The Elbert County tribune., 1899-01-26
CANAL BILL PASSED.
THE SENATE HAS AGREED rorr.
rhs aovsrnse.s WIN costrol fs-Iss xs.-
ts.iisy ousr.nsssd-Conditsous Of fhs
Issue Of Stock.

Washington, Jan. 23.-The Nicara-
qua canal bill, us It passed the Senate.
continues the name OF the Maritime
Canal Company. 1t provides for the
Issuance Of 1,0O0,O0O shares OF stock
Of 500 each.
The canal company Is required to
call In all the stock issued except that
had by the Nicaragua and Costa Rican
governments. The company is also re-
quired to redeem and cancel bonds
and scrip heretofore Issued by the
company and to satisfy all cash iiabiIi-
ties. To enable the company to COM
ply with these requirements. treasury
warrants to the amount Of 5000, 900
are authorized with 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 right,
privileges, franchises and property at
he time Of the payment, the value to
be determined by commissioners to be
appointed by the President.
This being done. the secretary Of the
treasury is authorized to subscribe for
$4,000 shares of the company's stock
for the government OF the United
Stntes. the present members Of the
board OF seven Is to be appointed. con-
sisting OF five in behalf of the United
stntes and one each In behalf Of MIC
nragua and Costa Rica.
The directors ON behalf OF the United
States are to be appointed by the Presi-
dent and confirmed by the Senate. No
two OF them nre to be residents OF my
one state and no person who has here
tofore been interested In the canal
company Is to be appointed to this Of
fice. They are also prohibited from
being Interested In contracts on the
canal.
Each of the directors. except the
President. ls to receive n salary of So
900 year and the President IL to have
$4,000. All travelling expenses are to
be paid. Annual reports are required.
There Is provision against declnr-
ing dividend except upon the net
earnings. The company is authorized
to contract for the completion Of the
canal within six years. The payments
are restricted to x2O,OO0,O00 annually.
The canal is to be lnrge enough for
the use of the largest sea-goIng vessels,
nt cost not exceeding the estimate of
the engineers and not to exceed S115.-
600, 1000"
This amount is made n permanent
appropriation for the work. to he used
as occasion may require. The bill
gives the government n lien upon the
property to secure the repayment OF
the moneys advanced and the Presi-
dent Is empowered to declare forfeit
ure OF the property to the United
States without the necessity okjudicial
or other ascertainment. The President
Is authorized to suspend payments Mt
any time.
The President is also authorized to
secure any change In or modification
OF the terms of the concession either
from the concessionaires or from Mic
nrngua and Costa Rica.
In case of failure In such negotiating
the President is also empowered to ne
gotiate for another route across the
lsthmus. He is 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 CON
struction of the canal.
The neutrality of the canal is guar
nntecd. but the right to protect It
ngninst the Interruptions of business
between the Atlantic and Pacific
coasts Of the United States is reserved