Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1826-10-20
permitting the cutting of timber necessa.

permitting the cutting Of timber necesss-
ny tor the works; by facilitating the sur
veys and other preliminary operations;
by furnishing the plans, charts and level
lings already made, and in procuring
workmeD; and is further bound to in
demnify the owners of lands, farms, and
other property through which the canal
may pass, for all dam ages incurred there
by The accounts of the company for
all disbursements made in execution OF
this enterprise, are to be audited at the
Treasury Department OF said Republic,
every six months, and interest shall then
commence thereon, at the rate OF ten
per cent. per annum.
The company is entitled to receive
two-thirds OF the duties imposed on all
vessels, goods, or produce passing
through or entering the canal; the Re
public is to receive the other third parl
The company is also entitled to receive
one-half OF the nett proceeds of the canal
tor the term OF seven years after the pay
ment, by the Republic, OF the capital in
vested therein, by the company, together
with the interest thereon, at the rate oil
ten per cent. per annum; with the ex-
elusive privilege OF the navigation OF the
canal by steam boats for 90 years after
the completion of the canal, tree OF du-
ties; and is authorised 10 fix the amount
10 be paid for the freight oil cargoes and
passengers on board said steam boats,
and the rate of compensation for towing
vessels through the canal.
The navigation of the canal will be
common to all friendly and neutral ma
tons, without any exclusive privilege.
The Government of the Republic
is bound TO keep in the Lake Of
Nicaragua and other points on The ca
nal, the vessels OF war which she may
Judge necessary for The defence and safe
y thereof.
The proposals oil he company, are to
have a preference for he supply OF the
castles and torufications 10 be erected Oh
The canal, with arms, ammunItions and
stores; and also in The contracts for
building and equIpping vessels of war
Tor The protection oil the canal, &c. The
company are to reserve five per cent. O.
the capital stock, 10 be subscribed for by
natives OF the Republic within one year
alter opening the books OF subscription. ="
1t will be remembered tina, in the wear
1925, a law was passed by the Congress
OF Central America, declaring thai ca
nal should be opened to connect the
Two oceans, and an advertisement was
accordingly issued, inviting The enter
prisine OF all DalIons l. offer proposal Is
Tor executing the work. Those made
by the company OF which Mr. Palmer is
me general agent, were accepted. In
The Chamber OF Representatives, we
learn that the votes stood 20 10 in favor
OF raii'ying the Contract, and thai In the
Senate there was not a dissenting vote.
With these sanctions, the Contract re-.
celVed the signature OF the President on
the Eth OF June last; and the great seal
OF the Republic being affixed to it on the
same Cay, II IS now part of the law OF
the land. 10 the actlyiiy, intelligence,
and pegseveri0g zeal of Col de Beneski
ia gentleman formerly attached to the
Mexican army, and personally held in
nigh respect by the members OF The Cen.
ira. American Government, most of
whom had been his associates and COM
panlons IN arms---Te learn that the com.
pany are chiefly indebted for the success.
iui ISSUE OF this important negotiation.