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TEXAS STATE LIBRARY
ject of vital importance to Nicaragua, and not destitude of interest to the United States. I allude to what is usually termed the "Belley Contract" - a contract entered into with a French subject for the opening of a Ship-Canal from the mouth of the San Juan River, to the Bay of Salinas; for the accomplishment of which enterprise, this Government cedes to said M. Belley immense amt. of the best and most favorably situated lands in the country, lying along the margin of the Lakes and on the San Juan, thus not only giving him control in some degree over the navigation of these waters, but placing at the disposition of a single individual a, vast domain which may enable him and his associates or their successors to build up a formidable power in this country - a foreign domination-which may prove hereafter stronger than the Government itself. - Can this be wise and prudent on the part of Nicaragua? - especially when it is remembered that for all this land she is to receive no adequate remuneration. It is not, however, on account of the loss of those . valuable lands -vast as they are, and useful as they might be made in paying the national debt, and founding Educational and other in- stitutions - that I oppose the ratification of said Contract; but it is because of the political consequences to which it will lead - conse- quences mournful to this country and which can hardly fail to reduce it to a state of degrading dependence and absolute abjection. - I doubt whether there is one intelligent native of this Country who seriously believes that the contemplated canal is a practicable enterprise. or if practicable that M. Belley possesses the requisite funds for the work. It is true we are told that he has twenty five millions already on hand, with which to begin his oper- ations; but who has advanced this money and the place of its deposit, are secrets not to be disclosed. . If the names of . the Capitalists are demanded, tlie reply is that the company is pledged to secrecy, that nothing is to be revealed until after the ratification of the Contract, and that all suitable disclosures and necessary explanations will the11 be made. This is a strange proceeding, and ought not to be satisfac- tory to Nicaragua. It is certainly calculated to excite unfavorable suspicions with regard to the real condition as well as designes of the Company. - If M. Belley in reality possesses the funds ascribed to him, one would suppose that true policy would require him to exhibit to this Government the evidences of his resources, in proof of his good faith, and as the best mode of obtaining the desired ratification. I can conjecture no possible reason for this concealment; and I beg leave to say to Y. E. that in my opinion it would be wise in Nicaragua, before granting the ratification, to re(Juire of M. Belley the evidences of his capacity to execute the work. There is no necessity for concealment in this matter; nor can I perceive how it is possible that the good of this country can depend upon or in any wise be promoted by secret associations. - · · In my opinion the true motive for all this secrecy, is that the Company, does not possess any funds. Other motives, as a matter of course will be assigned, by the friends of the Company and conjectured by the public, and among them it is not at all improb- able that it will be whispered about, in a short time that the•Twenty millions alluded to is to be furnished by European Governments, whose
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