The Lebanon express. (Lebanon, Linn County, Or.) 1887-1898, 1893-01-06
FROM WASHINGTON CITY
The New Nicaragua Canal BIZ Increases
the Obligations of the Canal
Company--Elc,

There il to be an organized effort in
the House after the holidays to bring
about some financial legislation, prob
ably taking the shape of an attempt 70
repeal the Sherman law. The oppo.
nenEs of free coinage believe this daily
menaclng OF the securities Of the gov
ernmsnt is inevitably leading 10 gigan-
tic Losses. On the o her hand, the
friends Of silver are not less active, and
expect to see iree-coinage bill forging
to the front before many days OF the new
year have passed, Stewards amendment
to the bill Of Hill provides ior repeal
Of the Sherman act, and makes that
measure practicallya iree.coinage bill.
Stewart thinks that when it comes to
vote it will pass.
Representatives Hermann Of Oregon
and Wilson Of Washington we're greatly
disappointed at the failure OF the bill in
Congress- ior the increase OF the light
house service in the United States, in
which both Washington and Oregon were
largely interested. In the bill was o
provision ior TWENTY-FIVE beacon lights
and buoys on the Willamette river be-
tween Portland and Salem; also for
light and fog signal at the mouth Of the
Willamette, as well as lights for other
places on the Oregon and Washington
e)aste. There were other bills reported
from the same committee which were
Bldetraeked by the failure OF this bill,
among them being a bill allowing the
Great Northern Railway Company TO
build q bridge across the Columbia river.
Mr.. Foster said recently that he thought
1t grave mistake to assume that the
Monetary Conference will prove to be a
failure. The taking OF recess was ex-
pected by the administration when the
American dolog0tus- left Washington
City. Rothchild's proposition and his
declaration that unless something 10 done
to insure the better use Of silver among
the nations serious consequences would
follow is in itself hopeful indication
that the prominent bankers Of the world
feel the necessity Of reaching an agree
, ment OF such nature as will secure ap.
proximate uniformity the world over in
} dealing with the question. The Secre-
tary said that 30 far az he was personally
. concerned all he expected OF the prelim-
mary conference had been accomplished,
I The general feeling Of the conference
was even more favorable than he antic-
ipated.
n The new Nicaragua canal bill reported
: by Senator Sherman is drawn on sub
stantiaily the same lines as the bill re
ported from the committee To the lac
Congress, including as 1t does the prop
. osition to guarantee the bonds oil th'
company to the extent Of 800 .000, 900 d
aid in the construction Of the canal
J. The new bill, however. contains SOM
u additions, which increase the obligation
} Of the company as well as the securit.
OF the government. For instance, tn
B real and personal property and the fran
'e chises Of the company are included Il
10 the liabilities, 1t s provided that q
stock heretofore subscribed for or asue
!. shall be called in and cancelled all bond
u issued redeemed and cancelled, and a
a outstanding obligations satisfied beior
the act takes effect. The date is change
to make the bonds Issue in January, l89'
y 4 and mature in 1858; but they are alt
" v made redeemshls at the pleasure oil II
u United States after 1918 The seCtio
p requiring the company to execute NOR
at gage to the United States as security ft
'r- the guarantee is amended by the add
on tion Of clause requiring the mortgaI
70 to contain provision for sinking fur
7 for the payment Of the bonds at matt
an an rity. If the company defaults in Il
y pavment Of interest or other respeC
n, before the canal is put in operation, Il
right Of foreclosure shall at once Alta
\, in favor OF the United States.