The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1896-04-02
THE NICARAGUA CANAL
President Miller Before the
Commerce Committee.
; THE CoMPANY's GRIEVANCE
The Government Should Take the Work
OF Give Notice That It Intends
to Do Nothing.

Washington, March 8O.-The inves.
tigation Of the Nicaragua canal prob.
lem by the house committee on com.
merce was begun today by the appear
ance Of Warner Miller, of New York,
the president Of the canal company
There was a full attendance of the
committee and other interested parties
Mr.. Miller declared he had not come
for the purpose of recommending the
Mahon bill, which had been adopted
by the subcommittee, for he had not
even read the bill. He described at
some length the history of the work on
the canal. treating of the physical con-
ditions In Nicaragua and other details.
His idea was that the government
should guarantee bonds of the amount
of 500, 000, 900, at per cent, which
would necessitate an annual exepndi-
ture of $S, 900, 900 for interest. About
81, 900, 900 a year would be needed for
maintenance and improvements above
the cost Of operating the canal. The
remainder of the receipts would be pus
into sinking fund for paying off the
bonded debt. The governments, he de-
clared, could pay nothing for the canal
under this arrangement and have some
100000, 900 of stock left.
As the canal company had never
taken any part in legislation, never
had advocated any plan for government
control, and never appeared before CON-
gressional committees, except when
called upon, the company had felt that
it had grievance against the govern.
ment, because after the introduction Of
the senate bill it had been impossible
to raise money. American capitalists
had said the government should take
charge of the enterprise and foreign
houses had feared that after q few
years the government would take pos
session and return only the money in
vested and no profits.
Mr.. Miller said he had no doubt of
the ability Of the company to raise the
necessary funds, notwithstanding the
financial condition Of the world, but
for the interposition Of the government.
He dealt with the report of the com.
mission at length. Ithad been we'll un-
derstood, he declared. th lie commits
sion had been appointed by opponents;
of the canal for delay He criticised
the engineering attainments of the
commission and said that with the
money at their command they had been
unable to inspect the country suffi-
oiently. The proposition that the COM
mission was favorable to the project,
he asserted, was incorrect.
Speaking of the Pacific coast, Miller
said it had been expected that great
population would settle there.
He assured the committee that
vouchers for all expenditures made for
the company would be placed at the
disposal of the committee, and said
they included no expenses for influence
ing legislation. The company felt the
time had come when the government
should take the work or give notice to
the world that it intended to do moth.
ing, 80 that promoters would have q
clear field with other governments or
capitalists. II congress decided to
drop the project, Mr.. Miller said. he
would turn to the American people to
invest in the company, and il that ap-
peal failed, he would turn the work
over to someone else.