The times. [volume] (Washington [D.C.]) 1897-1901, 1899-01-22
MORGAN Wins THE Fight
CONTINUED from First Page.l

| Continued from First Page.l
| ate formally for the last time, and the
| Chair asked If there were other amend
| ments. None being offered the bill was
put upon its final passage and agreed 10
| without yea and nay vote being taken.
Nr. Vests Demand.
Mr.. Vest, who was absent from the
| chamber. came in about five minutes after
the bill had passed, and demanded that the
vote be reconsidered and Senators be al
lowed the privilege of recording them
| selves on the measure. He said it had been
charged that Senators who were opposed
to the Peace Treaty had delayed action
on this bill.
He denied that charge and said he want
| ed the privilege of recording his vote
| against this measure. the idea of passing
bill of so great Importance without a
| quorum in the Senate he declared, was
unprecedented.
| Mr.. Morgan Immediately moved for a re-
| consideration of the bill and vote was
taken, resulting in IS Senators voting for
the bill and against it. When Mr.. Vests
name was called he announced that he
| could not vote on the bill, as he was paired
with an absent Senator.
The measure as it passed the Senate,
with the amendments, is as follows:
bill TO amend the act entitled AN act
to incorporate the Maritime Canal Com
pany of Nicaragua" approved February
20, 1889, and TO aid in the construction
OF the Nicaragua Canal.
Be it enacted by the Senate and House
of Representatives OF the United States of
America in Congress assembled, That
the capital stock of the Maritime Canal
Company of Nicaragua shall consist of
LOCO, 900 shares OF 500 each, and shall be
nonassessable, and no more than this num-
Der of shares shall be issued except by the
consent of Congress.
Sec. .. That the words the Nicaragua
Canal, whenever used in this act, or the
act 10 which this is an amendment, shall
be held TO include all real and personal
property and franchises, railroads, trans.
telegraphs, telephones, vessels, piers,
channels. dams, locks, entertainments, and
other works necessary for or incidental TO
the construction, equipment, maintenance,
and operation of the said interoceanic
canal made or that may be made by the
Maritime Canal Company of Nicaragua,
or under its authority, or under the au-
thority of the United States, by virtue of
acts and the concessions granted or TO be
granted by Nicaragua and Costa Rica, or
either of said states
Sec. 3 That in consideration of the pro-
visions of this act, and as soon after its
acceptance as is practicable, the Maritime
Canal Company of Nicaragua shall call in
and cause 10 be returned and surrendered
20 and Cancelled by the treasurer of theCom-
pany all of the capital stock of the corpo-
raticn heretofore paid for or partially paid
for or issued and now outstanding, ex-
cept that reserved TO the republics of
,h~,r
spective concessions, and shall redeem
and cause to be surrendered and Cancelled
all bends and scrip for bonds heretofore
issued by said company, and shall satisfy
and discharge all cash liabilities of said
corporation and all existing construction
contracts heretofore made by said COM
pany. or shall make ample provision for
such surrender cancellation. redemption.
discharge and satisfaction; and persons
who have partially paid upon said stock
subscription shall be considered as entitled
to relief under this section to the extent
of the partial cash payments, respectively.
That to enable the said company to pro-
vide for such surrender cancellation, re
demption. discharge. and satisfaction. and
in consideration therefor there shall be is
sued and delivered to such person or per-
sons as may be designated by the stock
holders Of said company, other than the
or by majority thereof. warrants OF the
Treasury of the United States. which the
Secretary Of the Treasury is hereby au-
thorized TO cause to be issued to an
amount not exceeding at their par value
the sum of five millions OF dollars which
said amount in such case shall be fixed
and determined by three commissioners by
principles Of justice and equity so as to
provide fair compensation OF the rights,
privileges, and franchises now owned by
the said company and the reimbursement
oil all expenses made heretofore by the said
company in reconstruction of the canal
or in any way incident thereto: Provided,
That for all compensation or reimburse
ment Of every character only such sum
not exceeding five millions of dollars. shall
be paid as the rights. privileges. fran
chiSes, and property are actually worth In
cash at the time of such payment.
Nothing in said act shall be construed
10 authorize the payment TO said company
or TO any other person or persons gre Iter
sum than the value of such property as
ascertained by the commission herein
named, nor shall any warrants be de!iy-
cred until such commission has reno ted
such value. Said commissioners shall be
appointed by the President of the United
States, and shall not in any way be in
terested in the Maritime Canal Company
cession relating TO the Nicaragua Canal
Any two of said commissioners agreeing
they shall report to the Secretary of the
Treasury the sum they shall have agreed
upon just and equitable compensation
for the property, rights, privileges, fran
chises. and expenditures aforesaid and the
Secretary Of the Treasury shall thereupon
issue and deliver to the persons designated
by the stockholders as above provided an
= e uafH
aforesaid equal al their par value to the
sum so fixed and determ ned by said COM
mlssioners. Said commissioners shall
have authority TO examine witnesses under
oath touching the matters to be deter
mined by them, and such oaths may be
administered by either of them. In case
of the failure. within three months from
the passage of this act. TO call in and can
eel all of the stock or bonds or bond scrip
ing, as is herein required, the Secretary
of the Treasury shall retain In the Treas
ury, in lieu of obtaining such cancella-
ton, an amount OF the warrants to be is
sued under this section which shall be
equal to the value of the said stock and
the bond scrip of said cmpany then out
standing, the cancellation OF which can
not be procured. Such warrants shall be
held by the Secretary Of the Treasury aud
exchanged by him for said cd stock and
bonds or scrip then outstanding uSon the
surrender of the same for cancellation by
the holders thereof. Provided always