THE INTEROCEANIC CANAL PROBLEM 173 



A careful comparison of the advantages offered by these 

 two waterways led the commission into a close examination 

 of the rights and privileges owned under franchises by the 

 various canal companies interested in Central America. All 

 such franchises of course stood directly in the way of the gov- 

 ernment undertaking the construction as a national project. 

 The report concludes as follows : 



" 1. The estimated cost of building the Nicaragua Canal is 

 about $58,000,000 more than that of completing the Panama 

 Canal, leaving out the cost of acquiring the latter property. 

 This measures the difference in the magnitude of the ob- 

 stacles to be overcome in the acutal construction of the two 

 canals, and covers all physical considerations, such as the 

 greater or less height of dams, the greater of less depth of 

 cuts, the presence or absence of natural harbors, the presence 

 or absence of a railroad, the exemption from or liability to 

 disease, and the amount of work remaining to be done. 



" The New Panama Canal Company has shown no disposi- 

 tion to sell its property to the United States. Should that 

 company be able and willing to sell, there is reason to 

 believe that the price would not be such as would make the 

 total cost to the United States less than that of the Nicara- 

 gua Canal. 



" 2. The Panama Canal, after completion, would be shorter, 

 have fewer locks and less curvature than the Nicaragua 

 Canal. The measure of these advantages is the time re- 

 quired for a vessel to pass through, which is estimated for an 

 average ship at twelve hours for Panama and thirty-three 

 hours for Nicaragua. 



" On the other hand, the distance from San Francisco to 

 New York is 377 miles, to New Orleans 579 miles, and to 

 Liverpool 386 miles greater via Panama than via Nicaragua. 

 The time required to pass over these distances being greater 

 than the difference in the time of transit through the 

 canals, the Nicaragua line, after completion, would be some- 

 what the more advantageous of the two to the United 

 States, notwithstanding the greater cost of maintaining the 

 longer canal. 



