The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-11-27

pany. allow American vessels passing
through the canal q rebate on the tolls.
have the United States government put
In $50. 600. 900 and nominate . Of the Is
directors: have Nicaragua and Costa
Rica put in 81. 800. 900 in cash and $780,
900 for land purchased from them by
the company "a narrow strip along
either bank giving the company COM
plete control Of docks, landing places
and storage room) and have the Inter-
Ocean company put In the $50. 000. 900
needed to buy the canal as it now
stands. Nicaragua and Costa Rica
would under this arrangement each
name one director and the Inter- Ocean
company would name four. giving
Uncle Sam a clear majority and the
controlling voice.
The plan provides that the United
States government issue $50. 000. 0OV in
United States treasury notes to be paid
to canal company as work progresses,
at the rate Of 81, $50. 900 per mile, basing
the work to be done on the canal proper
as forty miles, balance when canal Is
completed, United States treasury notes
to draw interest at rate Of 1 per cent
per annum for five years, and to be re-
deemed at that time by 3 per cent. gold
bonds. AS d. the government pays the
ana company for completed work, the
canal company will issue capital stock
to the government at the ratio of Z to
8. For $50. 900, 900 of United States treas
ury notes issued, the canal company
will turn over to the government $70,-
600, 900 in capital stock, the salaries of
directors and all operating expenses to
be paid by the Inter-Ocean Canal COM
pany. Mr.. Ellsbury figures that upon
this basis the canal would be paid for,
out of debt and more than self-sustain-
ing inside of fifty years, while the gain
to American shipping from quick tran
sit and special tonnage ratings through
the canal would be ~incalculable. In
concluding his interesting argument
upon this subject Mr.. Ellsbury says:
The United States is not awake to the
Importance Of maintaining a large mer-
chant marine. England and France are
willing this nation should sleep while their
merchant ships are harvesting and gath
ering in the products Of all nations, and
making London and Liverpool the mar
kets ana money centers. or the world. In
the United States we nave all the ma
terial, iron. steel and timber to build our
ships. We have men to manage n sail
them; and We produce everything in this
country to clothe and feed them. Why
this branch OF industry has been negiect-
ed Is this: During the past fifty years our
thoughts have all been turned toward the
growing West, and railroads have been
required to settle the country, and now
every state and territory is interviewer
with a web of rails until that business Is
transportation, and our thoughts and ef-
forts must turn to canals and the broad
ocean for relief. The building of the Mica
ragua canal will encourage the increase
of our merchant ships which will invite
foreign rad from all parts of the wide
world, and give the mighty ocean a chance
to contribute to our future greatness.
There is no doubt that the problem of
Americas future development COIN
cides with the problem of an encour-
aged and greatly multiplied merchant
marine. The Nicaragua canal, rightly
built. managed and financed, would be
an invaluable auxiliary in this double
problems solution. and the next con-
gress will be wise If 1t shall give to this
important subject early and earnest
--