The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-21
THE NICARAGUA BILL
Text of the Measure Awaiting
Death i'm the Senate.
7 PROPOSES GOVERNMENT Al,.
Il sehems That Would Esdaee Profits
Of Crest Railroads by Establish
fag Nsssr Csmp~sisaons

son Ia t3e senate.
Be 1t essacfea. etc. That the capital
sock Of the Maritime Canal Company 81
Nicaragua egail consist OF loo ssEa shares
Of s1ea each. ar1d no mare.
Gee. ? That the words "tae Nicaragua
ca7a5." whenever sssoi ia thia ac.. or the
net 10 which fhis 10 as amendment, shail
be held 10 lnclsae al real ard personal
property and franchises. railroads. piers.
cisanness. dams. locks. entertainments and
other works necessary for or snclssatal TO
the construction. egssipnesas. maatssts nance
ard operation OF the said iEteroes2nlc
eapas, made o. that may ne made ~ the
Maritime Canal Company 81 Nicaragua.
or sirsser It's authority. by virtue &c the
s4ga acts and the concessions granted or
10 be granted ~ Nisaragaa and Costa
Eteg.
Sec. O. That In consideration Of the pro-
visions Of this act. and before any bonds
are ssztieS under the provisions thereof.
al the stock OF the Maritime Canal Conn
pans OF Nicaragua heretofore subscribed
Tor or ISSUED, except ag in this act pro.
yided, shall be gsssed in, cance1sd. and re-
stored to The treasury o. .ae company. 30
that none shall remain outstanding: an
bonds ssuesi b. SAID company and obliga-
xiens to deliver bonds shall be redeemed
s'ssd canceied. all outstanding liabilities OF
ala company shall be satisfied. and all
contracts and agreements heretofore
male. rot consistent with the provisions
OF this act. shall be Cancelled. TO the salts
faction of The secretary OF the treasury, ii
being the intent ard object OF this act to
secure the construction OF the Nicaragua
canal by the said company. With he aid
OF the United States and under the gem
erai supervision OF the secretary Of the
treasury. TO the extent herein provided,
upon the basis OF the concessions Of Near
aqua and Costa Rica now owned by said
canal company, as far as practicable, at
ifs actual cost
Sac. T. That To secure the means TO
construct and complete said canal, and
70 meet the expenditures made On ac-
eouns thereof. the said Maritime Canal
Company, of Nicaragua. Is hereby au-
fherized TO Issue either coupon or regis
tered bonds. or both. OF the said conf
pany. In denominations OF not less than
so nor moro than $3.50. to an amount
not exceeding s19noo.0eo to be dated on
the fst day OF January. 1884, TO be payable
on ti1a ist day of July. 1924, bat redeem
able at the pleasure OF the United States
at any time after the LIST day of July.
1904. with interest at the rate of per
cent. per annum. payable quarterly on
the lat day of April. July, October and
JanaarJ os each year. from the delivery
or the bonds to said company by the sec
retar.' of tho treasury from time to time
as In thig act provided: Provided. That
prior t. tie Isl dap of July. ise!. no
bonds 50 irsdorsed shall be- issued from
the treasury III excess Of SO, aaa.es,. and
on or before said date the president of
the United States may a any time sus-
pend the ISSUE OF said Endorsed bonds UNI
Ill congress. beiny informed by him of
the reasoas fer such suspension. shall
otherwise direct.
And sail bonds shall be secured by
first mortgage On It's property and rights
OF property now existing or hereafter
acquired of all kinds and descriptions.
real. personal and mixed: of ALI fran
chisea and rights OF the said company.
including Us rights and franchise 10 be
corporation. sreh mortgage shall con-
tain a provision for a sinking fund suigi-.
Client for the payment OF such bonds al
maturity. Saef. mortgages shall be SO
framed az u IL valid as q: first lien UNI
der tie laws 81 Nicaragua aud Costa
Riea. The form and sufiiciency of saeh
mortgage AZ the first lien upon the Mica
rAgua canal and Of tha provision for the
sinking funi shaft. before execution. he
approved by the attorney general Oh the
United States. and the trustees named
IN saeh mortgage shall be approved by
the secretary Of the treasury. and
such mortgage shall be duly executed
Ia tsinlirate by The officers of said eom-
rsfsy Assi such mortgage shall be re-
.orfef tn the office of the secretary of
the tgeaanFy in Washington. and In the
rfopss eiheea is Nicaragua and Costa
Rlea - be designated by the said states
Sc. .. That the said mortgage bombs
fAsll be PREPARED. engraved and printed
at the bureau Of engraving ana printing
IN TIRE ssty OF Washington at the exnense
OF said Maritime Canal Company of Nc.
srassas ani, after being duly executed
h. the officers - said company. shall he
deposited In the treasury of the limited
States al Washington. aud shall be *
sued hs the secretary Of the treasury
fFeSe tine T. iinss 10 the said Martins,
sesal Company OF Nicaragua only as
tae work an the Nicaragua ~sz.,ai pro.
SEssses. "a hereinafter provided.
Before she Issue cf said bonds bv The
secretary 81 The treasury he shall .-ause
~ Be engraved ana printed ard duly ex-
scatea ea each & said boasiS the g,sarsn-
IS Of the United states IN accordance
with such regulations "a may he nreser5b.
81 By che president II &hs, uasfea states
II TIA wefds ana figures following. 10
wit;
''The tinltei States Of America guaran.
fssS % The iawfsil heisssr es this hsna the
payment b the Maritime Canal COMPANY
~ Nicaragua % the rrin%saal ~ zatA
bends ana ;he interest aeora1nS thereon
and rs Il accrRes"
And 10 hoals shah be Issued lev the
Fala company except as provided Cor Ia
this act
ARA the secretary Of the treasury IA
heesay authorized Sn1i directed il the IN.
terest on said bonds as L hecanaes due
l. not paid tuto the treasury of xhe t.usts.s
STATS by tie Maritime ctaat COMPANY
of NtaTsssaa. n pay gae sauae. ana ire
sum required far that narp,ss Is hereby
eraaensiakea. oat ~ arsy money - sha
treasury nst Otherwise appropriated. Ana
al payments 81 principal az saia bonds
or tae interest sfssfosu. SHAH &c srzs4s
shsonsh the treasury 81 tho United
StAtss
The Maritime cssal Company Of Me-
aFassAe shalt PAS tire Interest On sAs
guaranteed Esesssls herein pyavlsiesi as u
becomes ssae laEe tie treasury - the
1asied States and tae guaranty 81 TIE
tessTSi States shall aas ~ 1aesgs OF con.
ssFaea as iesssasng lAs. hastily - sal
sNassasS IS the principal cnl.ser ID sast