Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-01-23
THE NICARAGUA CANAL BILL.
Provisions of the Measure Passed by
the. senate,

TIL Nicaragua canal bill. as it passed the
Senate Saturday afternoon continues the
name Of the Maritime Canal Company. 1t
provides for the issuance Of 1,oOo.0p9 shares
Of stock Of SfGD each. The canal company
is required 10 call in all the stock issued
except that held by the Nicaragua 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 all cash liabilities.
To enable the company to comply with this
requirement treasury warrants to the
amount of SJVju.n0O are authorized. with q
pruyIso To the effect that only so much of
the amount shall be paid as shall be re-
gUIred to pay the actual casn value of the
rights. privileges. franchises and property
al he 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 j. authorized To subscribe for
!rJttN shares OF the company's stock for
the government of the United States. The
present members of the board Of directors
are then To resign and a board OF seven Is
To ne 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 to be appointed by the President
and confirmed by the Senate. No TWO Of
them are To- lie residents of any one state.
aud no person who has heretofore been in
=
pointed To this office. They are also pro-
hIHiJed from being Interested in contracts
on the canal.
Each OF the directors. except the presi-
dent, is to receive Il salary of $1,000 a year.
and the president is to have $4,000. All
travelling expenses are to be paid. Annual
reports are required There i a provision
against declaring Dividend except upon
thu net earnings. The company is author
lied to contract for the completion of the
canal within six years. The payments are
restricted To <2U.UOU.uOO annually The
canal is To be large enough for the use of
The largest sea-guIng vessels, at a cost not
To exceed the estimate OF the engineers and
NOT to exceed 1000 900" This amount Is
made "A permanent appropriation for the
work. 70 he used as occasion may require.
The bill gives the government lien upon
jhe property to secure the repayment of
the moneys advanced and the President is
empowered 10 declare forfeiture of the
property 20 the United States without the
necessity of judicial OF other ascertain
mtEt- Thereafter full title is 10 rest in the
goterHmeUt Of the United States. The
President l. authorized To suspend pay
meutS 81; any time. The President is also
authorized 20 secure any change in or mod
location Of the terms of the concession
either from The COucesSiUndircS or from
Nicaragua and Costa Iaca. In case Of
failure in such negotiatiOn the President is
also empowered To negotiate for arofh,r
route across the isjhmus.
Tie is further requested TO open negotia-
tons for the abroEaJidn of the CLAYTON
BU- "rr treaty or any other treaty found
to bee ia existence and standing in the was
o. tAr construction uf the canal.
THE neutrality of the canal is guaran-
tod uut the right Q" protect il against the
Interruptions II business between the At
H-riC and Pacific coasts of the United
Suites Is reserved.