The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-11-17
the NICARAGUA CANAL CHARTER.
Warner Miller Explains to the Vermont
LeHIslntnre the Present STAFF Of AHairn.

MONTPELIER, Nov. 16.-Two bills. one in th,
Senate and one in the House, to Incorporate tn,
Nicaragua Company are before the Legislator,
Of Vermont. Tho bills give u specific chartel
for a company to construct an inter-oceanit
canal from the Atlantic TO the Pacific Ocear
through the republics Of Nicaragua and Costs
Rica. The incorporators named In the bills mr.,
John II. Bartlett. Smith VI. Weed, Henry J.
Rowland. Richard l., Edwards. john J. Emery
wilhelmus Myndcrsc. and r.. X. Sibley.
The Committees on Corporations. to which tho
bills were referred, gave a hearing tonight al
which Warner Miller OF lierkimer, y. v; Alex.
ander T. Mason. and VI. Van Rensselaer, OF New
York, attorneys OF the old company. were pres.
ent.
Col. franklin Fairbanks Of st. Johnsbury, VT.
one Of the directors Of the old company, was also
present. Mr.. Miller talked TO the committees
for an hour explaining the reasons for asking
for the charter and giving n general description
OF the work TO be undertaken BY the COMPANY.
This company il TO take the place OF the
Nicaragua Canal Construction Company, char
tered by the Legislature of Colorado. which went
into the hands of n receiver last Angus. That
construction company was building the Near
agua Canal under a contract with the original
Maritime Caral Company Of Nicaragua, char
tered by the Vermont Legislature in 1883, and
by the United States in 1880.
This original company Is the one which oh
tanned the important concessions from the re-
pubic OF Nicaragua. A charter II now asked
from Vermont because A. is the only Legisla-
once to issue its stock. float its bonds, pay its
debts. and resume its work,
MIR. Miller explained TO the committee that no
other state had n general law OF incorporation
under which a charter broad enough to carry on
the work could be obtained. The limitations Of
the colorado company continually hampered
the company in its work. Another reason for
coming To Vermont for its charter was because
ex-senator Edmunds, Senator Morrill,. Senator
Proctor, and other prominent Nermonters were
friendly e or Interested in the enterprise.
The capital stock OF the company is placed at
$4,000, 900, with the privilege ot increasing II.
The holders of stock In the old company have
turned In all but 1000 out Of 100, 900 shares,
to them In payment for their old stock. On the
old stock an assessment has already been paid.
The remainder Of the capital is to be used in the
prosecution OF the work on the canal.
Mr.. Miller said the time limit on the conccs-
sions was rapidly expiring and the Committee
once. In answer TO a question why a private
corporation was doing q work Of this magni-
tTde, tho naturally ni,ysd a s WSrs t. he mndertaksn
Miller said 1t was entirely the fault OF
the Government. The company stood ready at
made n proposition whereby the Government
might own the canal without the expenditure
of a cent. The proposition was for the Govern
ment TO guarantee the company's bonds for
canal.
powers, OF which this IL an instance:
To do every act. work. or thing OF ev-
cry name, and nature whatsoever, neces-
rectly or, indirectly. remotely or Immediately
connected with the construction, maintenance,
and operation of said canal and ali
work or works authorized or intended TO be au-
thorized under any concession or contract Civ en-
TO or made with the said company by any body,
corporations. or associations OF individuals"
The influence OF the Vermont men interested
committees already think IL will be an honor TO
the state to charter such n company.