The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-12-22
IHE NICiEiGTi EiNIL Bill.
and Reported by the SrMute COMMITTEES.

WASHINGTON. Dec. Ex-senator Sherman TO-
day. from the Committee on Foreign Eela-
tons. reported the Nicaragua Canal bill. anu
gave notice that he would. al as carly day as
practicable attempt 10 secure action upon it
by the Senate The bill Is drawn on snbstan-
tally the same lines as tho lii reported from
the committee to the last Congress. Il u-
ciuhes a proposition TO guarantee bonds OF
the com pany 10 !he extent o: SlCuOUu.QuU to
aid in the construction OF the canal. and con-
tains sore additions which materially in.
crease the obligations Of tn. cont any Is well
as the security to tho Government. In the
second section the rea! an! personal property
and franchises OF tho company ar. Included in
tho liabilities. In the third section It is pro-
vided that all Of the stock heretofore
subscribed for or issued shall Le called
in and cancelled: that all bonds is
sued shall be redeemed and cancelled.
and that all outstanding obligations shall
be satisfied before the act takes effect.
nature in i instead Of ILL., III a. - n pro
deomnnlc at tho plea-,r,. OF tn" nitcd States
after 1903. The section requiring the. com;
State rs security Tor tie .:uarant"e is
amended hy the addition 81 IL clans. ,epuirinG
sinking fund for the riyment Of the hon,ls Mt
maturity. An addition to section u OF odd
OIL provides tlat II tho conphhv default III
tho Payment Of interest or i'll other res pect
before the canal IL put into operation, the
right of foreclosure shall at once attach in
favor time United States.
The section authorizing tho Secretary OF the
Treasury 10 deliver TO The company bonds
equal to the expenditure prior L. January.
1855. is amended | y retiui,in. the comlauyto
first satisfy all liabilities and To- nc"elt tho
provisions 81 the act 10y rHsoiut az stors-
holders. The section 5 further amended 50
a. to make the bond, bear interest from tho
date OF delivery. and to exclude from evpsndi-
lures that may be taken into account the con-
siderati on paid agreed to he pa!d to the Nica-
ragua Construction Company or other PARTIES
torcyr"nditur-s by them. and for the cuuces-
sioue to Nicaragua and Costa Eirn. and the
total amount. prime. pal. AMI interest Of the
bonds that may 10 issued Tor the first
rHsgessnso fixed at H., TG"9Ge2 ns Eli
There is also il II, same section
a new provision for til" payment to the COM
pany of 81. UOO.Ulo interest bearing bond. til"
proceeds OF which are 10 b" used "a Il working
capital. and applied eXc!u .iv-ly to the con-
stTUction 81 the canal. to he accounted in tho
settlement and deducted from the total issue
OF bonds.
Perhaps the most important chrrgos in the
issue Of stock. In he new Til! This is limited
to sIoO.0oo."uo. twelve millions to lie retained
~ the ,c;2;mnany the amount s;ipE'atei
10 the come ;siors.. ard the. remainder
to he issued TO the United states. f,,!l rail and
not subject to asses Smrnt. to Ia voted hy the
President of the United States or his PROXY at
tors are &c be selected from the holders Of the
stock other than that owned ~ the rnited
States. In til" last sect AN amendment is
made so that ten instead Of six Of the fifteen
directors shalt Ia appointed by the President
Of the nitea States. not more than Ave Of
whom 10 be from one political party.