The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-01-23
rHE NIcLRharA ciK.L.
n nit 70 s-eure 1ts Coustruetiou vie, a..
Aid OF the Entted st.t..

- wv 70 secure NH Coustruetiou WITH a..
Ava of the Gntted States
WASHINGTON. Jan. 22.--In the Senate tad.
Mr.. Morgan introduced a bill amendatory y,
the act Incorporating the Maritime Cans,
Company OF Nicaragua II fixes the cani,,i
stock at 900 OC0 shares Of 500 each ara
requires that in consideration OF this act All
stock heretofore subscribed or issued. .xc.r,
as provided in this act shall he cancelled ana
restored to the treasury OF the company ana
all bonds issued and obligations to deiivo,
bonds ehall be redeemed and cancelled All
outstanding liabilities satisfied al sontr,c,,
not inconsistent with the provisions OF ,ht,
act be cancelled. II being the intent and ob,.,,
of this act TO secure the construction DIN,
Nicaragua Canal bv the said COMPANY win
the aid OF the United States to tho eItent al
out in the act upon the basis ofthe concession,
Of Nicaragua and Costa Mica. The compsn,
Is authorized to Issue bonds to an Amoun,
not exceeding S7O.O0J.00O. bearing date a,
Jan. /. 1894. to be payable Jan l. 1884. bat 70.
decmnble at the pleasure OF the United stas,
any time after Jan. j. 1904 with interest A,
three per cont. provided that prior to July /
1897. no bonds shall DO paid from the Trea.
ury in excess OF $40 OuOOO and on or before
that date the President OF the United Sist..
may at any time SUSPEND tho issue OF said en-.
dorsed bonds until Congress. being informed
by him OF the reason OF such suspension shall
otherwise direct.
After providing for the protection N IN.
United States in the matter OF the bonds au.
thorlzed to be Issued. q number OF entirely
new sections are added. providing that after
tho passage OF this act. and as soon as the
com pany shall cancel its outstanding bonds
debts, &c. and after the acceptance OF the
provisions Of this act by resolution OF the
eta hnl1 diatr nd liar
tho capital stock shall be made as follows.
First-Seventy million dollars OF the capital
United States In consideration o. it's guarantee
OF the ponds OF the COMPANY. this stock to 10
full paid and non -asaeesahle and shall Le do.
posted In tho Treasury OF the nited States
Second-Six millions at tho par value TO 10
issuedto the Government OF Nicaragua aud
Government OF Costa Rica. according to the
terms OF their respective concessions.
1t i. provided that in in s0mpe,ns"t9n 70,
under previous acts there shall be set aside
and paid by the company to the proper per.
the aggregate cash expenditures. that shall
be nscertained and determined by tho Secre-
saIs al ,ns 81 snc sst , tss' shs Is
case. exceed sU5OO.O0D at the par value Of tho
stock. and shall be Immediately applied to
The remainder OF the stock. amounting 10
not less than sixteen mil ions, is to be applied
and II it ia i'm possible to dispose Of this stock
at par. the Secretary OF the Treasury is
directed. upon application OF tho Board ot
Directors. to deliver to the company bonds
to the rar value Of s1.o00,oo0, the proceeds 10
be used exclusively as a working capital
Ten OF the fifteen directors OF the company
are to be appointed by the PRESIDE with the
advice OF the Senate. not more than five to bs
from one political party: and none OF the
bonds provided for are to be del vered to the
company until the President Of the United
States 10 satisfied that the canal can be com.
from ocean to ocean OF both mercantile and
naval ships OF as large size as can now be
safely passed through the Suez Canal. and at a
cost not exceeding the cash proceeds OF the
SlOO, 900. 900 OF bonds.
The act provides for Board ri three on.
Ginpers to in pect the route Of the canal, exc
anime the engine ering work. and certify to the
full and detailed estimates OF the work to be
done. Should the Board find a m oditicaton Of
plans or location necessary. they are directed
to report in full. Should a majority OF the
Board report that the canal can DO con strurtsd
in general accordance with plans Of the Mari.
time Company and conformahy to the llmita-
tons and conditions contained In this act. the
President shall direct that all proper stems
shall he in, mediately taken to carry into offeot
the provisions OF this act.