Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1826-09-26

sufficient semblanee of truth to heighten our
conception Of the true tone and character OF the
commercial measures proper to be put in train
by the United States, in connection with poll
teal revolution so awakening, so momentous.
The following is an outline, of the contract re-
ferred to:
The Canal to be opened by the company shall
admit vessels of the largest burden possible
The Government of the Republic OF Centrai
America, is bound to contribute to the most ex-
peditious completion Of the enterprise, by per-
hitting the cutting of timber necessary Tor the
works; by facilitating the surveys and other
preliminary operations; by furnishing the plans
charts and dwellings already made and IN pro-
curing workmen; and is further bound to Indem-
nify the owners of lands, farms, and other pro-
perty through which the canal may pass, Tor all
damages incurred thereby. The accounts OF
the company for all disbursements made In eX-
ecution of this enterprise, are to be audited at
the Treasury Department OF said Republic,
every six months, and interest shall then COM
mence thereon, at the rate of ten per cent. per
annum.
The company is entitled to receive two-thirds
of the duties imposed OH all vessels, goods, and
produce passing through or entering the canal;
the Republic is to receive the other third part.
The company is also entitled TO receive one
half of The net proceeds of the canal for the term
of seven years after the payment, by the Repub-
lie, of the capital invested therein, by the COM
panv, together with the interest thereon, at the
rate of ten per cent per annum; with the exclu-
sive privilege of the navigation OF the canal by
steam boats for 90 years after the completion
of the canal free of duties; and is authorized to
fix the amount to be paid for the freight Of car
goes and passengers on board said steamboats,,
and the rate of compensation for towing vessels
through the canal.
The navigation of the canal will be common
TO all friendly and neutral nations, without any
exclusive privilege. The Government of the
Republic is bound to keep in the Lake of Mica
ragua and other points on the canal, the vessels
of war which she may Judge necessary for the
defence and safety thereof.
The proposals Of the company, are to have a
preference for the supply OF the castles and for
ti6cations TO be erected on the canal, with arms,
ammunitions and stores; and also in the con-
tracts for building and equipping vessels OF war
for the protection Of the canal, sc The com
pany are TO reserve FIVE per cent, of the capital
stock. to be subscribed for by the natives of the
Republic within one year after opening the
books of subscription.
1t will be remembered that in the year 1926, "a
law was passed by the Congress of Central A
melica, declaring tba, Canal should be open
ed to connect the two oceans, and an advertise
ment was accordingly issued, inviting the en-
terprising Of all nations to ofe" proposals for
executing the work. Those made by the COM
paay of which Mr.. Palmer is the general agent,
were accepted. In the Chamber of Represen-
tatives, we learn that the votes stood 90 to in
favor of ratifying the Contract, and that in the
Senate there was not dissenting voice. With
these sanctions, the Contract received the sig
nature of the President on the 18th Of June last;
and the great seal Of the Republic being affixed
to 1t on the same day, it is now part OF the law
of the land To the activity, intelligence, and
persevering zeal of Col. de- Beneski-a gentle
man formerly attached to the Mexican army,
and personally held in high respect by the
members of The Central American Government,
most of whom had been his associates and COM
panions in arms-we learn that the company
are chiefly indebted for the successful issue Of
this important negotiation.