Los Angeles daily herald., 1888-12-08
NICARAGUAN CANAL.
The House Devotes a Day to,
Its Discussion.
IT'S IMPORTANCE TO COMMERCE.
The Senate Bill to Incorporate the
Company VariOusly
Amended.

| Associated Press Dispatches to the HsRALpl
WASHINGTON, December 7.-Iu the
House to-day it was ordered that when
the House adjourns to-day it be to Mon
day.
The Committee on Elections submit
a report in the South Carolina contested
election case OF Smalls against Elliott. 1t
finds in favor of Elliott. A minority reso4-
luton for provides the seating OF Smalls.
| The House went into Committee of the
Whole on the private calendar, the pend
ing business being the Senate bill to in
corporate the Nicaragua Canal Company.
Spinola, of New York, offered an
amendment striking out the clause which
authorized the canal company to exer-
else such powers as have been conferred
upon it by the Government of Nicaragua.
If this was to be a stock jobbing affair.
he said, the sooner it was known the
better. No one knew what the agree
ment between Nicaragua and the COM
pany was.
Cox, OF New York, ex pressed ignorance
OF the facts upon which his colleague
predicted his statement that this was a
stock-jobbing affair. He urged the i'm
portance OF its passage from q CONNER
cial standpoint.
Farquhar, OF New York, declared that
it would place in the hands ofthe United
States the key of the South American
and the Indian trade. "Let us show to
the Congress of the three Americas,
said he, (which will soon meet in this
city, that instead OF an empty phraseology
OF resolutions of comfy and good will,
the Government has opened to the Amer
icas south of the United States high
! way costing $l00,000,0OO, backed up by
the sentiment OF the Fiftieth Congress"
Applausel
!, Adams, OF Illinois, contended that the
clause which the amendment proposed to
! strike out did not confer any dangerous
authority and that it was necessary in
order that the work should be success
fully accomplished.
Mr.. Spinola said all be desired in re-
gard to the bill was that it should be per-
tected. He did not want to lend himself
to the passage of bill which would one
day rise up and haunt Congress. 1t
might make this Govern ment financially
responsible.
Reed, of Maine, denied this.
After considerable debate. Spinola's
amendment was rejected.
Holman offered the following amend
ment: Providing that nothing in this
act shall be so construed as to commit
the United States to any liability what
ever, for or on account of said com pany
nor shall the United States be held in
anywise liable or responsible in any
form or by implication, for any debt or
Inability which said company may incur;
nor be held as guaranteeing any arrange
ment or contract OF said company, or as
having assumed any responsibility for
the acts or proceedings of said company
IN any foreign country, or for contracts
or engagements entered into by it in the
United States"
McAdoo, of New Jersey replying to
the suggestion thrown out by Holman
that the pending legislation might result
in entangling the United States in foreign
complications, said the United States
could not remain Indifferent to the tire.
mendous foreign interests growing up on
this continent. If any canal was built
under foreign patronage, the United
States would find itself entangled in its
efforts to protect the Isthmus against
foreign influence.
Cobb moved to amend Holnan's
amendment by adding to it the following:
And this proviso shall be printed on
every bond, contract, certificate of stock
or other obligations issued by said COM
pany."
The amendment was adopted and
Holman's amendment, SO amended. was
agreed to.
Bland offered the following amend
ment, which was adopted provided
that Congress reserves the right to alter,
amend or repeal this act and to regulate
the tolls or tariff rates for the transporta-
ton OF persons or property by the COM
pany or its assignees."
On motion of Maish, of Pennsylvania.
an amendment was adopted requiring
the construction of the canal to be begun
within three years.
An amendment requiring the canal to
De completed within ten years was voted
down.
On motion of Wilson of Minnesota, an
amendment was adopted providing that
no certificates of stock shall be issued
until at least 10 per cent. of the sum
shall be paid for in money at the par
value of the stock, and the money de.
posted in the treasury of the company.
No payment on account of the capital of
the company shall be paid, except in
money, and the company is prohibited
from returning or paying any part of the
money. No bonds in excess of the
amount OF the capital paid in shall be
authorized until such capital shall
amount40 $5,000,000. No part of the
capital stock paid in shall at any time be
returned to the stockholders or diverted
from the proper uses of the corporation.
The violation of any of these provisions
is punishable by a fine of $4,000 and
imprisonment for five years.
Stockdale, of Mississippi, offered an
amendment providing that the conces-
sions of the Nicaraguan Government
shall not be changed, nor shall the com
pany release the Government of Mica
ragua from any of its conce ssions with
out the consent of the United States, and
the violation of this provision shall
operate as the forfeiture of the franchise
of the company. ...t -.
| Pending vote the committee rose and
the House took recess, the evening ses-
sion to be for the consideration of private
pension bills.
At the evening session the House
passed ten pension bills and at 10 O'Clock
adjourned until Monday.
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Sympathizing Fricnds.:
Co. 1f r