The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1896-04-04
THE NICARAGUA CANAL
President Miller Before the
Commerce Committee.
THE c0xPANY's GRIEVANCE
.sr Give Hstics 1hsa II IstssAs
- De Nsshisg.

- De Nsskisg.
Washington. March So.-Ths invss.
tigation Of the Nicaragua canal prob
lem BY the houss committee On com.
msrce was begun today BY the sppsas.
ance Of Warner Miller, Of New York,
the president Of the canal compapy.
There wss . full attsndanoe Of the
com mittee and other interested parties.
Mr.. Miller declared be had not come
for the purpose Of recommending the
Mahon bill. which had bsen sdopted
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 oon.
ditions IN Nicaragua and other details.
His idea was that the govsrnment
should guarantee bonds Of the amount
Of 500. 000. 900. ct . pr cent. which
would ueoeasitats an annual exeppdi.
ture Of %. 00O. 900 for interest About
81. 900. 900 year would b needed for
maintenance and Improvements above
the COST Of operstins the canal The
remainder Of the receipts would BE- put
into sinking fund for paying Cd the
bonded debt. The government. he Do.
clAred. could pay nothing for the canal
undss this arransemnet and have some
go. 900. 900 Of stock left
A. the canal company had never
taksu any part In iegislation. never
had advocated any plan for govesnmeut
control. and never appeared before con.
grsssiousl committees. except WHEN
called upon. the company had felt that
IL had . grievance against the govern.
ment. because after the Introduction Of
the sonata bill IL had been impossible
70 raise money. American capitalists
had said the government should take
charge Of the enterprise and foreign
houses had fea, I'd that after q few
years the government would take pos.
session and return only the money ia.
vested and no profita.
Mr.. Miller said he had no doubt Of
the ability Of the company 70 raise the
necessary funds. Notwithstanding the
financial condition Of the world. but
for the interpositiou Of the government.
He dealt with the report Of the com.
mission At length. II had been well I'M.
he declared. that the commits.
sson had been appointed by opponents
Of the canal for delay. He criticised
the engineering attachments Of the
commission and sAid that with the
money At their command they had been
unable 20 inspect the country sum.
The proposition that the com.
mission was favorable TO the project,
he asserted. was incorrect
Speaking Of the Pacific coast. Miller
said IL had been expected that q 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 COMMITTEES. and aaid
they included no expenses for infiueuc.
ing legislation. The company felt the
time had come when the government
should take the work or give notice 10
the world that IL intended TO do moth.
ing. % that promoters would have
clear ncld with other governments or
II congress decided 20
drop the project. Mr.. Miller said. he
would turn 70 the American people to
invest in the company. and II that sp.
peal failed, he would turn the work
over 70 someone elsc