The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-20
CANAL PROJECT BTtOuGHT TO
THE 'FRONT.'
PARIAH AMONG ENTERPRISES
DIsCREDITED BY THE FINANCIERs
OF EVERY PART OF THE
WORLD
FIELD DAY FOR OLD SOLDIERS.
Fifty Private Pension Balls Passed
by the House Under auspeciaI
Order.

WASHINGTON, Jan. 19.-The feature
of the senate session today was the
speech Of Senator Turpie against the
Nicaragua canal bill. The reading of
the Legislative appropriation bill was
completed, with the exception of sec
tons making provision for the congress
sional library, which were passed over
temporarily in the absence of senators
interested in the subject.
AT o'clock Mr.. Turpie took the floor
and from the start he toasted the pro-
Ject in vigorous terms. The enormous
profits to be gained from the successful
operation of the canal had been spoken
of, he said, but not a financier in anv
part of the world would consider the
design. The project was an outcast. a.
beggar, pariah among enterprises No
private money would be invested in #
although it had been widely advertised
the world over. The stocks and bonds
OF the construction company, If the an
preparation were made, would have O.
commercial value. The stock of the
Maritime Nicaragua Canal companv
depending for value upon the compile
ton of the project would be worthless
scheme of De Lesseps were raised NV
levy upon the plain people Of France
Ihelr credulity was followed by fail
ure.
ms was the fourth American con-
cesslon, out 1T was peculiar in one thing
Neither De Witt CIintons Vanderbilt
nor Kelly, had asked government Aid
This was the first time an insolvent
company apy had asked congress for $780,
oOoo oO 10 carry on project which could
not De completed. They wanted the
money, the senator asserted, on general
principles. The projectors had asked
Tor an act of Incorporation from con-
gresS: They had represented that there
would be no difficulty in disposing of
ponds. London and Paris were thirst
ing for them: Upon that understand
ing the company was Incorporated. The
government was to be in no wise
responsible. This Mr.. Tufpie said act
ed as an estoppel Of theEdemand for
an appropriation now, or there was no
virtue in the English langue, From IFS
inception the project was discredited
The three signatory powers to the CON
cession distinctly disclaimed resnon-
slt1l1ty either directly or by guarantee
He was not in favor of making reim-
bursement for money spent when n
was SHOWN that four times the neces-
sary amount had been sunk 1t was
robbery He questioned the right of
the government to guarantee the note
OF citizen of the United States as was
sought to be done now. The constitu-
uOn QId not authorize such action
Only once he continued "have we
guaranteed the note of citizens, in
the case of the Pacific Railway COM
panies, which owe US $100. 600. 600. Would
1t not be we'll to wait until we recover
that before guaranteeing any other
such bonds" There was a great SINH
iarTty between the two projects and
he feared the outcome would be the
same, a loss to the government. The
canal, II built, should be built by au-
thorlty Of congress, by the secretary
OF war. If it is ever constructed. a.
military force will have to be stationed
there to protect it from public enemies
and private malice. It will be a mill
tary and strategic point How, he ask
ed, could this be reconciled with private
ownership. Of the eleven directors pro-
Vlded for, seven would be directly in
terested in the canal, while the other
four might be impartial.
Before closing, Mr.. Turpie stated that
he had discovered that the government
had not guaranteed the bonds of the
Pacific Railway company. The govern
ment had issued it's own bonds and
Ic~NOA IAIOSC VI the company In 6X-
change. Mr.. Turpie announced that he
would continue upon the subject Of
the canal tomorrow. II"
During the afternoon,, Mr.. Gordon
Dem., Ga.) announced, that owing to
the absence Of several senators. the
eulogies upon ex-Speaker Crisp would
be postponed from Thursday to Monday
next, at o'clock. On motion Of Mr.
Cullom (Rep., Ill) the legislative, eA-
eC1lf1Vn q mn nY1Y-io Tow =;
was taken up. The reading of the bill
with the exception Of provisions in re-
lation to the congressional library
which were passed over temporarily
was completed and committee amend
ments acted upon. Mr.. Cullom said he
would take the bill up at an early hour
tomorrow.
Messrs. Quay and Hale and Black
burn were appointed conferees on the
army appropriation bill, and at 545 D.
M, the senate adjourned.