The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-02-28
AN INTER- OCEAN CANAL.
THE SENATE VOTES TO INCORPO-
RATE THE COMPANY.

Will Furnish the Route Through
Which the Big Ditch will be Dug
The Government Not Protected
from Pecuriary Obligation.
WASHINGTON, Feb. 27.-On motion of
Mr. Edmunds the Senate at 1880 o'clock to-
dsv resumed consideration of the bill to in
corporate the Maritime Canal Company of
Nicaragua, notice being given by Mr.. Plumb
thai he would ask the Senate tomorrow to
take up the bill forfeiting unearned railroad
land grants; by Mr.. Patt that he would
next Monday ask the Senate to take up the
hill for the admission of South Dakota as
State, and by Mr.. Allison that, when the
pending bill was disposed of he would call
IN the undervaluation bill.
MR.. VESTS AMENDMENT.
Mr.. Vest offered a resolution declaring
that nothing i'll the act should be held or
construed to involve i'll any manner the
United States in any pecuniary obligation,
i except as to the payment OF tolls. This
was rejected by q vote of 2l to p.
After several other restrictive amend
rents were voted down the bill was reported
hack from the committee of the whole, and
the amendments agreed upon in committee
were concurred in.
AGAIN VOTED DOWN.
Mr. Vest again offered his amendment
that the United States government should
have no pecuniary obligation in connection
with the work: and it was again rejected
by % yeas to 26 nays The bill was then
passed by 80 yeas to 15 nays as follows:
YEAs-Messrs Aldrich Allison, Blair, Brown,
Chase. Chandler, Colquitt, Cullom, Daniel,
Davis Dolph, Edmunds, Evarts Farwell,
frye, German, Gray Hale Hearst,
II6ar ingalls,. Henderson, Mitchell, Morgan,
Paddock, Payne, Platt, Plumb, Pugh, Sebin,
salisbury Sawyer, Sherman, Spooner, Stewart,
Teller, Turpie and wilson of iowa 3S.
NAYs-Messrs. Bate. Berry; Blackburn, Coke,
Faulkner, George, Gibson HAMPTON, Kenna,
q Pasco. Reagan, Riddeberger Vest, Walthall,
s. and Wilson, of Maryland-l5.
Y PROVISIONS OF THE BILL.
n The bill Incorporates Frederick Billings,
u Charles 2. Daily. Daniel Ammen, Francis
q A. stout, Horace L. Hotchkiss, Edward f.
! Beale, Hiram Hitchcock, E. Ridgely Good
win. A. c. Cheney, j. F. Oshaughnessy, H.
4 C. TAYLOR, j. W. Miller, A. S. Crownin-
i shield. A. G. Menocal Charles H. Stebbins,
q I. Harrison Garrett, Jules Aldige, r. A.
4 Lancaser, Alfred Z. Mills, Gustav E.
i Kis,ell Horace Fairbanks, George H. Rob
i nson, Alfred b. Darling, Joseph +.
4 Mcdonald James Roosevelt, Christian
81 Devries, Frederick F. Thompson, Henry A.
& Parr and such other persons as may be as
Ii sociated with them and their successors, a
q body corporate and polite in deed and law,
i by the name style and title of The Mari
time Canal Company of Nicaragua" " for the
construction, equipment, management and
\ operatiOn of ship canal from the Atlantic
to the Pacific ocean, either entirely through
4 the territory of the republic of Nicaragua,
or through Nicaragua ard in part through
j the territory of the republic of
~ n. Al l., ,.o1la
or cross canals as may be necessary to con-
meet Herewith, and to exercise such other
powers as have been conferred by the gov
ernnnent of Nicaragua by the concessions of
that republic to the Nicaragua Canal Asso-
citation. through A. G.. Menocal its repre-
sentative, and dated March %, 1887, and
finally approved by the legislative and ex-
ecutive authority of the republic on April
90 % and a, 1887, and such powers as the
republic Of Costa Rica may confer Of the
same kind as those named in said conces-
sion.
RIGHTS OF THE CORPORATION.
The corporation may receive, purchase,
hold and convey such real and personal
estate, property and rights of property, or
cOncessionary rights as may be necessary to
carry into effect the purposes of the act;
may issue stock to the amount Of the value
thereof in payment therefor, and stock so
Issued shall be declared and taken
to be full paid stock and not
liable to any further calls or assessments,
may do all lawful things to secure full en-
loyment of the powers, privileges, rights,
benefits, and grants contained in any canal
concession so made by the Republic of
Nicaragua, or to be made by the Republic
Of Costa Rica, and to aid in the construc-
ton Of said canal and to carry out the pur-
poses of this act. Said Maritime
Aqpo al g C hon.
lSed to issue its bonds and to secure
ame by mortgage on its property and the
rights of property of all kinds and descrip-
ions, real, personal and mixed, including
It's franchise to the corporation. The prin-
opal office of the corporation shall be in
the city Of New York. The capital stock
Of the company is to consist of not less than
lOOO,O shares at 800 each, with the right
70 increase the capital stock to 100000
slareS of 500 each, upon vote of two
thirds of the stock of said company at
any time outstanding. Five incorporators,
VINO shall be chosen by a majority of the
number from those named in this act, shall
nave power to open books of subscription
70 the capital stock of the company in the
CITY OF New York and such other places in
the United States Nicaragua or elsewhere,
aS they may designate, who shall receive all
subscriptions for stock; anu no stock shall
oe transferable except upon the books of
II9e w company provided for that purpose.
ne lncorpOrators shall give thirty days
nohce of the time and place of the opening
VI SAID books by publication in one daily
newspaper in New York city, and one news
Saper In Managua, Nicaragua, and one in
pan Jose, Costa Rica, if said canal should be
~ I part in the territory OF that republic.
Inc affairs Of the company are to be man
pseu by board of directors, fifteen in num-
OI VINO shall hold their office for three years
anu uutll their successors are duly chosen
S Sad qualified, and a majority of whom shall
1%e % cIJ'zens and residents of the L nited States.
a., az lhe first election Ave shall be chosen by
Wv, .ne stockholders for one year, five for two
os oeaIS' and five for three years. and at each
oTpluai T election thereafter five shall be
TlLo'ea by the stockholders for three years
@ aue board is TO elect from its number a
" essaent, who shall be a citizen and resident
:. Ihe United States, and one or more vice
ssgSallents dsSe of the company, who shall hold
S me Tor such terms as the bylaws of said
o.a ooara may provide and until their success
''S are duly elected and shall have qualified