The Penn's Grove record., 1899-01-27
NICARAGUA CANAL BILL
Senate Passes the Measure by an
Overwhelming Majority,
THE WATERWAY TO BE NEUTRAL.

@NS
posed Agreement With the Maritime
Canal ~Company-only Six Senators
Voted Against the BiIl-Cost of the
Work is Limited to s115, 100000.
wAsnIHaroN, D. C. (s~peclaD.-The Sen
ate on Saturday passed the Nicaragua
Canal bill. A number of amendments were
made to the bill, aud there were nnumer-
able short speeches during the day. There
was, however, no opposition to a vote
when the time came and a roll call de-
veloped only six votes in opposition to dnal
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 500 each. The canal company Is
required to call In all the stock Issued ex-
cept tina held by the Nloaraguan and Costa
Rican Governments. The company is also
required to redeem and cancel all bonds
and scrip heretofore issued bythe company
and to satisfy all cash liabilities. 10 en-
able the company to comply with ms re-
quirement, Treasury warrants to the
amount of SIS, 1000, 600 are authorized, with
"a proviso to the effect that only so mueh
of the amount shall be paid as shall be re-
quired to pay the usual cash value OF the
rights, privileges, franchises and properly
at the tint of the payment, the valueto pc
determined by Commissioners to pc APP
pointed by the President.
This being done, the Secretary OF the
Treasury Is authorized to subscribe Tor
025 900 shares of the company's stock Tor
the Government Of the United States. Inc
Board of Directors of the company is to
consist Of eleven directors, OF whom nine
80 - bn aanoEpFn1 h, fha praai1put Oftha
United States, one by Nicaragua ana 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 APP
prevail of the President OF the United States.
Is authorized to contract with responsible
persons, citizens of the United States. for
the construction, completion and equip
ment of the canal within a period OF six
years from the passage OF the act. Inc
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 Sis 600 600, which
amount is appropriated out OF the Treasury
of the United States and made q permanent
appropriation.
The neutrality of the canal is to be guar
anteed by the United States, and it is to
be used by all nations on equal terms as to
tolls. By an amendment adopted the Presi-
dent is given the widest power--in the event
OF the failure of the 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 a~brogation 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 Dem, Temp, Caffery
Dem, La, Cookerell Dem, Mo-, Mantle
(Sil., Mont.), Martin Dem, Va, and Smith
Dem, N. J.).