Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-02-15
The Senate Has . Lively Dis
cussion Over
THE NICARAGUA CANAL BILL
Mr. Sherman Astsmpss 10 Explain Nat
ssss and the Jangis Soon Becomes
0eneral-Lsid Over.


cent bonds. The committee has
directed it TO be offered 70 the sundry
civil appropriation ball. No change u
made In tho amendment except 10 add
at the end OF Il. the words ''for the
purposes provided in sAid act. and
none other"
Mr.. Quay offered . resolution calling
on the secretary OF tue treasury for ia
formation as to whether any part OF
the appropriation for the Worlds
Columbian exposition had been paid;
aud 4 90, under what modification OF
the rule ~ to Sunday closing. lie slso
gave notice of an amendment 10 the
Nicaragua oiil-that the act shall not
take effect until the government OF the
| United States shall have secured by
convention with the governments OF
Costa Rlca and Nicaragua the right TO
| fortlfy and garrison the termini Of tho
proposed canal on the Atlantic and
Pacific coasts; and To have one or
more armed vessels and to march
military forces through either Of those
states for the purpose OF protecting the
| canal and the persons lcltizens ut the
United ststesl operating the same.
Hoar's Resolution.
Mr.. Hoar offered resolution which
went over until tomorrow, providing
that on February -, Wasnington's
birthday. Washington's farewell ad-
dress be- read 10 the senate.
Nearly half OF the sundry civil bill
had been disposed OF the items ms TO
the worlds fair having been passed
over temporarily, the Nicarsguan bill
was then taken up. ana Mr.. Sherman
IN charge of II said that he desired to
clear up antiquities, or rather to ex-
| plain matters about which some sena-
tors appeared 10 be in doubt. These
were as to the last amount OF stock
which the government WAS not 70 own
and alec as to the standing contracts
between the canal company and con-
struction company. These contracts,
he said, were ali to be swept out Of ex.
istence. They we're inconHstcrt with
the bill because they were on the basis
of cost OF $3.50. 100000 for the con-
strucuon OF the canal.
The government would start with .
| clear table. 1t would own $50 900. 900
out OF 500, ,00o, 900 Of the stock and
would have ten directors, the Maritime
company becoming the mere agent and
servant OF the United States. Twelve
millions OF the stock was ia the hands
Of private owners and could only be
obtained from them BY SOME method
Of condemnation.
Mr.. Brice inquired whether it would
not be the policy OF the government
(holding 5000, 900 of the stock TO flx
the canal tolls so as TO leave no divi-
dend for the stock; and whether, In
that event, the sl2. 900 OF stock in
the hands OF private owners would he
Of any value at All.
Mr.. Sherman replied that his col.
league had stated very clearly the ex-
act position which the committee On
foreign relations took.
Briee and shermaa squabbie.
Mr. Rrice inquired further whsther,
in anticipation of that state of facts
the private owners of this $l2, ,000. 900 Of
stock had not somewhere some safe
guard against such rates of toll being
fixcd rs wonid leave their stock value
less. IL they had taken such precau.
ton or safeguards he would like e
know what they were.
Mr. Sherman replied that they had
| no sncn safeguards.
"Then of what value would tina
stock be to them," Mr.. Brice persisted
"if the government OF the United
States shall not fix the tolls ss to leav,
nothing Tor the stock kholder-f'
The committee on foreign rela
tons. Mr. Sherman replied. was oil
the opinion that. under these circum
stances, the stock would be II very 1t
tie value indeed"
Am | to understand" Mr.. Brics
asked, that this grant OF twelve mil
Ions OF stock 10 q national grant made
ouiy for the purpose OF RECOGNIZING
the legal right of these stockholders
while the effect u an extngulshmeni
OF toeir propsrtyy'
Mr.. sherman replied that ne was mol
prepared TO speak OF the value of tas
stock. Ills colleague, Mr.. Brsce, wa,
fansiliar with railroad corporation,
aud could form an idea how much tnn
cana stock was worth. Tho commit
tee on foreign relations did not con-tdel
that i = worth anything, hut how VA,
the government to get IL from its own
ere, 1t 10 privstc property ard "a,
governtnen. has no night to cornscat,
10.
Teller republican. Coll intervene
IN the discuss on. relying ON the reYof
Of the committee on foreign rciatl ~
TO show that Mr.. sherman vas ms
saxen as 10 some points
Mr.. sherman. pesisL
Mr.. Sherman declined 10 submit 1,
the 'nterruptlon whica Mr. Teller eS
cused ~ saying that ne iDtefsenes
beeause the senator from Dhio nae
been Dsssng . misreprrsentstlen.
"lust ls false" cad 3r. Sasrman
- do not M srepresent snythiuz.
ssy sgsln that II the government OF II,
tnife- states shali Esve the ecptroi o.
tni- cana u ,. not 10 ts pres0aled tha
- ~ouii levy tucb tolls IS ~on.6 "a,
dividends on vstefed stock or a.
oeHer STOCK Ine probability = taa
TIE government. dealing WITH - o~
property. sould yaiy tuy tnl.s enoug
'n pay Toe sspeH~e 81 carrying on 49,
rofs, interest On the bonds AMI -spslnl
tnnds, NJ. Teller came bsc< - th'
report 81 TIE COMMITTEES snd Flame
from y tist be wss rsEbt "a ~bst q.
nH pferiausly saiar Whrn ~
ssns'.f from thta.H Mr.. Teller con
ttnasa, ~sfs that my ssstsn snt !
nntfd-s BE deUses 80 esn rr.afds ~
3rn - taT fssts on shsrn the hil
bsf7. ~ tne comns tee on fos 81
fvist7r- "a ssls- come o. Ice cnp
si8ss"a thAf snataef svsssu - - -
sastt~a y te xa~ernment - 49,
not fr'eonz'f<s tof STAT We are pr
sAns~f - 8 nsst sa fss kssi the con,
~ i'tfe~ 80 presented. sna sseosiis -
" seFss 49, - sasppsss~ that tse-'
| fontain tnets 81. Ii. k.a .rshs 4.
s~S spss 500 10 ths esnsnsas Ga.