The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-06-26

holders of the Maritime Cana Casnnany.
whose stock has been surrendered and
Cancelled
This bonus given 10 the comnary. the
offices OF the directors of the old company
shall then ee eedeciared vacant, except such
as represent Nicaragua and Costa Rica.
The new board shall consist OF eleven
directors. one each named By Nicaragua
and Costa Rlca. one by the stockholders OF
the maritime canal company and eight hy
the president of the United States. Not
more than four OF those named by the
president shall be of the same political
party. Their compensation shall be s. 600
year. Every director appointed oy the
president OF the United States shall make
apersonal inspection OF the canal al least
once year.
On the reorganization of this board the
secretary of the treasury shall have an
accounting with the old stockholders and
deliver TO them capital stock equal 10 the
amount they have already expended in
the construction of the canal. This sum
shalt not exceed 81 5oo.o .o00 The United
States reserves the right 10 purchase this
stock at par at any time. except that issued
10 Nicaragua and Costa Rica. Dividends
earnings. and shall never exceed per
cent OF the par value OF the stock. The
bonds issued 10 meet the expenses of con-
struclion of the canal shall he In den sm-
nations of not less than $50 nor more
than 81 900. and the total amount issued
shall not exceed $40, 900. coo. redeemable
in 1924, or at any time after 1904,
at the option of the United States.
has hon he xs~sl9 ~ J.
mortgage on the property OF the company.
This mortgage shall contain provision
for the payment of the bonds at maturity.
Upon the failure of the company 10 pay
interest on these bonds as it becomes due,
the treasurer of the United States shall
pay 1t and charge the amount aga inst the
company. In case default shall be made
by the company at any time before the
completion of the canal in the payment of
interest, or in any other respect, the right of
foreclosure shall at once attach in favor of
the United States without the necessity of
judicial proceedings. Provision is made
for the creation of sinking fund for the
liquidation of the principal and interest
of the mortgage out of the earnings of
the company. All dividends upon the
stock owned by the United States shall be
tinguishment of the debt.
The construction of tie canal is 20 be
under the supervision of United States
engineers. The act will be void il the
company fails to comply with the require
ments within nine mouths after its pas
sage.
Representative Mallory. of Florida.
made strong effort to have the amount
of capital increased from ss3, ,o0o, 900 to
500. .000, 900. In order to leave large mar
gin for possible contingencies, but the
other members of the sub-committee did
not favor the plan.
NEW ORLEANS, June 25.--In letter re-
ceiyed yesterday from Blueheids outlining
his position oncerning the Mosquito
reservation, President ~Zelaya discusses
the Nicaragua canal at some length. He
SAYS in part: II believe it opportune TO
say. now that they agitate this question
warmly in the United States, that the
government has the best disposition TO
enter into arrangements with the old
construction company, notwithstanding
that they, perhaps, Tor causes independent
of their will, we're not able TO comply with
one of the principal stipulations of the
contract. which was the cutting of the
canal. But 1t rests with the Americans.
. with whom our commercial relations have
been very close. The worlds commerce
needs it; Nicaragua will aggrandize her.
self with the opening OF this canal, and for
those considerations the government is
animated with the best intentions in favor
of this colossal enterprise"
Commissioner Zelaya states that he IL
going TO Greytown. The general impress
sion is that he will be superseded by
commissioner who will be more acceptable
to the government of the United States.
The present government is very much IL
need of money. and the signed agreement
Of the merchants not To pay any more
duty. except in the scrip of the Mosquito
government, will result in the complete
financial ruin of the provisional govern-
ment.