New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-22
THE CANAL BILL FINISHED.
SENATOR SHERMAN REPORTS IT IN TILE
SENATE.
BONDS FOR sioo 10000 TO BE GUARANTEED
SAFEGUARDS FOR THE GOVERNMENTS

INTERESTS
Washington Dec. 9l.-The Nicaragua Ianai DILL
which has held the attention OF the Foreign heia"o"
Committee since tie beginning of The SESSION. mas '
last been completed and was to-day laVoiaoiS ~
ported By It's author, senator Sherman VINO gave "o
IN the senate Aa he would call it up at an carry u"''
and endeavor to secure prompt acuoh upo" !"
The new bin Is drawn on substantially the same
line, as the bill reported from the committee 10 'ie
last Congress Ii includes proposition to guarantees
bonds OF the company TO the extent oil SioV'Vo'oVo
to aid In the construction OF the canal Inc Ne" oi
however contains some additions which materially III
crease the obM-liOns OF the company, ~ wen DIS 'ho
security given by the Government fof instance
In the second section the real and personal properly
and franchises of the company are lhcIuueu III NV
liabilities in the third section II is provided that al
the stock heretofore subscribed for or issued shai "
called in and cancelled that all bonds issueo sni "
redeemed and cancelled, and that all outstanding oO
ueatons shall be satisfied before the act takes erect
The dates are changed TO make the bonus ISSUE
January 1893, and to make them mature III 1902 Il"
stead Of 1911, as proposed in the Of1sh"i an" 'n,
are also made rcdeemabe at the pleasure Oh INC CVu
States after 1903 The section requiring ''c eo"P'9
70 execute a mortgage TO the United states as security
for inc guarantee is amended by the addition oil a
clause requiring tho mortgage TO contain P'o
vision for sinking fund for the payment Vi TIE oo
ut maturity. An addition to section oi Tue VI" nm
provides that II the company default III Inc pay "cn' Va
interest or In other respect before the canal 10 P'
opration The right Of foreclosure shall at once a'"c
IN favor Of the United States.
The section authorizing the secretary ol inc
Treasury to deliver to the Company bonds equal 10 the
expenditure prior to January, 1oo3, Is aheiueu " ~
curing the company first to satisfy all haonucs anu
10 accept the provisions OF the act 0y rcSoiu"oi "
stockholders The section Is luthcr amcnueu ~
~ make the bonds bear interest from the date OF
delivery and to exclude from expenditures that ia,
be taken into account the consideration paid or agreed
10 be paid TO the Nicaragua Constructor Company
other parties for expenditures by them. and Tor the
concessions TO Nicaragua and costa hle~ anu -"
total amount. principal and interest, Of the boHds
that may be Issued for the hrst payment Is "N'u
se 900 900 instead of SlOOO,oOO as In TIE original
hill There Is also included In the s@ne secuoh ="
,,w pr0ylsion for the payment 10 the company u
81 100000 Understanding bonds Inc pioeeous W.
which are 10 be used as a WORKING capital ana apphed
.,clusivelv IN the construction OF the canal to be
accounted in the settlement and deducted from inc
total Issue Of bonds. go,
Perhaps the most important changes IN inc ui''
ORC those made I'm the oh section relative TO 'hc
enc Of stock In the new bll this Is limited TO
g., 900 ooo Ooo an amount left blank III the bli ou'
understood 10 be ri2 OOOoOO proposed though 'e
blank has not Vet been filed to BE- retained 10y inc
company tie amount stipulated 10 DC u'HN VIVu
Governments OF Nicaragua and Costa kloh aCcp.u.no
inc concessions and tnc remainder 10 ne ls'ucu 10 ,
Inlted states fall paid and not suuJeCt 10 1t. ,,
mrnt. 10 be vetoed by the President OI thc n.y.
STATES or his proxy stOckho.Ocrs ~
three directors axe to be selected HOih .Hc -, -
a. ,ocx other tLan nat owned by the Onlted STATES.
In the last section an amendment Is nihuo IN ha
ION ins-ead Of SIX OF the fifteen directors si,n NC
onno,,ited by the President OF the thl'tn saecs,
XXI more than five OF WON shall be appointed iioin
ono political party.