New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-07-22
THE NICARAGUA CANAL.
A BILL AND REPORT BY TILE HOUSE COMMITTEE
on FOREIGN AFFAIRS.


WASHINGTON, July 21.-The House Commit
tee on Foreign Affairs today directed Repres entative
Kasson to report to the House with favorable recon-
nendation substitute agreed by the committee for
REPRESENTATIVE Roseorans's bill To Incorporate the
Maritime Canal Company of Nicaragua" In addition to
the heretofore published, those OF James McMll
Ian Alexander Mitchell and Nathan Coli have been in
cuded Ia the list of corporators. The bill agreed upon
provides that capital stock Of the proposed company
chan consist Of not less than 100000 nor more than
1000 900 shares 500 each, which sban in all respects
be deemcd personal property.
The said canal shall be less than 2S feet in depth
nor than $50 feet in width the water surface and
shall have locks not less than 600 feet in length The
limited States guarantees to the company that, for
twenty years completion OF the canal and the
beginning OF the passage OF vessels through IL IrOhl
ocean t ocean the net receipts from It's rac year
SHAH be less amount tnan three pcr centun upon
total of the canal but IN no event 10 exceed
75 600 900 nroyided that in de erining wat the
receipts SAID company have been or any one year OF
said twenty years not more lan 9lOOOVJO Shal pe de
cted nom Its gross receipts from ai sources o
manag cement superincndence, minie enauce, operauon
aud service: and provided further thai no IN
dcbtedness aud interest upon any indebtedness OF the
company shall be pld out any OF its canal receipts
vDt pTee ner cenum net upon the oal cost OF sud
canal shall been earned and the United states are
thereby released from all responsibility 10 make good
nv defict therein AS in this section provided"
Inc biu empowers President of the United states
to appoint with consent o. the senate one member or
~, Ia Il nt ID rec ors of the company to hold Office Tor
T ye9rs The United states Is to exercise such
trO over the canal now or may at any time Oe pre-
scribed by treaty with Nicaragua, and Is to
enjoy lis free use for the transpor alton
of troOps munitions OF war, and mails
and otherwise in accordance with supulatOns in
iAne or future treaties. Aud should tie United states
see nt for national reasons occupy anu manage the
canal temporarily OTHERWISE the right 10 do 80, sub
iect To any sovereign rights OF Government OF Near
ANA and consistently with treaty obligations, is re-
served and secured to the Government upon the pay
meut TO stockholders OF the canal at the rate OF
uer centum annually upon the capital invested together
win The necessary expenses for the maintenance OI the
work during the time Of such occupancy and manage
mcnt.
In submitting the bill to the House MIR. Kasson pre-
sented q long report, which adopted by the COM
mittee THIS report the statements and argI-
pcuts which have been submi committee in
regar to the various routes proposed for snip canal
urges the Importance to American commerce OF wafer
communication to ocean gives III detail the
rensons tor preerrug Nlclraguan route, and
that An estimate Of 100000 tons OF freight annually,
avaing itself the Nicaragua route, from the Time
its completion may be safely adopted.
Ater anal wing the provisions Ofhe bill, and arguing
that by u he interests OF AL persons concerned
the most diugent inquiry, cannot entertain doubt that
from the beginning Of tne operation OF the canal the
Droposed guarantee will draft upon the United
States Treasury The beneficial effects, tine Importance
of which usties the proposed guarantee are the
auces gives the Contributors OI private capital o.
lived return upon their and Of the continued
protection OF the enterprise By tnt Government whose
ask of the Government view OF the importance Of tn.
eDterurse to ali National interests
evident that the Treasury Oi the United states would
called upon for deficiency OF earnings.