The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-01-23
NIoARAGUA CANAL RI1L PASSED.
Fight Against 1t ia ssennte Collapsed
Suddenly,

against the passage of the Morgan Nj
caragua canal bill collapsed suddenly in
the senate Saturday afternoon, that
measure being put on its third reading
and approved without even the formal
ity Of roll call. Mr.. Pettierew was
the last senator to speak. The bill was
passed without opposition and a gen.
eral sigh Of relief was heard through
out the chamber, and the regular busl-
ness was resumed.
PROVISIONS OF THE BILL.
The Nicaragua Canal bill, as passed
continues the name of the Maritime
Canal company. 1t provides for the Is
sue of 100000 shares OF stock of $500
each. The canal company is required
to call in all the stock issued except
that held by the governments of Mica
ragua and Costa Rica. 1t is also re-
CURED to redeem and cancel all bonds
and scrip HERETOFORE issued and to salts
| fy all cash liabilities To enable the
company to comply with these require
ments treasury warrants to the amount
or S5,OOO,O00 are authorized, with a pro-
Viso to the effect that only so much of
| the amount shall be paid as may be re-
quired to pay the usual cash value Of
the rights, privileges, franchises and
property at the time of the payment
the value to be determined by commits
sioners to be appointed by the presi-
dent.
This being done, the secretary of the
treasury is authorized to subscribe for
925,0oO shares of the company's stock for
| the government of the United States
The present members of the board OF
directors are then to resign, and Il
board of seven is to be appointed in
their places, consisting of five on behalf
of the United States and one each on
| behalf of Nicaragua and Costa Rica.
The directors on behalf of the United
States are to be appointed by the pres
| ident and confirmed by the senate. No
! two of them are to be residents of the
| anne state, and no person who has here
tofore been interested In the canal COM
pany is to be appointed to this office.
They are also prohibited from being In
| terested in contracts on the canal. Each
| of the directors except the president is
| to receive $4,000 a year, and the prest-
dent is to have $4,000. All travelling ex-
penses are TO be paid. Annual reports
are required. There is provision
against declaring dividend except on
the net earnings.
The company is authorized to con-
tract for the completion of the canal
within six years. The payments are re-
stricted to $20,000,000 annually. The
| canal is to be large enough for the
use of the largest seagoing vessels, at
cost not to exceed the estimate of the
engineers, and not to exceed $115,000,-
000.' This amount is made perma-
nent appropriation for the work, to be
used as occasion may require.
GOVERNMENT LIEN ON THE
PROPERTY.
/ The bill gives the government a lien
on the property to secure the repayment
of the money advanced, and the presi-
dent is empowered to declare forfeiture
of the property to the United States
without the necessity of judicial or 9TH
err proceedings to ascertain it's value.
/ Thereafter full title is to res. in the
government of the United States The
president is authorized to suspend pay
ments at any time, and also to secure
any change in or modification of the
terms of the concession either from
the concessionaries or from Nicaragua
and Costa Rica. In case of failure of
such negotiations, the president is en-
powered to negotiate for another route
across the isthmus. He is further re-
quired to open negotiations for the alb
rogation of the Clayton-Bulwer treaty
or any other treaty found to be In ex-
istence 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
Atlantic and Pacific coasts of the Unit
ed States is reserved.
ANOTHER AMENDMENT ADOPTED
When the canal bill was laid before
the senate the pending question was on
the amendment of Mr.. Spooner. 1t was
accepted by Mr.. Morgan and agreed to
by the senate. 1t is as follows:
to secure from the governments of Nc
aragua and Costa Rica such conces-
sions as will enable the United States to
build and perpetually own and control
said canal, the president is authorized
to negotiate for control of or right to
construct, maintain and perpetually
control some other canal connecting the
Atlantic and Pacific oceans, for the alb
rogaton or modification Of any or all
treaty obligations, if any such exist, as
shall in any wise interfere with the con-
struction, ownership and perpetual con-
troll of any such canal; provided that
no payments shall be made under the
provisions of this act to or for the bene-
fit of the stockholders of the Maritime
Canal company, or for any Of its prop
erty, unless the president shall decide
to construct CAM under the conces-
sions granted to said company.