Greenbrier independent. [volume] (Lewisburg, Va. [W. Va.]) 1859-1980, 1895-01-31
Nicaragua Caunl RiII.


Canal passed the United States Sem
ate on the 25th inst, by vote of 81
to u.
1t was the termination of a debate
which has lasted since the present
session Of Congress began. 1t was,
moreover, the first realization in this
branch Of Congress of the vast pro-
ject so long and vigorously urged for
a canal joining the Atlantic and Pa
cific, with the United States govern
mcnt standing sponsor for the exc
cution Of the work.
Both Democratic and Republican
National Conventions had endorsed
the scheme, and it would thus ap-
pear to be generally approved by the
people. The importance of such a
canal to the commerce of the United
States and, indeed, of the whole
world cannot be overestimated.
The bill, in brief, directs the issue
Of S70,000,O0O of Nicaragua canal
bonds. Eeach of these is to bear the
following guarantee:
"The United States of America
guarantees to the lawful holder of
this bond the payment by the Mari
time Canal Company Of Nicaragua
Of the principal Of said bond and the
interest acCruing thereon as it ac-
CrueS.r
An additional $50, 900, 900 of bonds
is to be issued without the United
States guarantee. The total hundred
millions thus issued is TO be used in
the construction of an inter oceanic
canal. The Secretary of the Treas
ury is to have general supervision of
the project, but a board of fifteen is
to have immediate charge Of the
work. OF this board, the President
is to designate ten members, not more
than two from any one State. The
United States is to receive $40, 0OO,-
600 Of the Company's stock in re-
turn for guaranteeing the bonds, and
is to hold a mortgage lien on all
property Of the Canal Company.
Though both political parties in
National Convention have endorsed
the undertaking, we would not have
our readers understand that its feast
bility is generally conceded or that it
is generally admitted that the canal
can be constructed for one hundred
millions or for even twice that sum.
How the scheme is viewed by
those opposed TO the undertaking
may be seen by the following press
| comments:
BGitimOre San "The passage by
the federal Senate Of the Nicaragua
canal bill recalls the bonanza or
gilded-age" period which followed
the war. During that period the
Credit Mobilier scheme, the star.
reuters and the post traderships en-
| gagged the attention of the country.
| During that time the government
gave enough iii bonds and lands to
build the Pacific road, and the pro.
motors got the property. These
bonds are just now falling due, and
1t would be supposed that the recol.
lection Of that transaction now re-
vlved would operate against the
! Nicaragua canal scheme, which is of
Il similar nature, but practically
worse, for while the expenditures
is assured, there il apparently no as
surance that any canal will ever be
made. Fortunately there Is a Demo.
cratic President and a Democratic
House to stand between this monde
script Senate and the treasury"
Philadelphia Record: "This scheme
in Congress, as passed by the Senate,
proposes to make the cost of the ca
nal at least 100000, 900. While the
United States government is to be
the holder of S70,000,000 Of stock
and the guarant0r of a similar
amount of bonds, $50, 100000 of
| bonds is to he awarded To the bank
rupt Maritime Canal Company of
Nicaragua under certain conditions.
Part of this latter sum is to be paid
by the company to the governments
OF Nicaragua and Costa Rica for the
franchise. But the large slice re-
served for the Maritime Canal Com.
pany would form fit subject for
Congressional investigation on the
very threshold of the scheme. A
scandal as fragrant as the Credit Mo.
bilier connection with the Pacific
railroads is already defining itself in
and around the Washington lobby.
While the government will pay no
less than 500, 600, 900 under this bill,
the expenditure is quite likely to
reach double that enormous sum be.
fore the completion or abandonment
OF the undertaking. The engineers
Of the Maritime Canal Company
have shrunk from making any esti-
mates OF the probable expense of
constructing and maintaining a har-
Dor at each end of the canal and of
extending necessary deep-sea wa
terway two miles into the Atlantic
ocean. Anything like an accurate
estimate of the cost might have had
discouraging effect upon the most
reckless in voting away the public
money, and the main consideration
was to commit the government Sc.
Curely to the scheme by making the
estimates as low as possible. 1t is
fortunate for the country that the in
i1uences that prevail in the Senate
are far less potent in the House of
Representatives."
THE MAssIE LIBEL SUIT.-The
suit instituted for libel by Hon. Jno.
f.. Massie, Superintendent of Public