The Portland daily press., 1899-01-23
FOR the CANAL.
How the senate Passed the Nicaragua
Bfn.

unfinished business and continued with
out completion, the consideration of the
Indian appropriation bill. A number II
amendments were made on the Nicaragua
canal bill and thero were many short
speeches during the day. There was,
however, no opposition to vote when
the time came and roll call developed
only six votes In opposition TO final pas
sage The anti-scalping bill was taken
up on vote of % to 81, but no effort
was then made to continue its considera-
tion. The effect OF the vote was to give 1t
the first place on the calandar with the
understanding that it should not be
pressed In opposition to the peace treaty
or to the appropriation bills The Mica
ragua canal bill. as II passed. continues
the name Of the Maritime Canal COM
pany. 1t provides for the issuance of
l. 600. 600 shares OF stock at 500 each. The
canal company Is required to call in all
the stock issued except that held by the
Nicaraguan and Costa Rican govern
ments. The company is also required TO
redeem and cancel all bonds and scrip
heretofore issued by the company and to
satisfy all oash liabilities. To enable the
company to comply with this require
ment. treasury warrants TO the amount
Of IS, 600. 600 are authorized, with pro-
viso to the effect that only so much OF
the amount shall be paid as shall he re-
quired to pay the actual cash value of the
rights, privileges, franchises and property
at the time of the payment. the value to
be determined by commissioners to be ap-
pointed by the President.
This being done. the Secretary of the
Treasury is authorized TO subscribe for
925, 600 shares of the oompany's stock for
the government Of the United States. The
present members Of the board of directors
are then to resign and board of seven is
TO be appointed in their stead, 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 President and confirmed by the SEN
ate. No two of them are to be residents
of any one state and no person who has
heretofore been interested In the canal
company 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 a salary of 5000 per year and the
President is to have 50, 900. All travelling
expenses are to be paid. Annual reports
are required There Is provision against
declaring a dividend except upon the net
earnings. The company is authorized to
contract for the completion OF the canal
l rsKkxs -fr
restricted to $50, 100000 annually. The
canal Is to be made large enough "for the
use of large sea going vessels at cost not
to exceed the estimate of the engineers
and not TO exceed $4,000, ,000." This
amount is made n permanent appropria-
ton for the work TO be used as occasion
may rsquire.
The bill gives the government lien
upon the property TO secure the repay
ment of the moneys advanced and the
President is empowered to declare forfeit
ture of the property to the United States
without the necessity of judicial or other
ascertainment, Thereafter full title Is to
rest in the government of the United
States. The President is authorized TO
suspend payments at any time. The Presi-
dent is also authorized to secure any
change in or modification Of the terms OF
the concession either from the concession
aires or from Nicaragua and Costa Rica.
In case of failure in such negotiation the
President is empowered to negotiate Tor
another route across the isthlnus.
He is further required to open negotia
tions for tbs abrogation of the Clayton
Bulwer treaty or any other treaty found
10 bo In existence and standing in the
way of the construction of the canal.
1ke neutrality of the canal is guaran-
teed, but the right to protect 1t against
Interruptions of business between the At
lantic and Pacific coast of the United
states Is reserved
Among the brief talks made just before
the vote was an explanation by Mr.. TIL
man of his course yesterday. He said he
had undertaken 10 delay the proceedings
of the Senate because he had been denied
his rights as Senator aud to vipdicate
his position as such. He was not sorry for
what he had done in view of the adoption
of the Spooner amendment. He would
offer no further objection II the Senate
would consent to his having published
part of his remarks all the bills and
amendments on the Nicaragua Canal sub
ject since 1891 us he thought these would
show that the scheme was speculative
one. The condition was agreed to-
Mr.. Pettigrew also made a brief state
ment, saying that while he WAS unalterably
opposed 10 the bill, he would not at
tempt TO delay its passage. He advanced
the idea that in case of war one man
properly armed with dynamite might
blow the high embankments of the canal
to atoms and thus effectnally imprison
our navy In lake Nicaragua. He thought
that the money the canal would cost could
be more prottably expended.
At the close OF MIR. Pettigrew's re-
a. -.