Daily capital journal. (Salem, Or.) 1896-1899, 1898-12-21
THE NICARAGUA CANAL.

THE NICARAGU VA CANAL.
The views OF the presid mt upon the
building OF the Nlcaraguan canal are
quite indetermlnate. He favors the
building OF the cana, but how and by
whom? On these points he leaves us
TO founder 10 the dark. He seemingly
incllnes with some favor toward the
Maritime Canal Company, that holds
a concession for the building OF the
canal upon which Senator Morgan
wants 10 build, and upon which the
bill now pending in the senate is hung.
But TO subsldlze this canal company,
TO permit the issue OF watered securi-
ties would be but TO repeat the scan
dals OF the Pacific railroad construc.
tlon, rob the government IN construc-
tion, rob the people for all time after
for the profit OF the promoterso OF this
stock watering scheme, who hope TO
enrich themselves by getting the gov
ernment TO guarantee the bonds Of
the company that can be sold for
enough.to meet the cost OF construc-
tion, then Issuing fictitious capital 70
themselves and charging the users OF
the canal exorbitant rates that will
make possible the paying OF dividends
on such icticious capital.
The government cannot afford TO be
a party 10 any such nefarious scheme,
II the people build the canal the peo.
pie should be secured the advant-
ages. This is common sense and this
being so, common sense demands
that the people, that Is, the govern
ment, should build the canal and
operate it. If 10 cannot be so built,
we say with Congressman Hepburn,
better that IL be not built at all. But
II can be so built; Just as soon as the
opposition in Congress raised by those
hoping TO share the profit to be
derived from building an overcapl-
tallzed canal aud operating IL on a
monopoly basis can be satisfied,
We wish the President had the cour-
age TO help stille such opposition, But
judging from his message II seemeth
he has not.
There is only one way to build the
canal. II IL is 10 be built, the govern
ment OF the United States must build
II, aud II the United States builds IL
the United States must own IL. This
is we'll stated by Congressman Hep
burn, OF Iowa, who, as chairman Of
the house committee before which
the Nicaraguan canal question must
come, can doubtless exercise a most
healthful influence In the shaping Of
legislation. lie does not see any
justice In the proposition Of the Mar
itime Canal Company and fathered by
Senator Morgan, that the United
States take the risks and responsible
tiles OF construction aud hand the
canal over 10 such company, 10 be
managed and used for the enrichment
OF schemers putting no money into the
construction Of the canal, but cajoling
the United States Congress 20 vote
such money, or what amounts TO the
same thing, guarantee securities
upon which the money can be raised,
Thus. says Mr.. Hepburn, the canal
company may as we'll conclude that
the canal will ultimately be built b
government money that Will be owned
aud operated by the government or
not be built at all, lie further declares
that the United States must acquire
from Nicaragua the soil up0H which
the canal is constructed, for "there
must be no shadow OF light for any
other nation 20 interfere in the future
with the management OF the canal
any more than they could Interfere
with the navigation OF the Delaware
River. We canpot make ap-
propriatious OF American money to
build a canal on soil other than our
own"
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