The times. [volume] (Richmond, Va.) 1890-1903, 1896-03-29
THE yJC1R4G "a CANAL.


WASHINGTON. March 2I.-Ex-Scnat'r
Warner Miller, OF New York. appeared be-
fore the House Committee on Commerce
ihis morning. and gave a history of the
Nicaragua Canal c, mpany, from its ineep-
ton down to the present time. lie said
that his appearance was lot 10 advocate
any Nicaragua canal bill. The company
had never asked Congress to do anything
I'm this matter, and never would so long
as be was at its head.
The company was incorporated under
the laws Of Colorado with capital Of
sl2.um0O The surveys were commenced
in 1851. and while the work was proceed
ing. IL was thought advisable 10 get
charter from Congress for their own
protection. and this was granted early IN
1851. IL IssO he was asked 10 take the
presidency OF the construction company.
In 1873 th, y had raised 100000 by issu-
ing Iso securities OF the company. ana mad
alss purchased machinery, etc, In the
ssmo way. Their total expenditures thus
far in all directions have be n 100000.
lie showed that in one case. at least.
work had been performed there for less
than the estimates. This was conspicu-
onsiy true OF eleven and one-half miles
OF railway which IL was noces~nry to
construct. and viii, it was thought would
cost $4,000 per mile. but II only cost S2,-
ooO per mile.
Tho Maritime Canal Company, he said,
holds its concessions from Nicaragua, and
is In good standing In the republic. lie
then related IN detail a conversation which
he had with Senator Eamunds. OF Yer
mont. In $50, AT a time when no WAS visit
ing In Washington. Mr.. Edmunds want
90 20 know how tho funds % construct
the canal would De raised Ac. Miller
replied From the sale OF the conipany's
securities at Slch p-,css as they corll
set.
Mr. Edmunds asked II the money could
DO secured here. Mr.. Mile: replied that
II it could Lot be raised here they would
be compelled 10 go abroad. To Mr.. Ed
muncs' Inquiry, II the control OF the
canal would also 80 abroad II the money
were raised there sfr. Miller answered
thar IL would. Mr. Edmgnds thought II
ought to be controlled by Americans. A
little later the senate Foreign Affairs
Committee reported L resolution instruct
ing the commission TO inquire into the
condition Of tho company, ard what the
Government ought 20 do about It, The
committee decided that tbs Government
ought 10 be Interested IN the enterprise
and control IL. Mr.. Miller then coun-
selled with the stockholders, and Il was
agreed that the Government should cen
tr0i tho claim provided that It would re-.
turn 10 them the exact sum they had ox-
pended, and as much OF the stock OF the
company as It saw M al bonus FOR the
time risk. and energy put by item into
the enterprise.
After travelling extensively in Europe
anu the United States. IN an endeavor 10
educate tho people 10 the necessity OF
the enterprise, he found tina, capitalists
believed that the canal oggh, TO be
Government affair. and that the Govern
nenl would sooner or later take possess
sion OF 1t, thus leaving no profit 20 the
private investors. lie related these cx-
perlences to the Senate Committee. and
suggested that the Government guarantee
tho bonds of the company. and Tor this
guarantee take stock 20 the amount OF
NO.O0O.o0O OF SS0,000.OoO. the company being
capitalized at 100000 600. A bin 10 this
effect was reported, and passed the SEN
ate.
The stockholders now feel that they
have grievance against tho Govern
ment, because flom its action IN the mat
ter IL has become impossible 20 get money
10 construct tue canal, either at home
or abroad.
Mr.. Miller next paid his respects TO
60 Nicaragua last summer 20 inspect the
route Of the canal. lilo asserted without
qualification that the movement 10 appoint
the commission Wac made by the enemies
of the canal enterprise.
In answer 10 questions, no replied that
the condition OF the canal from Greytown
10 the foothills was excellent ana that
the commissioners themselves had re-
ported that the banks stand almost per
pendicular, and are as good as they We're
i've years ago He asserted that the
commission had estimated tho cost Of
the canal. not as practical business men
but as men who had the great wealth Of
the nation behind them. The company,
on the other hand. estimated the cost
at its lowest figure. and with view to
keeping the expense within the limits
prescribed.
Mr.. Miller then proceeded 10 show by
a map OF Nicaragua and Costa Rica the
extent and character Of the work which
had been performed, and answer the in
quiries which We're proDounded by the
committee. He made especial mention OF
the OchCa dam, and showed that its con
struction was not only feasible, but that
Il could readily Withstand any volume OF
water that might be thrown against II.
While the rainfall was great, Mr. Miller
continued. the records show that
there has never been serious Hood In
Nicaragua. No danger from Hoods was TO
be expected. Referring 10 tho reports
OF earthquakes. he said that IN the know
ledge Of man there had never been a
shock In the neighborhoOd OF the canal
which would have damaged II. The COM
mission criticised the surveys OF the river
and lake. but these he said. were made
by officers OF the United states navy
and not I'm the interest Of the company.
Referring TO the prospects OF the canal,
he said commerce sought the shortest
and cheaDcst route. under which cOnf'-
tions he thought tho canal would get
great business Tho canal would develop
the Industries OF the Pacific coast es-
pecially the wheat and lumber, ana would
double I'm a short time the population OF
that section Of our country.
lie assumed that 100000 tons or freight
per year would pass through the canal
shortly after its completion. AZ tax
Of 81 80 Per ton, this would give S5wo.vD
per wear. and after further arguments ne
said. IN concluding, that the company
felt that the Government should now
sav that Il would take the work under
H. control. or say to the world that II
dff not intend 10 enter IL. This should
be done In fairness 10 the company. II
the Government did not take II, the COM
many was going ahead. and would either
COMPLETE the project or fail.-New YORK
Times.