Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-07-22
THE NICARAGUA CANAL.
TEXT OF THE SUBSTITUTE PROPOSED FOR TIL


| RosECRANs BILL
| WASHINGTON, July 21.-The House Com
mittee on Foreign Affairs directed Repre-
| sentative Kasson to report to the House,
| with favorable recommendation, the ubsti-
tute agreed upon by the committee for Rep
resentative Rosecrans's bill to incorporate
| the Maritime Canal Company OF Nicaragua.
! In addition TO the names heretofore pub
| Iished, those OF James Mcmillan, Alexander
| Mitchell and Nathan Golf have been in
Guided in the list of incorporators. The bill
agreed upon provides that the capital stock
Of the proposed company shall consist OF not
| less than 100000 nor more than O00,-
| 600 shares of 800, which shall,
in all respects, be deemed personal
property. Section 6 of the bill provides
that the canal shall not be less than
twenty eight feet in depth, shall not be less
than $50 feet in width on the waters surface,
and shall have locks not less than 800 feet ia
length, and the United States will and hereby
do guarantee said company that for period
OF twenty years from and after the compile
ton of the canal and the commencement Of
the passage of vessels through il from ocean
10 ocean the net receipts from its traffic each
year shall not be less in amount than
three per cent. upon the total cost OF said
canal, but in no event to exceed $4,000, 900;
provided that in determining what the re-
one year of the said twenty years not more
than 81 900 900 shall be deducted from its
gross receipts from all sources to defray
all expenditures for the management,
superintendent and maintenance of the
operation and service of said canal; and
provided further, that no Indebtedness and
interest upon any indebtedness OF the COM
pany shall be paid out of any OF its canal
receipts until three per eentum net upon the
fOf al rf ha nal of ali ILL
have been earned, and the United States are
thereby released from all responsibility to
make good the deficit therein in this Sec
ton provided. The bill empowers the
President of the United States to appoint,
with the consent of the Senate, one member
of the board of directors, to hold Office
three years, with the same powers,
other directors, who shall examine |
and make oath to all reports and statements |
made by the board of directors; the United |
States is to exercise such control over the !
canal il now may at any time be pre- |
scribed By Nicaragua, and is to enjoy Its free |!
use for the transportation of troops, NUM- |
tions OF war and mails, and otherwise in |
accordance with the stipulations existing or
future treaties; and should the United States |
see fit, for national reasons. TO occupy the
canal, temporarily or otherwise, the right to |
government of Nicaragua aud consistent |
with treaty obligation, is reserved and secured |
to the government of the United States |
upon the payment to the stockholders |
oil the canal at the rate of 1--WE per cent. annu-
ally upon the capital invested, together with |
the necessary expenses for the maintenance |
of the work during the time OF such occu-
pancy and management. Any refusal on
the part OF the company or its directors to
l.. s,l, 10 of h. 10
made the ground for the forfeiture of all
corporate powers and rights derived under
The bill.
In submitting the bill 10 the House, Mr..
Kasson presented a report which was also
adopted by the committee. The report says
he proposed route will not only cheaper the
of agricultural products which
cannot now be transported, butwill be rival
Inns of transit for travel and traffic, and have
he effect TO reduce largely existing charges
Tor general transportation. Full right to
alter and amend the act j. reserved to Con-
yress Ii the United States government will
not themselves provide for the work OF con-
,tructing the canal, it will be claimed they
cannot with Justice TO themselves be an
1bstacle to those ready to execute it.
Our domestic condition is now favorable
10 Americsp enterprise. La this direction
he public interest is especially awakened TO
Is Importance. Money is abundant and
'eeking Investments at a low rate OF Interest.
Labor can be obtained at reasonable cost,
md improved machinery greatly diminishes
necessary expenditure. Private capital is
,eady for work as it has never been before.
The benefits OF the york to the United States,
both near and remote, haze never been so
patent az they are now. Your committee
nope that these considerations will induce
Congress TO give its prompt and favorable
attention TO the report of the committee.
The minority of the commIttee-Blount,
Belmont and Deuster-were granted permits
ion 10 submit their views 10 the House
whenever prepared. The members OF the
minority, while favoring the Nicaraguan
cute, will take the ground that the bill
hould not pass until the question OF foreign
Interference shall have been definite. They |
lIso oppose hat part of the sixth section of
he bill [section 81 which proposes to guar
Intee The company net proh:.
A communication was received by the
omn littee from Ex-SecretsrY Blaine, request
ng permission to submit a supplementary
tatement regarding the Chili-Peru CORE
pondence, in response to assertions embodied
n the statement recently submitted by Mr..
Sandall. The request was, however, denied.
t is understood the report of the majority
the Ghili-Peruyian investigation
$ being prepared by Chairman Williams,
nd will be completed by Monday.