The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1899-01-27
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Nicaragua Canal Assured.

WASHINGTON, Jan. 21.-The senate
today passed the Nicaragua canal bill.
A number of amendments were made
to the Nicaragua bill and there were
innumerable short speeches during the
day. There was however, no opposi-
ton to a vote when the time came,
and a roll call on it developed only six
votes in opposition to final passage.
The Nicaragua canal bill as it passed
continues the name of the Maritime
Canal Company. 1t provides for the
issuance of one million 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 RIGA governments. The COM
pany is also required to redeem and
cancel bonds and scrip heretofore is
sued by the company and to satisfy all
cash liabilities. To enable the COM
pany to comply with these require
ments, treasury warrants to the
amount of 100000 are authorized,
with q provision to the effect that only
so much of the amount shall be paid
as shall DE required to pay the actual
cash value of the rights, privileges,
franchises and property at The time of
the payment; the value to be deter
mined by commissioners to be appoint
ed 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 directors are then to resign
and board Of seven is to be appoint
ed, consisting of five in behalf of the
United States and one each in behalf
of Nicaragua and Costa RIGA. The
directors on behalf of the United States
are to be appointed by the president
and confirmed by the senate. NoStwo
OF them are to be residents of any one
state, and no person who has hereto
fore been interested in the canal COM
pany is to be appointed to this office.
They are also prohibited from being
interested in contracts on the canal.
Each of the directors except the presi-
dent is TO receive. salary of $4,000 a
year and the president is to have So
600.
Annual reports are required There
is provision against declaring divi-
dend except upon the net earnings.
The company is authorized to con-
tract for the completion of the canal
within six years. The payments are
restricted to $2O,OOO,OOO annually.
The canal is to be large enough "for
the use OF the largest seagoing vessels,
at cost not exceeding the estimate of
the engineers and not to exceed $115,-
100000.
The amount is made permanent
appropriation for the work. to be used
as occasion may require. The bill
gives the government lien upon the
property to secure the payment of the
moneys advanced. and the president is
empowered to declare forfeiture o. the
property to the United States without
the necessity Of judicial or other ascer-
tainmen'.
The president is authorized to sus-
pend payments at any time. The
president is<also authorized so secure
any change in or modification of the
terms OF tn, concession either from
the concesslonaires or from Nicaragua
and Costa Il ca. In case of the failure
in such negotiation the president is al
so empowered to legislate for another
route across The isthmus. He is fur
Their required to open negotiations for
the abrogatlo:i of the Clayton B ulwer
treaty, or any other treaty found to b e
in existence anil standing in the way
of the construction of the canal. The
neutrality Of thc canal is guaranteed,
but the right to protect it against the
interruption of business between the
Atlantic and Pacific coasts of the
United States is reserved.