TO sue
amount Of money necessary for the pui-
pose. The best authorities say 'n',9
Sio0.eooe.s. in addition 10 what mas al
ready. been expended VIII be required 10
finish the work. Others place the SUI"
az a much larger figure and ie" il any
experts whose opinions are worth quo,"i5
nX the amount 40 much below Slv'VV'''D'
The work on the canal was begun
fifteen years ago. but for the past N'lA
dozen years little II anything mas De."
done. During the time the WORK vas
actively in progress the enormous sum
of S22lO0O00 was expended. Mueh %,
this money. it is alleged. vas diverted
from its original purpose. and large SUMS
were wasted In extravagances that were
little short OF criminal. \ fair amount
of the work has already been com
pleted. The principal work yet 20 ne
performed is az Culehra, about hil''"
miles. east OF Panama, whore cut Is
90 be- made through the Andes mouN-
fains An American naval olhcer' WHO
spent some months on the isthmns sew
cral years ago. estimates that the MoiA
al Cuienra alone will cost s15.0e9.eo. ne
is convinced. however that cahal
across the lsthmu5 Is practicable
IH1 NICARAGUA rouIt.
Mr. MenOcal. for several years past in
the employ OF the Maritime Canal COM
pany. which obtained the concession TOT
ala. d. HHIH
while not disposed TO speculate as 10 the
future of the Panama canal said to-day
that IL would work no injury 10 'he
Nicaragua route. The latter, he sai''
is seven hundred miles nearer New 1oih
than the Panama canal, and II WouH
for this reason he used exclusively uy
American vessels running between me
east coast of the United states ano the
Pacific slope and the countries Which
lie beyond the Pacific. IL would n''
moreover. route mainly Followed 10y
vessels from Europe bound 10 the west
coast Of America. He added that yes
sells from Liverpool TO Australia co"i'
also save several hundred miles oy using
the Nicaragua canal. lie thought the
Panama canal might secure the trade
of vessels plying between Europe ana
such of the South American countries as
Peru. Chill. and Argentina. but this Wouia
represent the greater part OF its Dusl-
ness.
The building Of the two canals. Mr.
Menocal said might result in cutting
of rates. but in such warfare me
Panama company would Dee the greatest
sufferers. If the Panama canal repre-
scented an outlay of N0nplDv. the tolls
charged for transit through D. must neces-
sarily be high. in order 90 meet current
expenses. and 10 pay fair rate ol lh-
terest on the capital invested. The Near
aqua canal. on the other hand, can ue
built I'm Mr. Menocals opinion. for less
than $4,000. lie Is more convinced OF
this since his recent visit 20 Nicaragua
than before. II the canal can Doe huht
for q sum not exceeding Sb,.NoW", the
tolls for transit through the waterway
could. be reduced be says. 20 81 ton.
He estimates that vessels asgregauns
50J0o OF tonnage will avail themselves
of the privilege of the canal, which would
make the yearly receipts Of the concern
& 10000. This would not only pay me
running expenses. but would leave
handsome sum each year 20 bee applied
to- the sinking fund for the redemption
Of the bonds New \ ork sun.