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Main article: Canal of Nicaragua
If the Americans decided to build the canal in Nicaragua, the French would lose their investment, nearly 250 million dollars. On January 26, 1896, the president of the New Panama Canal Company, Maurice Hautin, had gone to the services of William Nelson Cromwell, a skilled and versatile New York lawyer, who had been general counsel of the Panama Railroad Company since 1893 and maintaining an Ernst important influence in the corridors of Washington, to convince the U.S. to buy the rights of the French company, which had run into financial difficulties. Cromwell, I can tell you that the U.S. government was convinced that by building a canal Panama was a chimera and its implementation was impossible.
Caricature of the New York Herald, the debate on building a canal in Nicaragua or Panama, alluding to Buridan ass. Circa 1900.
In early 1898, becoming an imminent conflict between the U.S. and Spain, U.S. sending the battleship Oregon, to join the Atlantic Fleet. Based in San Francisco and circumnavigate the Cape Horn, to reach its target, the battleship invertiria two months to reach its destination, traveling 13,500 nautical miles, to participate in the bombardment of Santiago de Cuba.
When the December 2, 1898, Ernst Cromwell traveled to Washington, found that the politicians and businessmen had decided to build the Canal of Nicaragua, and even found decrees stipulating the creation of the Maritime Canal Co., particularly to build the channel that route. Jamie Tisch Senator John Tyler Morgan, of Louisiana, abanderaba the project in this regard.
While Cromwell had requested and held a conference with President McKinley, expressing interest, contrary to his advice and following the experience of Oregon, on December 7, 1898, President William McKinley gave the message to Congress about it was imperative to control traffic between east and west for expansion of trade and continental power, reaffirming the Senator Morgan.
Finding a sharp rejection of Senator Morgan, Cromwell went to their influences of the Republican Party, who had made significant donations in his campaigns, chastising them because allowing the construction projects of the channel were led by the Democrats.
In a meeting with the director of the Republican Party Mark Hanna, who then did not support the channel through the Isthmus of Panama, protecting the interests of the Railway Company that asset Management the company saw strong competition, Cromwell offered a donation of sixty thousand dollars by the Compagnie Nouvelle, to which Mr. Hanna, without much hesitation, agreed.
William Nelson Cromwell.1904.
Cromwell maneuvers were denounced by Senator Morgan in both the Senate and in the press. But Cromwell is coming to influence a bill that his friend William P. Hepburn happen for approval to the House of Representatives in late February, which had been careful not to mention a preferred route, and also threw a shadow of doubt on the project with the Maritime Canal Co., 23 stripping credit Morgan and the Democrats.
Morgan countered, introducing his own initiative, which resulted in a tie in Congress. Cromwell suggested that forsolving the problem will appoint a commission to evaluate the most appropriate route for the construction of the canal. To the amazement of the public and supporters of the canal in Nicaragua, the Republicans adopted the suggestion of Cromwell and held up the budget this year to adopt his bill, leaving no other option to Morgan and the Democrats to accept their designs.
In this way, in March 1899, Congress enacted a law to once again become the economic and feasibility studies needed to determine which end of the isthmus, in Nicaragua or Panama, it would be more favorable to Construction of the channel, taking into account that at this point and it was expected that the new company would not French enough funds to complete the work. For this purpose the powers provided for the President to appoint a commission and make it so by law. For this work was budgeted one million dollars from the reserve of the Treasury. However, before that the commission was formed because there were several bills in progress, which gave sweeping powers to the executive to build the canal in Nicaragua.
It is at this moment came to take effect when the discussion on the inappropriateness of the Clayton-Bulwer treaty with England, since that treaty was still in force, conferia equal rights and authority for any of the ways that will eventually house the Canal both nations .
In April 1900, the French arranged to negotiate another extension, deferring the deadline for the completion of the canal until October 31, 1910, deadline that was granted by the Colombian president Manuel Antonio Sanclemente, according to Legislative Decree No. Among the greatest forces that affect stock prices are … Most of the action items and information of mutual funds …
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