Daily capital journal. (Salem, Or.) 1896-1899, 1899-01-23


bill resulted in its passage 4S to g.
The votes against the bill we're cast
by Bate, Calfery, Cockrell, Mantle,
Martin and Smith.
MAIN FEATURES OF THE BILL.
The Nicaragua canal bill, as IT
passed, continues the name OF the
Maritime Canal Company. 1t pre-.
vides for the issuance of 100000
shares Of stock at 500 each. The
canal company is required to call in
all the stock issued, except that held
by the Nicaragua and Costa Rlcan
governments. The company is also
required to redeem and cancel bonds
and scrip heretofore issued by the
company to comply with these re-
qulrements treasury warrants to the
amount OF $5,000,C)0 are authorized I,
with proYiso to 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 the time of
the payment, the value to he de-
termined by commissioners TO be APP
pointed by the president. This being
done, the secretary Of the treasury is
authorized to subscribe for 925, 900
shares of the company's stock for the
government of the United States the
present members of the board OF d.
rectors are then to resign, aud board
OF seven Is to be appointed, consisting
of five in behalf of the United States,
and one each in ,behalf of Nicaragua
aud Costa Rlca.
The directors on behalf of the
United States are TO been appointed
by the president and confined by the
senate. No two Of them are To be
residents OF any one state. and no
person who has heretofore be inter
ested 10 the canal company Is TO be
appointed TO this Office. They are
also prohibited from being interested
10 contracts on the canal. Each Of
the directors, except the president, is
to receive salary Of $5CC) year, and
the president is to have $4,000.
All the travelling expenses are TO be
paid Annual reports are required.
There is provision against declaring
a dividend, except upon the net earn.
ingS. The company is authorized TO
contract for the completion OF the
canal within six years The pay
ments are restricted to $4,000, 900
annually. The canal Is to be large
enough "for the use OF the largest sea-
going vessels, at cost not exceeding
the estimate Of the engineers, aud uot
TO exceed $4,000, ,000." This amount
Is made permanent appropriation
for the work, TO be used as occasion
may require. The bill gives the gov
ernment lien upon the property 60
secure the prepayment Of the moneys
advanced, aud the president is EN-
powered TO declare forfeiture Of the
properly to the United States with
out the necessity OF judicial or other
ascertainment.
The president is authorized TO sus-
pend payments at any time. The
president Is authorized to secure any
change in our notifications OF the
terms OF the concession, either from
the concesslonaires or from Nicaragua
or Costa Rlca. In case OF the failure
In such negotiations, the president Is
also empowered TO negotiate for
another route across the lsthmus. He
is further required TO open negotia-
tions for the abrogation of the Clay
trn-Bulwer treaty or any other
treaty found to be in existence, aud
standinG in the way OF the construc-
tlon of the canal.
The neutrality o. the canal is guar
anteed, but the right TO protect IL
against the interruptions of business
between the Atlantic and Pacific
coasts OF the United States Is re-
served.