New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-23
TO AID THE NICARAGUA CANAL

SENATOR MORGAN's BILL PROVIDING FOR GOV
ERNMENT ASSISTANCE IN THE ENTERPRISE.
Washington, Jan. 22-In the Senate to-day MT
Morgan introduced voluminous bill amending the
act Incorporating the Maritime Canal Company OF
Nicaragua 1t fixes the capital stock at 100000
shares Of 500 each and requires that. In considera-
ton OF this act all stock heretofore subscribed or
issued except as provided in this act. shall be cam
ceied and restored to the treasury OF the company
and all bonds issued and obligations to deliver
bonds shall be redeemed and cancelled. all outstand-
ing liabilities satisfied and all contracts not ncon
sistent with the provisions OF this act cancelled 1t
Ia the object OF this act TO secure the construction
Of the Nicaragua Canal by the company with the
aid Of Tho United States. to the extent set out IN
the act upon the basis OF the concessions OF MICA
ragua and Costa Rica. The company Is authorized
10 issue bonds to an amount not exceeding SoOOo-
OoO bearing date OF January l, 1894. to be payable
January l. 1874 but redeemable at the pleasure or
the United States at any time after January l. 1914
with interest at per cent provided that prior 10
July J. 1897, bonds shall be paid from the treas
ury In excess Of SS009.0O; and on or before tnat
date the President of the United States may at any
time suspend the issue OF said Endorsed bonds until
Congress being informed by him of the reason Of
such suspension, shall otherwise direct.
After providing in numerous sections for the pro-
lection Of the United States in the matter OF tie
bonds authorized to be issued, several entirely new
sections are added providing that after the passage
Of this act and as soon as the company shall cancel
its outstanding bonds debts. etc. and after the ac
cepance of the provisions of this act by resolution
OF the stockholders distribution and disposition of
the capital stock shall be made as follows: 1.~.
First-Seventy million dollars Of the capital stock
at the par value shall be issued to the United
States in consideration of its guarantee of the bonds
OF the company this stock to be full paid and nom
assessabie and TO be deposited In the Treasury OF
the United States
second-six millions at the par value to be issued
20 the Government OF Nicaragua, and sl.50o,0oo at
par value to the Government of Costa Rica, accord
Il 10 provided that in full Compensation for the
ses there aha BE- set and paid
the company to the proper persons an amount OF
pendiisres that shall be aseer5ained and deter,
mined by the or ns soc s s sse
shall in no case EXCEED % 10000 a. the par valIe
thespa y,mens OF debts heretofore contracted The
remainder OF the stock amounting to not less than
structon Of the canal. and If it is impossible TO
dispose Of this stock at par he ct g q the
Ct he
Tn " e TSfnnf
TO be appointed by the President with the advice
Of the Senate. not more than FIVE to be from one
political and % OF ne SGna5 m Pres
dent Of the United States is satisfied that the canal
ton f from ocean to ocean by both mercantile and
naval ships Of as large size as can now be safely!
exceeding the cash proceeds Of the 500 600 900 OF
bonds The act provides for a board OF three
gineers to inspect the route OF the canal. examine
the engineering work. and certify to the full and
the board find a modification OF plans or location
necessary. they are directed TO report In full.
canal can be constructed In general accordance with
plans Of the Maritime Company and IN conformity
act the President shall direct that all proper steps
shall be Immediately taken to carry into effect the
provisions of this act. .... ..+ 4