The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-01-30

that IL the United States does not obtain
footing or entrance to the construction
of the canal at the present session of con-
gress, it will forever forego the right to
construct the Nicaragua canal; that the
governments of Europe will interfere:
that strange mysterious powers will rise
up to prevent this government from ex-
ercisfng proper control in the future.
Two Courses Open.
Now, since it appears to be true that
| we must act at this time, L assume that
We have two courses open, either to act
| with total disregard for the Maritime Ca
| nal company and its concession or to in
| quire into the character of the concession
| and the character of the goods about to
| be sold the government by the canal COM
| pany.
by the pending bill we are required to
invest the sum of 5000, 900 in what appears
| to me, in the parlance of the street, to
| be a gold brick, the purchase of a con-
cession which by its express terms is not
assfgnable to us. the purchase of a con-
cession under which no rational business
| man would undertake to construct the
canal.
What is the first thing to be done IN
der it. Mr.. President? To proceed 10 con-
meet Lake Nicaragua with Lake Managua
by canal that can never be of any COM
mercial importance or significance to tie
United States. There has to be CON
structed at once % miles of canal
through the bed of a river that is under
laid with rock, to connect these two
lakes; and Immediately upon this canal
being completed it is to be turned over
to the government of Nicaragua and
shall thereafter remain it's property.
Second, we are to have the privilege
of putting s115,00000O in the canal, p Us
the S5,0O0,O00 we give for the concession,
and within the space of 80 years this "a
nal, which will cost the government of
the United States s115OO0,00O to s12O,vUj otG.
Will become the property of the Republic
of Nicaragua. We may, it is true have
an extension of SO years more, but in the
interim. without regard to interest on
bonds or dividends on the principal IN
vested, We must give 25 per cent. of the
net earnings to the government of Mica
ragua, and after the end of that second
period the canal becomes the properly of
that republic absolutely. The rights and
the interest of the United States will
cease to exist.
THE property and franchises are re-
ferred to in this bill, but not specifically
described. want to ask the senate what
the privileges, property and franchises
amount to. 1t is the last end of an I'M
desirable job. Private capital cannot he
procured anywhere to prosecute it and the
government of the United States within
the last year of the life of this concession,
is called upon to pay S., 0O0.0OO to the gem
tlemen who own what is left of it, to take
the chances of adjusting with the gov
eminent of Costa Rica and the govern
ment of Nicaragua upon a contract pur-
chased, but not assignable under it's ex-
press terms.
1.-THE concession is valueless because
burdened with conditions that the gov
eminent cannot comply with. What re-
mains of the property to be purchased
this outfit that we are about to nav
the sum of s5.000000 for? According to the
report of the Ludlow commission about
$4,000 has been spent in dredging This
sum was spent in the harbor, or at the
edge of the so-called harbor of Grey
Town. and all information of a recent
date goes to show almost conclusively
that this work has been, by the action of
the waves and the discharges of the river
absolutely and substantially obliterated
Briefly stated we are to purchase hole
in the ground which has been filled IN
together with the character of junk de-
scribed by the Ludlow report as consti-
tutlng the property, goods, chattes and
effects of the Maritime Canal company
And for this, together with the few
months remaining of the right of
this Maritime Canal company in
inns concession, we are to go
into the business by and through com
mission of paying off the debts, redeem
ing the bonds and outstanding warrants
and paying for the stock assessments of
this old canal company, the only limit be-
ing the sum of $1,000 600.
FROM all the reports before the senate
at this moment the entire property of this
canal company would not bring the sum
of $1,000 if put up at auction. The con-
cession has nearly expired. For what.
then, l pray, are We to pay the sum of
s., 900? 1t is suggested that unless we
pay this sum to these gentlemen the great
government of the United States will lose
all standing with reference to the canal
construction through Lake Nicaragua 1t
seems to me that this bare statement
brings with it its own refutation.
BY this bill it is made the duty of the
canal company to Immediately call in its
stock for cancellation and surrender ex-
cept as held by Costa Riea and Nicara-
qua, to satisfy and discharge all of its
cash liabilities and all the existing con-
struction contracts, to provide for their
surrender, This company, upon the
signing of this act. is to issue call to all
persons having claims on account of con-
tracts or stoks or bonds or war
rants, to advertise for the whole
crowd TO come in and certify
their claims to the secretary O. the treas
ury, who is thereupon made to issue the
warrants of the United States in liquida-
ton of these vague and INDEFINITE claims
and liabilities. only stopping when he
has reached the s5000.OO0 limit.
1T is suggested that perchance there is
some safety in an amendment made which
reads as follows:
" Provided That for all compensation
or reimbursement of every character only
such sum, not exceeding Sc, 900 600, shall
be paid as the rights, privileges fran
chises and property are actually worth in
cash at the time of such payment
There is no provision made for the ap-
praisement of the property goods, chattes
and franchises. The first thing to be
done is to pay out the cash in liquidation
of the debts of this company and to re-
deem its outstanding certificates and
warrants. The only limitation upon that
redemption is the top sum of s., 900 O0O
"A commission of three persons is to
be appointed to certify these claims to the