Year: 1879




The observarons Of M. de Lesseps. cabled to yes
tsrdsy's HERALD concerning the resolution of GEN
ersl Burnside the neutrality of the proposed
Dsren ship canal have been read with interest here
in influential quarters The inchoate project Of NJ
de Lesseps attracts close attention in political and
administration circles in Washington. The neutral
ity Of money of which he speaks is of freely
granted. Money has nationality. But 1t is
marked that the corporation which collects controls
and expends money has and must have some nation
atty because it must act under charter from
government and will naturally look to the protec-
tion of that government to which it its corpo-
rate existence.


No one here wishes that the canal. If built shall
outside Of this arises another question-Who shall
maintain its neutrality? What Power shall police
1t. SO to speak, And ON this point 1t may interest
N. de Lesseps and others engaged with him in
Europe to know that prominent men Of both parties
here agree that the United States, and such other
American governments may join with them.
would insist on performing this duty and holding
this authority to the entire and absolute exclusion
OF all European governments. To make the point
clear to NJ de Lesseps ana other foreign capitalists
the Panama Railroad may be taken an illustration
That railroad. which, to the extent Of its capacity
performs work similar to that of ship canal





owned in Germany and England. but it is an
American enterprise from the fact that its
charter was granted by the Legislature OF
New York. Its offices are in New York and its man.
ayers are Americans. 1t follows naturally that the
United States government not only maintains . con-
slant overnight the safety of the railroad send
ing naval vessels down the Isthmus whenever the
security Of road is threatened by revolutions in
Central America. but what will, perhaps appear to
N. De Lesseps Of greater consequence. the United
States would not allow the interference Of any Euro
pean Power with the road. and matter what party
might be. in power in Washington the government
would insist upon the exclusion from all exercise of
authority the road by European Powers no mat
ter to what extent It's securities might be owned by
European capitalists.


What is thus true Of the Panama Railroad would
be equally true Of the Panama Ship Canal If it
were built the American people would insist not
only that it should be neutral but that its neutral
ity should be protected enforced exclusively by
American Powers and not on any pretence by Euro
pean Powers.


The example cited Of the Panama Railroad may
suggest to NJ. de Lesseps the advsabilty, whenever
his plans Are likely to assume practical shape, Of
forming his company in the United States and making
it. ~ the Panama Railroad Company is. an American
ana not foreign corporation. An American corpo.
ration. though it should draw the larger part Of
its capital from Europe. would have the sympathy
and be entitled to the protection OF the United States
foreign corporation would naturally not have the
regard OF the United States. and would, moreover,
be without efficient protection from any source be-
this country would not tolerate the interfer-
ence Of European Powers.


An influential American capitalist remarked on
this subject to-day that whenever. II ever. M. de
Lesseps 10 able to make practical beginning with
Darien ship canal in the United States are cer-
tain to know ut once because he will hasten hiher
to sesure charter for his company and to organize
the enterprise American soil and AZ an American
adventure. TO do otherwise would be to make it
impossible for himself to obtain capital in Europe:
FOR European capitalists will require first all the
security Of protection at the hands Of the United
States. That NJ. de Lesseps has not far taken
steps to secure American charter and to give to
his adventure distinctvely American character is
sufficient proof that he has not yet got to the begin
nng that In fact the enterprise has SO far taken no
practical shape"


1t is regarded as certain also that whenever such
m enterprise either in the hands of M. de Iesseps
or in others. takes practical shape there will be
careful re-examination Of routes. because private
capital will not consent to accept any line arbitrarily
chosen without ascertanng that 1t Is the best Of all
attainable-