The Portland daily press., 1888-12-08
THE NICARAGUAN CANAL SCHEME
congressmen At Work { the ProvIs-
ions Of the Charter.
Amendments Adopted to Secure the
Prevention of Stock Jobblng.
Candidates for the speakership En-.
Joying the Contest.

WASHINGTON, Dec. while the House
was considering the Nicaragua Canal bill,
Mr.. Spinola of New York, offered an amend
ment striking out the clause which author
ICES the company to exercise such powers as
have been conferred upon it by the govern
ment of Nicaragua. If this was TO be a
stock jobbing affair, he said the sooner it
was known the better. He thought the
amendment ought to prevail for the protec-
tion of those who expected to invest their
dollars in the enterprise.
Mr.. Cox of New York made brief con-
stitutional argument in support Of the meas
ure and urged the Importance of its passage
from commercial standpoint. He vas fol
lowed by Messrs. Farquhar, of New York.
weaver OF Iowa, Adams of Illinois, Reed of
Maine, Raynor of Maryland, Kerr Of Iowa,
McAdO0 of New Jersey, and Davis of Mas
sachusetts, in favo- Of the bill, all dwelling
upon the vast benefit an inter-oceanic canal
would confer upon the shipping and COM
mercial interests of the country, particular
ly the South.
Mr. Spinola's amendment was rejected.
ana then Mr.. Holman offered the following
amendment:
Provided, That nothing in this act shall so be
construed as TO commit the United States to any
liability whatever for or on account of the said
company, nor shall the United Sta es be held in
any way laole or responsible In any form, or by
implication, for any debt or liability in any form
winch the said company may incur, nor be held as
guaranteeing any contract of the said company,
OF as having assumed any responsibility for the
foreign country, or contracts or engagements en-
tered into in the United States.
Mr. Cobb, of Alabama, moved to amend
Mr. H0lman's amendment by adding to it
the following;
Auh4
contract, certificate of stock, or other obligation
issued by the said company.
The amendment was adopted, and Mr.
Holman'S amendment, as so amended, was
agreed to.
Mr.. Bland, of Missouri, offered an amend
ment as follows:
Provided, That Congress reserves the right to
tolls or tariff rates for the transportation Of per
sons or property by the company.
The amendment was agreed to.
On motion of Mr.. Maish, of Pennsylvania
an amendment requiring the work to be
begun In, three years was adopted
An amendment requiring that the
construction of the canal be completed
within 10 years was voted down.
On motion of Mr.. Wilson, of Minnesota, an
amendment was adopted providing that no
certifcates OF stock be issued until at least
10 per cent OF the sum shall be fully paid for
IN money at the par value Of the stock and the
money deposited in the treasury of the COM
pany. No payment on account OF the cap
ltal OIL 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 excess of the amount
OF the capital paid in shall be authorized
until such paid capital shall amount to
$5,0O0.0O0. No part Of the capital stock paid
IN shall at any time be returned to the stock
holders or diverted from the proper uses of
the corporation. Violation of any Of these
provisions is punishable by fine of $4,000
and imprisonment for five years.
Mr.. 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 conces-
sion without the consent of the United
States and any violation of this provision
shall operate as forfeiture of the franchise
of the company.
Mr.. Dingley of Maine, said that with all
due reference to the gentlemen who had Of
fered various amendments, it seemed to
him 1t was the settled purpose on the part of
some gentlemen to defeat the bill by indi-
rectlon. While admitting the Importance of
the object to be accomplished. thew practi-
cally defeated it by offering amendments
which would prevent the accomplishment of
that object. Let Congress grant the charter
as requested and thus promote American en-
terprlse and American commerce, and let the
members remember that an American com
pany, chartered by the United States, would
be practically an American enterprise,
Mr.. Herbert of Alabama, said the govern
ment in incorporating the company estab-
llshed protectorate over the canal with all
that the werd implied. He was not here to
say that that ought not to be done; but it
should bedone with our eyes Open
Messrs. McCFeary- of Kentucky, and
Wheeler of Alabama, briefly advocated the
bill and argued its constitutionality. Pend
ing the vote on the amendment the commit
tee rose.