National Republican., 1883-02-01
TIE NIcARAGuA ROUTE.


THE NICARAGUA ROUTE.
The Amended Bill to Incorporate the Cn-
nni Company, MS Reported to the Senate.
The bill to incorporate the Maritime Canal
company of Nicaragua has been amended by
the senate committee on foreign relations in
number of important particulars and re-
ported to the senate. The names Of William
Dennison, Edward @. Anderson, and William
II. Barnum-the two former having died
since the measure was first introduced-as
corporators have been dropped and that of
John Rosenfeld added The bill now provides
that the company may have o common seal,
and generally may haveand possess the rights
and privileges usually possessed by similar
companies, and may purchase, hold, and con-
vey such real and personal estate as may be
necessary to carry into effect the purposes of
this act, and may do all lawful things
to secure tho full enjoyment OF the
powers, privileges, rights, benefits, and
grants contained in u canal concession
made by tho republic of Nicaragua to tho
Provisional Interoceanic Canal society, and
confirmed May 90, 1880, or to be hereafter
shall not be less than 100000 nor moro than
100000 shares of 800 each, and the COM
pany may issue bonds not exceeding S50,000,-
900 in amount, and in such form as its direct
ors may determine, and tho bonds may be
secured by mortgage upon all real, personal,
and mixed property of the company, includ-
ing all the rights, powers, privileges, and adj
vantages derived from this act and from any
franchises, concessions, and grants made by
the republic of Nicaragua to the company.
Five corporators may open subscription books
at such points in the United States or Near
aqua as they may designate; provided notice
be given thirty days previously to such open
In In tha nf NatvV Snn
London, Paris, and Nicaragua, 10 per cent of
subscriptions to be payable at the time they
are made. Eleven directors are to manage
the affairs of the company, one of whom is to
be appointed by the government of Nicaragua
and one by the United States government
The provision in the original bill that tho
canal shall not be less than % feet deep, and
not less than $50 wide, and shall have locks
not less than 600 feet long, and that the
| United States government shall guarantee for
| period of twenty years from the time of the
completion of the canal an annual dividend
of 3 per cent. on the cost of the canal, but the
| total in no event to exceed $75000,000 has
been stricken out, and the following section
added instead "The United States may exer-
else such control over the canal as is now, or
may at any time be, provided by treaty with
| Nicaragua, or consistent with the rights of
that government, and shall enjoy its free use
| in accordance with such treaty or rights
| ana bnOulu inc OldlcS SEQ III, lOT
| national reasons, to occupy and manage such
canal, the right to do so, subject to any
sovereign rights of Nicaragua, is hereby re-
served and secured to the government of the
| United States upon the maintenance of the
work, and of all its accessories in as good con-
dition as when received, and upon payment
to said company each year, and proportionally
| for any fraction thereof, an amount equal TO
the rate of net earnings derived from the
transit dues of the canal for the year immedi-
ately preceding such occupation; but should
| the government of the United States continue
such occupation for more than one year ii
shall thereafter pay each year to said COM
pany in addition to the amount aforesaid a
| further sum, which shall bear tho same ratio
to the amount paid for the first year of said
occupation that any increase of tonnage using
| the canal during such subsequent years bears
to the tonnage which passed through the
canal during the year prior to its occupation
by the government of the United States pro-
vided, that the amount so paid by the United
States for any one year shall not exceed the
sum necessary to enable the company to meet
its obligations and TO divide per cent. upon
| its capital stock after having reserved per
| cent. of the amount received each year for the
| improvement and extension of the canal and
its terminal points, and for the deterioration
of property.
The bill reserves to congress the power to
|
its Judgment the public interests shall re-
| quire.
The committee submit report to accom-
pany the bill in which the Tehautepec canal
route is condemned as impracticable, and the
Nicaragua route being the next nearest route
| to the territory of the United States, is recon-
mended for this reason, as well as upon the
general ground of feasibility, as the one
| which should be encouraged by this govern.
ment. They relate its Typographical features
in these words:
Considering that the highest elevation above
| udewater to be overcome Is ITO ieet that the
| deepest cut between Lake Nicaragua and the Pa
ciic Is but Al g above the lake leyel that gener-
ally the canal Will be AT the surface level of the
country over which II passes and will nowhere
| have an embankment exceeding feet in height;
| that the lake, with an area of 2700 square miles
| and drainage basin of 5000 square miles, forms
the summit level aud oilers an incXhaustible sup
ply OF clear and pure water for the canal through
| OUT that in sections where low lands might cre-
| ate sickness the excavation can be done by steam
| dredge and the exposure of wolkmen be thus
| avoided that at the summit level there will
be 40 miles of open and FREQ navigation, leaving
but SO miles 10 be canalized, and finally that in the
rainy season vessels of 400 tons now steam across
| Nicaragua through the Sanjuan river and Lake
| Nicaragua to within twelvcs miles OF the Pacific
| The committee can find no serious difficulty in
the construction OF an entirely efficient and secure
| ship canal along the routes proposed, and believe
IL TO be the best of all those proposed existing
while there IL element OF uncertainty OF OF eX-
pertinent about II. Locksnre in use in ship canals
In this country aud abroad with entire satisfaction
and security. Canada has expended a large sum
| recently in the enlargement Of the Welland canal
| which OvercOmes mn elevation OF $40 feet and has
cost altogether s52 100000. The largest ioch in the
| world is at St. Mary's lalls, in Michigan, and nc
difficulties are experienced in It's working.
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