The San Francisco call., 1896-01-10
Senator Perkins Fighting in
Congress for the Nicara-
guam Waterway.
EFFECT OF MONROE DOCTRINE.
A New Character Given the Great
International Canal-Text of
the Perkins Bill.


the world, has aroused a new interest IN
the Nicaragua canal, and. in fact, given
the canal a new and interesting character.
At the same time the bill introduced by
Senator Perkins, calling for construction
of the great waterway and providing for
financial questions involved in the scheme,
has added still more to direct attention to
the canal.
Captain William L. Merry, the Nicara-
guam Consul, stated yesterday that many
Senators and Congressman had announced
they would push Senator Perkins bill and
make a vigorous fight for the adoption OF
the measure.
There has sprung up strong feeling"
said Captain Merry, "that the canal should
be built without delay. The Monroe doc
trine has brought it to the front. About
all that keeps back debate on Senator
Perkins bill is the report of the Nicaragua
Canal Commission, submitted to President
Cleveland last November. But that Is
looked for every day now, and, Just as
soon as it IS laid before Congress. then the
Perkins bill will be taken up. l am In
formed that the commission recommends
the appropriation OF $3.50, 600 and eighteen
months time for a survey. The route has
been surveyed eleven times already, ana
Professor Davidson tells ME that the sur
vey could be finished III seven or eight
months. 1t looks as if {. 2. huntington
was in it, sparring for delay, and that
Huntington is fignting the canal with all
his force and skill"
It is understood that the Chamber OF
Commerce OF this City will, at its
meeting on the 14th inst, adopt petit
ton urging Congress 10 prompt action on
the Nicaragua canal question, and setting
forth that the abandonment OF the project
to a foreign power would be an absolute
violation OF the Monroe doctrine.
Senator Perkins bill is an amendment
to the bill introduced by Senator Barham
and entitled "A bill TO amend an act en-
titled An act to incorporate the Maritime
Canal Company OF Nicaragua 1t begins
as follows:
Be it enacted by the Senate and House of
Representatives of the United States OF Amer
lea in Congress assembled that the capital
stock of the Maritime Canal Company of MIC
arAgua shall consist of 1000, 900 shares of
$3.50 each, and no more.
Sec ,. That the words "the Nicaragua
canal" whenever used in this act or the act TO
which this is an amendment, shall be held to
include all real and personal property and
franchises, railroads, piers, channels, dams,
locks, embankments and other works neces-
ssry for or incidental to the construction,
equipment, maintenance and operation of the
said interoceanic canal, or that may be made
or under its authority by virtue of the SAID act,
and the concessions granted or TO be granted
by Nicaragua and Costa Rica.
Sec. 3 That If the Maritime Canal Com
pany of Nicaragua SHALL within nine months
from the passage OF this act, show to the salts
faction Of the Secretary of the Treasury that
all the stock OF the Maritime Canal Company
OF Nicaragua heretofore subscribed for or is
sued, except that heretofore issued 10 the States
OF Nicaragua and Costa Rlca has been called
IN, returned 10 and csnceled by the treasurer
otthe company, so that none shall remain out
standing; and that all bonds issued by said
company and obligations to deliver bonds,
have been redeemed and Cancelled; and all
liabilities OF the said company have been salts
hedi and all contracts and agreements hereto
fore made, including all contracts with the
Nicaragua Canal Construction Company, have
been Cancelled; and before any bonds are de-
hVered or any money appropriated by this act
IS paid; and after the surrender and return to
the trea Surer of the company of all stock that
may have been issued; ana after the surrender
and cancellation CT all bonds, bond scrip and
obligations 10 issue bonds, the satisfaction OF
all debts and Liabilities OF said company, and
the cancellation and eXtinguiShment OF all
contracts and agreements of said company
with individuals or corporations, except the
concessions from Nicaragua and Costa Rica,
but includingi its contracts or agreements with
the Nicaragua Canal Construction Company
for the construction OF said canal, as is pro-
vided for in this act; and after the acceptance
OF the provisions OF this act by resolution
of the stockholders of said company at a meet
ing duly called and held for this purpose,
distribution and disposition of the capital
stock OF the said Maritime Canal Company of
Nicaragua shall be made by the officers OF the
company as follows. to-wit:
five hundred shares of the capital stock of said
company at the par value thereof shall be
issued to the United States in absolute owner
ship in consideration ior its aid in construc-
tion OF said canal as provided in this act, and
the said stock, so TO be issued, shall be full
paid end nOn-asseSsable, and shall be deposited
in the treasury OF the United States.
Second-That $4,000 shares of the said capi-
tai stock at the par value thereof shall be issued
10 the Government of the republic OF Mica
ragua, and 1o.500 shares of the said stock al
the par value thereof shall be issued to the
Government of Costa Rica, according to the
terms OF their respective concessions thereto
That to enable the Maritime Canal Company
20 take up, cancel and eXtinguish all issues of
TO the Governments of Nicaragua and Costa
Rica, and all outstanding obligations for
stock, bonds OF bond scrip heretofore entered
into by said company, the stock of
said company, with the approval of 1.-THE
Secretary of the Treasury, shall be issued TO
such person or persons as may be designated
by the stockholders OF said mpany, not to ex-
ceed in the aggregate 10000 shares of the
capital stock thereof, which stock shall be nom
assessable. The amount OF the stock to be
issued shall be finally determined by the Sec
retary Of the Treasury, on principles OF justice
and equity, but shall not exceed 10 00G shares
Section provides that upon the issuance
and delivery OF the stock the places OF
directors except such as represent Nlcara-
qua and Costa Rica shall become vacant;
that there shall be eleven directors, one
each appointed by Nicaragua, Costa Rica
and the stockholders, and eight by the
President OF the United States, who shall
be American cit zen. No United States
directors shall own or control any stock or
pecuniary interest in the comuany or be
in any way interested in contracts OF the
company. Not more than four directors
can oe appointed from one political party.
Section provides that at their first
meeting the American directors shall dI:
vide themselves by lots into three classes,
to hold Office for TWO, four ana six years
respectively, and until their successors are
appointed and qualified. Six directors
shall constitute a quorum.
Section o provides that their compensa-
tion shall be 5000 year, except the presi-
dent, whose salary shall be $4,000; ana that
al their actual travelling expenses are to
be paid. The directors shall hx the sal
ages and compensation of all their en-
pIoyes, agents and managers, including
engineers not detailed for duty by the Sec
retaTy Of War
Every American director shall visit the
canal and make personal investigation
OF the works al least once year and re-
mort yearly IN tht. President Of the United |