The times., 1898-12-10
SURE THE BILL WILL PASS.
Senator Morgan ON the Nicaragua
~ Canal Project.

Canal Project.
According to Senator Morgan, Chair
man Of the Senate Committee on the
Nicaragua Canal, the outlook for definite
action by Congress making 1t Govern
ment enterprise is exceedingly bright
The vote Of the Senate Thursday to take
the bill up for consideration on Monday
was very gratifying to Senator Morgan.
but he says that it was no more than he
expected. In speaking on the question
yesterday morning, Senator Morgan
said:
II am going to press this bill for all I
am worth, until action is taken upon 1t,
either favorably or unfavorably, and 1t
will be laid aside only temporarily, If at
all, for the consideration OF appropria-
ton bills. l hope. however, to get the
bill through on Monday.
"Three years ago when there was a
pressure made to pass the bill through
the Senate, it had about ten or eleven
majority, but I think there Is at least n
two-thirds majority for it in that body
now, and it is also my opinion that fully
| that majority will develop for the bill
when II reaches the House.
| II do not anticipate very much discuss
| sion on the bill In the Senate, at least not
! in its support, as it has been thoroughly
| thrashed out in previous considerations
! OF course, the senators who are opposed
| to the measure will have a full oppor-
| tunity TO voice their objections.
| The senator says he anticipates no
| difficulty with the Nicaraguan govern
| ment after the bill becomes law. Il do
| not believe" said he, that the Nicara-
guam claim, or the claim of any persons
| who have concessions subsequent to
the Maritime Canal Company. will ever
prevent the building of the canal by the
| United States, or even delay it. l know
| that the Nicaraguan government ought
| not to, and / do not believe il will. If
any difficulty should arise after this bill
| becomes a law, either with Nicaragua,
| Great Britain, or any other country, this
| bill gives the President the right at any
| time to suspend the issue or the bonds
| provided, which, of course, suspends the
| work on the canal. This suspension may
| be made by the President for any cause
| he may deem proper, and the matter
| will then be referred to Congress for its
decision as to whether the suspension
should continue or not.
| II am informed that the stockholders
! of the Maritime Canal Company are will
| ing to accept the terms Of the bill, which
provides IS, CO., 600 with which they are TO
| cancel all of their liabilities and 10 en-
| able them to take up their outstanding
! stock. These men have spent 81 500 600 in
I actual money on the canal. and l am in
| formed that they are willing to take S.
| 0J1,Oo0 of the bonds of this company in
dorsed by the United States for all of
! their claims of whatever character. With
this they can retire the outstanding
/ stock. which amounts TO something like
| s23 90. .000 or s2i. 600. but We are not
| going TO pay more than S, 90 for il at
! the most This, OF course is a great
| loss TO these men.
| '.The substitute for section 3, which l
! offered on Wednesday. was simply diff
| ferent form of legislation. but is exactly
! the same enactment as the original sec
| ton Some of the members of the COM
! mittee thought that the substitute was
| a better form in which TO put it, and IL
was done in Difference to their wishes.
The senator thinks that the canal can
be an accomplished fact within five years
II expeditions work Is done and no de-
| Laws OF legislative character are en-
countered. The bill provides that the
work may be done either by the Govern
ment direct or by contract.
The report OF the committee submitted
on the bin says:
'It may be safely stated that no public
work has ever been SO thoroughly exam
ined by the aid of scientific engineers and
by commercial and military men In its
various stages, and with equal certainty
| it can be stated that no recognized au-
thority has pronounced against the prac-
ticability OF the construction of a Mica
raguan Canal, or its permanence, or its
usefulness 10 all the nations of the earth
without harm TO any.
The committee feels entirely justified
| in the opinion that the actual cost OF the
| canal will not exceed 10000, ,O00. and that
| sum is consequently, fixed as the limit OF
| the stock of the company, and also as the
| limit of the bonds il may issue. The bill
also leaves s23 600. go of stock in the treas
| ury of the company working capital.
I'm this bill private ownership of the
| stock is completely eliminated. and Con-
| gress may hereafter authorize it, if 1t IS
| found 10 be the better policy. In the
structure of this bill there is careful pro-
| vision for the exJinguishment of the in
| terests of all the present stockholders in
| the company.
'The earnings of the canal will pay to
the stock held by the United States sum
that will soon redeem the bonds and will
| leave this fund fer future use in the con-
struction of other great public works of
| which there are some in prospect that
must soon become works of emergency
THE increasing commerce of the Pacific
ocean, and especially of our coastwise
| trade. will doubtless greatly enhance the
| income of the Nicaraguan Canal as COM
| pared with that of the Suez Canal: bur
| taking the present situation as the basis
OF computation, We find that the opera
/ tons OF the Suez Canal are reliable ba-
SIS Tor the statement that the stock in tn,
| Nicaraguan Canal will net an annual div
idend. in gold. of at least per cent
| The work done by the Maritime Canal
| Company, and which the United Stats
| will get the benefit of, is summed IN as
| follows:
| l. The prosecution and completion of the
final surveys for location and construction
and surveys for economical improvements
as to details.
=. The suhterranean examinations of the
strata requiring removal by means of bor-
irgs with the diamond drill
| J. The demonstration of the practicable
| ity and safety of the required harbors.
| 4. The construction of extensive wharves
| and landing facilities.
| .. The erection of permanent buildings
| for offices, quarters. hospitals. store
| houses, shops, etc.
| 6. The building of n large number of
| temporary camps along the line for acc m
| moda ton of employees.
| Z. The completion of telegraph line per-
mittng ready communication with the
| work.
$. The clearing of the canal line of tim
| ber for some twenty miles.
8. The completion of surveys for location
| and of plans for construction of the rai!-
| road system, and the construction and
| equipment of eleven miles of this line
| 10. The acquisition of valuable and ex-
| tensve plant.
Il. The opening of over a mile of the ca
| nal