Morning journal and courier., 1888-12-08
Fiftieth Congress-Second Session
WASHINGTON. Dec.

1 lsneous measures, the House then went into l committee of the whole, Mir. McMiller (Dem. Tenn. } in the chair, on the private calendar, the pending business being the Senate bill to incorporate the Nicaraugua Canal company.
 Mir. Spinola (Dem. N. Y.,) offered an amendment striking out the clause which authorizes the company to exercise such powers as have been conferred upon it by the government of Nicaragua. If this was to be stock-jobbing affair. he said, the soon- CT it was known the better. He thought that this amendment ought to prevail for the protection of those persons who expect ed to invest their dollars in the enterprise. No one knew what the agreement between Nicaragua and the company was.
 WHY THE BILL SHOULD BE PASSED.
 MT. Farquhar of New York remarked that if the amendment were adopted the bill would be like the play of Hamlet with Ham, let left out. Speaking in advocacy of the measure he declared that it would place in the hands of the United States the key of the South American and Indian trade. The coast wise trade had been concentrated in New England New York. He was willing commerce New Orleans should strive for the prize of the two sonth Americas and he hoped that when this bill should have passed such an impetus would be given to the coast ma- rine of the South that out of the iron and coal of Alabama would be built the {, 900 ton the commerce of Nicaragua and place it in the lap of the South. Let the United States show to the Congress of the three Americas which would soon meet in this city, that instead of empty phraseology of resolutions of good will the government had opened to the two Americas south of us highway costing $100, 900, GOO, backed up by the sentiment of the fftieth Congress, (Applause.)
 MT. Weaver, of Iowa, regarded the meas- uae as one of the most important which had been before Congress for @ decade. The Nicarauguan canal would bear the same re- lation to our commercial prosperity that the discovery of the Cape of Good Hope had borne to the commerce of the mother coun- try.
 MT. Adams, of Illinois, contended that the clause which the amendment proposed to strike out did not confer any dangerous au- thority and that it was necessary in order that the work should be successfully accom- plished.
 MT. Raynor, of Maryland, in advocating the passage of the bill said that Congress had before it the means of reviving and restoring new life to our commerce and by thousands of miles, to expedite traffic and commercial relationship between the nations of the earth. He had heard no objections stated which, to the mind of advancing man, should form the slightest obstacle to the pas sage of the bill.
 MT. Spinola's amendment was rejected.
 PRECAUTIONARY AMENDMENTS.
 MT. Holman then offered the following amendment: Provided that nothing in this act shall be construed as to commit the United States to any liability whenever for or on account of said company, nor shall the nj 0toka he hall in 1Soh responsible in any form, or by implication for any debt or liability in any form which said company may incur, nor be held as guar- anteeing any contract of said company or as having assumed any responsibility for the acts or the proceedings of said company -ir any foreign country, or contracts or engage ments entered into in the United States.
 After some further debate, in which the sentiment of the House was strongly in favor of the measure, MT. Cobb of Alabama moved to amend MT. Holman's amendment by add ing the following: And this proviso shall be printed on every bond, contract, certificate of stock or other obligation issued by the said company.
 The amendment was adopted and MT. Hol- mans amendment as so amended was agreed to. Mir. Bland of Missouri offered an amend ment as follows: Provided that Congress re served the right to alter, amend or repeal this act and to regulate the tolls or tariff
  property by the company.
 The amendment was agreed to and on mos tion of MT. Marsh of Pennsylvania an amend ment was adopted requiring the construction of the canal to be begun within three years. An amendment requiring the canal to be completed within ten years was voted down.
 CONCERNING THE sEcURITIEs.
 On motion of MT. Wilssn of Minneapolis an amendment was adopted providing that no certificates of stock shall be issued until at least ten per rcnt of the sum shall be full paid for in money at the par value of the stock and the money deposited in the treas ury of the company. No payment on &C., count of the capital of the company shall be paid except in money and the company is prohibited from returning or repaying any part of the money so paid. No bonds in ex- cess of the amount of the capital paid in shall be authorized until such paid capital shall amount to $5, ,O00, ,O00 No part of the capital stock shall be returned to the stock holders or diverted from the proper uses of the corporation. A violation ot any of these provisions is punishable by fine of $10,00o and imprisonment for five years.
 MT. Stockdale of Mississippi offered an amendment providing that the concessions of the Nicaraguan government shall not be changed, nor shall the company release the government of Nicaragua from any of the concessions without the consent of the URited States; and any violation of this provision shall operate a forfeiture or the franchise of the company.
 Mir. Dingeley. of Maine, thought there was a settled purpose on the part of some gentle men to defeat the bill by indiscretion. Several other members expressed themselves in favor of the bill and pending vote the House took recess until the evening session.
 At it's evening session the House passed ten pension bills, and at 10 o'clock adjouned until Monday.