Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-01-23
PROVISIONS OF THE BILL
500. 100000 Capital Backed BY United
Neutrality Is Guaranteed.

Washington, Jan. 22.-Thc Nicaragua
canal bill as it passed. continues the
name of the Maritime Canal Co
IL provides for the Issuance OF 900
0C0 shares of stock at 500 cacn The
Canal Co. is required 10 cah in all the
stock issued except that held by the Mic
araguan and Costa Rican governments.
The company Ii also required 10 redeem
and cancel all bonds and scrip heretofore
issued by the company and 10 satisfy ali
ca sh liabilities.
To enable the company to comply with
this requirement, treasury warrants -
the amount of S5.0G00D0 are authorized
with proviso to the effect that only 81
much OF the amount shall be paid rs
shall be required 10 pay the actual cash
value of the rights. privileges. franchises
and property at the time of the payment
the value to be determined by commas
sioners. to be appointed by the President.
This being done. the secretary OF the
treasury is authorized to subscribe for
the government of the United States.
The present members of the board Of
directors are then 10 resign and board
Of seven Is to be appointed in their stead.
consisting of i've on behalf Of the United
States and one each on behalf of Nica-
ragua and Costa Rica The directors on
behalf of the United States are to be APP
pointed by the President and confirmed
by the Senate No Two Of them are TO be
residents of any one state, and no person
who has heretofore been Interested in the
t1n3l 90. is 10 DE dppolifteh 10 inns ONCE.
They are also prohibited from being IN
terested in contracts on the canal.
Each Of the directors. except the prcs.-
dent, IL to receive salary of xsM per
year. and the president is TO have $6lDO.
All travelling expenses are to be paid.
Annual reports are required. There Is a
provision against declaring dividend ex-
cept upon the net earnings. The company
Is authorized TO contract for the compile
tlon OF the canal within six years. The
payments are restricted to s20,00o,0o0 an
nually.
The canal is to be made large enough
for the use of the largest ea-going YES
sells, at cost not 10 exceed the estimate
OF the. engineers and not TO exceed $1l3.-
W0.e00." This amount Is made a perma-
nent appropriation for the work. TO be
used as occasion may require. The bill
gives the government. lien upon the
property TO secure the repayment of the
moneys advanced and the President Is
empowered to declare forfeiture of the
property 10 the United States without the
necessity OF judicial or other ascertain
ment. Thereafter full title Is to rest in
the government of the United States.
The President is authorized to suspend
payments at any time. The President Is
or modification of the terms of the con-
eeSsion, either from the concessRonaires
or from Nicaragua and Costa Rica. In
case of failure in such negotiation the
President is empowered to negotiate for
another route across the isthmus. He Is
the abrogatfon of the Clayton-Bulwer
treaty or any other treaty found to be III
existence and standing in the way of the
construction of the canal.
The neutrality of the canal is guaran-
teed but the right to protect it against
Interruptions of business between the AT
lantc and Pacl.c coasts of the United
States is reserved.