The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1899-02-08
NICARAGUA CANAL BILL
Senate Passes the Measure by an
Overwhelming Majority.
THE WATERWAY TO BE NEUTRAL.

The Provisions OF the Governments Pro-
posed Agreement With the Maritime
Canal Company-Only Six Senators
Voted Against the Bill-Cost of tho
Work is Limited to S115,0O0,OO0,
WARRINGTON, D. c. (speciaD. The Sen
ate on Saturday passed the Nicaragua
Canal bill. A number Of amendments we're
made to the bill, aud there were innumer-
able short speeches during the day. There
was, however, no opposition to vote
when the time came and a roll call de-
veloped only six votes inopposition to final
passage.
The bill, as 1t passed, continues the name
Of the Maritime Canal Company. 1t pro.
vldes for the issuance OF 1000, 900 shares Of
stock Of 800 each. The canal company Is
required to call In all the stock issued ex-
cept that held by the Nicaraguan and Costa
Rican Governments. The company is also
required to redeem and cancel all bonds
and scrip heretofore issued by the company
and to satisfy oil cash liabilities. To en-
able the company to comply with this re-
qulIemeut, treasury WalIautS ~ tno
amount OF s5 ,0O0, 900 are authorized, with
& proviso to the effect that only so much
OF the amount shall be paid as shall be re-
quired to pay the usual cash value OF the
rights, privileges. franchises and property
at the time OF the payment, the valueto be
determined by Commissioners to be ap-
pointed by the President.
This being done, the Secretary OF tho
Treasury is authorized to subscribe for
925, 900 shares OF the company's stock tor
the Government Of the United States. The
Board OF Directors Of the company Is to
consist OF eleven directors, OF whom nine
are to be appointed by the President OF the
United States. one bY Nicaragua and one
by Costa Rica. Directors appointed by
the President are not to be interested In
any way in any contract connected with
the construction or operation OF the canal.
The directors are each to receive $4,000 per
year, except the President OF the Board,
who Is to receive $4,000.
The company, with the consent and ap-
proval Of the President ofthe United states,
Is authorized to contract with responsible
persons, citizens OF the United States, Tor
the construction, completion and equip
ment OF the canal within period OF six
years from the passage OF the act. The
work Is to be under the constant and i'm
mediate supervision OF the engineer de-
partment OF the United States army and is
not to exceed In cost S115, 900 900, which
amount Is appropriated out OF the Treasury
Of the United States and made O permanent
appropriation.
The neutrality OF the canal Is to be guar
apteed by the United States, and 1t Is to
be used by all nations on equal terms as to
tolls. By an amendment adopted the Prest-
dent is given the widest power-in the event
OF the failure Of tho present canal project
to negotiate for the control OF and for
the right to construct and perpetually con-
troll some other canal connecting the At
lantlc and Pacific. The President Is re.
quested to negotiate for the abrogation OF
any treaty obligations that may in any way
interfere with the ownership and perpetual
control OF such canal.
The six votes against the bill were cast
by Senators Bate Oem., Tenn.), Cafery
Oem., La.), Cockerell Cd en-, Mo. J, Mantle
(sil., Mont Martin % en-, Vs.), and Smith
(Dem., N. J.).