The Denison review. [volume] (Denison, Iowa) 1867-current, 1899-01-24

quired for the enterprise the treaty of
1850 ought, in justice, to be revised, so
as to allow the United States to control
Its own work. Under the Clayton-Bul-
wer convention the Americans would
be debarred from landing even cor
poral's guard of marines for the protec-
tion ofits property at either end of the
canal
Forecast of Britain's Attitude.
The attitude of the British govern
ment when properly approached and
asked to revise the treaty of 1850 in a
spirit of accommodation and comfy,
may be forecast with confidence. That
government has no desire to obstruct
the construction of the Nicaragua
canal. 1t wishes to have the canal
completed and opened as speedily as
possible, in the interest of the worlds
commerce. 1t prefers to have the
United States government undertake
the work because this is the only
method OF economical construction by
which the cost can be kept down and
low tolls secured.
Eiii as Passed by Senate.
The Nicaragua canal bill as it passed the
senate Saturday continues the name of the
Maritime Canal company. 1t provides for
the issuance of 1,000,000 shares of stock of
SOD each. The canal company is required
to call in all the stock issued except that
held by the Nicaragua and Costa Rica
governments.
The company is also required to redeem
and cancel all bonds and scrip heretofore
issued by the company and to satisfy all
cash liabilities. To enable the company to
comply with this requirement treasury
warrants 20 the amount of 600 are au-
thorized, with a proviso to the effect that
only so much of the amount shall be paid
as shall be required to pay the actual cash
value of the rights, privileges franchises
end property at the time of the payment,
the value to be determined by commits
sioners to be appointed by the president.
This being done, the secretary of the
treasury is authorized to subscribe for
s25.uO0 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 a board of seven is 10
five on behalf of the United States and enc
each on bshalf of Nicaragua and Costa
F3tca.
President to Appoint Directors.
The directors on behalf of the United
States are to be appointed by the president
and confirmed by the senate. No two OF
them are 10 be residents of any one state
and no person who has heretofore been In
terested In the capal company Is to be ap-
pointed to this office. They are also pro-
hibited from being interested in contracts
on the canal.
dent IS to receive salary of 5000 per year
and the president is to have $6,O0O All
travelling expenses are to be paid. Annual
reports are required There is provision
against. declaring q dividend except upon
the net earnings. The company is au-
thorized TO contract for the completion Of
the canal within six years. The payments
are restricted to s20000.00o annually.
The canal is to be large enough "for the
use OF the largest sea going vessels at cost
and not to exceed $115, 900, ,000" This amount
is made permanent 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 em-
powered to declare forfeiture of the prop
erty to the United States without the
necessity of judicial or other ascertain
ment. Thereafter full titles to rest in the
government of the United States. The
president is authorized to suspend pay
ments at any time. The president is also
authorized to secure any change in or mod
ification OF the terms of the concession
either from the concessionaries or from
Nicaragua and Costa Rica.
In case of failure in such negotiation the
president is also empowered to negotiate
for another route across the isthmus He
ts further requested to open negotiations
for the abrogation of the Clayton-Bulwer
treaty, or any other treaty found to be in
existence and standing in the way of the
construction of the canal.
Guarantee OF Neutrality.
The neutrality OF the canal is guaranteed.
but the right to protect it against the inter-
ruptions of business between the Atlantic
and Pacific coasts of the United States Is
reserved.