Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1888-12-08
THE NATIONS CAPITAL.
The Senate Bill to Incorporate ths
Nicaragua Canal Company.
Long Amendments Proposed.
WAsHIsGrOs, Dec.
House.

io1rns today il be gntll Monday.
The committee on appropri .tions reported
the invalid pensions appropriation bill. Com
mittse Of the ~hole.
| The e1mmittee on elections reported Ia
the South Carolina contested election case
Of small against Elliot. The majority re-
port i. Ia favor Of Elliot The minority re-
port provides for seating Small.
The House v Mt into commlttse of the
whole on the private Calendar, the pending
business being the Senate bill to incorporate
the Nicaragua Canal Company.
". ). opinolI Of New York. offered an
mendment, striking out the clauses which
authorized the company TO exercise such
powers as has been conferred upon 1t By the
! government OF n carszua. II this was TO be
a stock jobbing affair, he said the sooner it
was known the better He thought his
amendment ought to prevail for the protec-
tion Of those persons who expected to invest
their dollars in the enterprise. No one knew
what the agreement between Nicaragua and
the company was.
| Cox Of New York expressed his Ignorance
of tile fact. in which his colleagues pre-
dleated his statement that this was a stock
JoboIng Stocks might be affected by it
[ but he did not know how he served In ex-
| tending American commerce, for If there
vas one thing desirable more than another II
was the revival OF its shipping interests Ii
it could not be done by domestic legislation
let Congress give Its enterprising citizens the
| aesis OF the republic to 20 out and draw to
| the United States the commerce of the
world. Applause.
| He was followed Dy FaTquahar of New
York, Weaver of Iowa, Adams of lii
nois, Reed Of Maine, Raynor of Mary land,
Kerr OF Iowa. MeAdoo of New Jersey and
Davis OF Massachusetts in favor of the bill,
all dwelling upon the vast benefit an inter
oceanic canal would confer upon the shib-
ping and commercial interests of the coun-
try, particularly the south.
Spinola's Amendment was rejected.
Holman offered the following anne ndment :
Provided nothing in this act shall be so con
strued as to permit the United States to any
liability whatever, for or on account of said
mpany, nor shall the United States be held
in any way liable or responsible in any way
or by implication for any debt or liability in
any form which said company may incur,
nor to be held as guaranteeing any
contract of sald company or as having
assumed any responsibility Tor the acts or
proceedings of said company in any foreign
Iuntry, or contracts or engagements entered
into in the United States
Mr.. Cobb of Alabama, moved to amend
tolmans amendment by adding to il the
following: And this proviso shall be
printed on every bond or contract certificate
of the stock or other obligation issued by
sid company"
The amendment was a lopted and Holman's
amendment as 50 amended, was agreed to.
Bland, of Mo offered an amendment as
follows Provided that Congress reserves
the right to alter, amend, or repeal this act
10 regulate the tolls or tariff rates for the
the transportation of persons or property by
the company. The amendment was agreed
to.
On motion of Marsh, of Pennsylvania, the
amendment was adopted, requiring the con
struetion Of the canal to be begun within
three years. The amendment requiring that
it can be completed within ten years, was
voted down.
On motion of Nelson, of Minneapolis, the
amendment was adopted, providing that no
certificates of the stock be issued until at
least 10 per cent of the sum shall be fully
paid into the treasurer of the company. No
pay ment on the account of capital of the
company shall be paid, excep. in money, and
the company is prohibited from returning OF
repaying any part of the money paid, no
banks IN excess of the amount of capital
paid in shall be authorized until such paid
capital shall amount to -, 900 600.
No part of the capital stock paid in shall
at any time be returned to the stockholder or
diverted from the proper uses of the corpora
ton. The violation of any of these ployis-
ions is punishable by fine OF $4,000 or
imprisonment for five years.
Stockdale of Mississippi offered an amend
ment providing that the concessions of the
Nlcaraguan government shall not be changed
nor shall the company release the govern
ment of Nicaragua from any concession
without the consent of the United States,
and any violation of this provision shall
operate as forfeiture of the franchise of
the company.
DiUsley of Maine. with ali due difference
to the gentlemen who had offered the various
am ailments, sad it seemed that it was a
settled purpose on the part of some
gentlemen to defeat the bill by iudlrectou.
While admitting the importance of the OBJ
ject to be accomplished they practically de
feated it by offering amendments which
would prevent the accomplish of that
object Let Congress grant the charter a
requeste and thus promote American enter
prise and American commerce. and let the
members remember that an American
company chartered by the United States
would be practically an American enter
prise.
Herbert of Alabama said the government
in incorporating this company established a
protectorate over the canal with all that wo ii
implied. He was not here to say that it
ought not to be lone, but it sho uld be done
with their eyes open.
McCreary of Kentucky aud Wheeler of
Alabama briefly advocated the bill and ar