New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-07
THE NICARAGUA CANAL.
STRONG FEELING In THE HOUSE FOR IT.
THE CONFERENCE REPORT ON THE BILL To In
CORPORATE THE ENTERPRISE ADOPT
ED by AN UNEXPECTEDLY
LARGE MAJORITY
CAR 1fLEaRArH TO THE rRrpuvE.l

the report of the Conference Committee on inc o'ii
TO incorporate the Maritime Canal Company OF NcarA
qua. The majority for the report was une1pecIcus
large and the result was received with hearty applause
by the friends of the measure The recommendations vi
the Conference Committee provoked considerable Up
position but the thorough discussion which began on
Monday and ended at 3 O'Clock this afternoon saneu
votes for the bill which, in its present form. is under
stood to be regarded as practicable measure by inc
persons who have embarked in the enterprise ChaIr-
man Clafdys speech in support Of the WORK Vi 'Io
conference Committee was strong one ana eVHloh'iy
made strong impression on the House several Vi
the speeches to-day were forcblc and logical, notably
those OF Messrs. Dingcy and Kelley. Judge heia9
regarded the construction Of the canal as essenual u
the maintenance of just influence over the American
Continent, an influence which named the Monroe
Doctrine, and Of which generations had been proud
More than that, It necessary 10 the Internal de
velOpment OF the country. The Pacific Coast rlch as
It was I'm mineral wealth. lacked one mineral-coai
The Rocky Mountains stood as a barrier between the
Pacific Coast and the rich coal-bcds of the East
There was an Offset to this mountain barrier u
was a canal Nicaragua Here was an
available gateway between the two coasts OF the
country. with that canal constructed, California
could obtain supply OF coal cheapy It could be
obtained In many parts Of Pennsylvania. He would
choerfully vote for the bill. lie would not scan IL
with eyes too nice In the hope Of discovering possible
harm which might come to some remote unknown
widow or orphan. He looked at the great magnitude
the and at the extent of the blessings which 1t
would confer upon the Southern coast States and upon
the Pacific coast
Governor Dlngley, of Maine, said that he would re-
gard It a National misfortune If tho bill should be
so loaded down virtually to defeat its own pur-
pose. 1t seemed to him that now IS the golden OPP
portuy for the construction OF the canal He would
Ike the canal to be constructed by tho Government,
but he knew that Congress would not make appro-
prations adequate TO carry out the enterprise. 1t
must be constructed by private enterprise. II would
DO constructed at an early day. II this
effort to secure charter was not sue
cessful It would be constructed by a private
company which would be- If not under the patronage,
under the influence Of some foreign government. In
view Of the character Of the enterprise It was
fortunate thing for Congress in granting charter to IN
sst upon such restrictions as, in all probability would
make the charter useless.
THE STATE OF NICARAGUA NEXT
Mr.. Chapman, of Michigan, Democrat, spoke earn
esty-almost cXcitodyin favor Of the report He had
favored the bill as It came from the Senate He had
not favored II It passed the House. the amendments
which had been placed upon It having served TO enas-
cuate It. Thoy had been incorporated the idea
that the United states should be free from entangnG
alliances and that It should Isolate Itself The day for
Isolation hdu passed. III conclusion MI. Cnlpmdn sau
This is bold step; It is not bold. fol- in its
present shape it is hesitanay tlmidbus comparison
With past is bold step in this direction Of the des
tiny Of the country We are carrying the Gtg into that
region OF Central America. We carrying t with the
Endorsement Of this Government We have pu, ourselves
where, though may not be pecuniarily liable shall
morally responsible for the safety and protection Of
great American enterprise which will help to spread
country the world It is STEP it is brave step
l. one hope this step only prelute the
81. T1g4
plant feet those regions, and when flag shall
the State Of Nicaragua a State OF the United
States OF America
These uttcranccs were rewarded with round Of ap-
pause. Mr.. O'Nen, OF Missouri said that he felt no
extreme sensitiveness concerning the bondhodcrs He
did not believe that Congress called upon worry
10 whether they going to reap magnifcen, re-
turS strike an Irish dividend occasionally in the
shape Of an assessment. Mr. O'Neil thinks that tie
American people lack self asscrilon,7 that they arc
continually clubbing, afraid TO do this that
count Of probable or possible consequences The
greatest nation earth should he the first to lead in
giant enterprises, and conservative mossback states
men need not be alarmed The people would sustain
them in their action II they passed the bill.
Mr. scott suggested that the old story Of the cutie
fish muddyng the water in order that it might escape
might be applied TO the gentlemen VINO were opposed
to the bill Among the men who spoke in opposition
the report were Mcssrs Buckaew OF Pennsylvania,
and Nelson, Of Minnesota. The former said that he
could discover in the bill any clear guarantee that
the amount of stock and bonds 10 be issued would not
be two three four times the actual cost Of the work
If the holders Of stock bonds to receive dvi-
dends and interest the of the world might
he subjected TO most unreasonable and unjust charges
lie thought that the bill should back TO conference
in order that this defect might be remedied. Mr. Mel
son thought that the bill reported by the
conference committee out-Heroded the original bill.
BY the bill as it came from the Senate, full, paidup
stock could be issued for real or personal property
or conccssonary rights. The House had stricken out
this provision and had adopted amendment substan-
TALLY requiring that all stock should be paid for In
cash. The conferees had stricken out the amend
ment and had gone beyond the provision of the Senate
bill by authorizing tie issuing Of stock not only for
property and conccssionary rights, but for labor and
material furnished. The conferecs had " SEEM the
Senate bill and gone it" good deal better
PROVISIONS OF THE BILL.
As passed by the House to-day the bill contains
eight sections The first section Incorporates the
Maritime Canal Company Of Nicaragua and pro
vdcs among other things that said company may re-
ceive purchase, hold and convey such real and per
sonal estate property and rights Of property con
cessonary rights as may be necessary to carry this
act into effect that It may issue stock to the iast
value OF such estate, property and rights, and for
work and labor done, or materials provided for the
construction Of the canal the stock issued for these
purposes TO be deemed padup stock and not liable 10
assessment: that It may do all lawful things to secure
the full enjoyment Of the powers, privileges rights,
benefits and grants contained in any concessions OBJ
tanned by II from Nicaragua and Costa Blca, or either
Of those countries that It may Issue bonds TO aid in
the construction Of the canal and carry out other pro-
visions of the act The principal Office OF the COM
pany Is to be in the city OF New-Yorll. A provisO
In the first section STIMULATES that nothing in the act
shall be so construed as to commit the United States
TO any pccuna.y liability whatever IN account OF
said comraDr nor shan the United States be held
In anywlse liable responsible for any debt or LA
billy which said company may incur or be held re-
sponsblc for The acts or proceedings of the company
In any foreign country for contracts entered into
In the United states.
Section provides that the capital stock shall be
not less than 100000 900, which may be Increased II
$40 600 600 by the vote OF twOhrds of the stock al
any time outstanding IL also contains provisions
FOR the organization OF the company and provides that
all shares, bonds, stocks and certificates, or othe