The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-01-22
UNCLE SAM GETS 925,OOO
MARITIME co. TO CALL IN ALL
SHARES ISSUED.
EXCEPT NlcARAGUA'S AND COSTA RlcA'S
The Company is Authorized to Contract for
Finishing the Canal in Six Years at
a Cost not 10 Exceed
Sll5,0OO,0OO.
Su5,O0O,0OO.

Washington, Jan. 21.-The Senate to-
day passed the Nicaragua Canal Bill, de-
cided to make the Anti-Scalping Bill the
unfinished business, and continued with
out completing the consideration of the
Indian Appropriation Bill. A number of
amendments were made to the Nicara-
qua Canal Bill, and there were innumer-
able short speeches during the day.
There was, however, no opposition to a
vote when the time came, and a roll call
on it developed only six votes in opposi-
tion to final passage.
The six votes against the bill were
cast by Senators Bate Caffery, Cock
rel, Mantle. Martin and Smith.
The Anti-Scalping Bill was taken up
on vote Of 33 to II, but no effort was
then made to continue its consideration.
The effect of the vote was to give it
the first place on the calendar, but the
understanding is that it -han NOT bc
pressed in opposition to the Peace Treaty
or the appropriation bills.
The House bill to construct a bridge
across the Savannah river from the
passed.
The Nicaragua Canal Bill as it passed
continues the name of the Maritime
Canal Company. 1t provides for the is
suance of 100000 shares of stock at
$100 each. The canal company is re-
quired to call in all the stock issued ex-
cept that held by Nicaragua and Costa
Rican Governments. The company is
al 70 oil
bonds and scrip heretofore issued by the
company and to satisfy all cash liabli-
ties. To enable the company to comply
with the requirement treasury warrants
to the amount Of S5,000,000 are author
lied with a proviso to the effect that
only so much of the amount shall be
paid as shall be required to pay the
actual cash value Of the rights, privi-
leges, franchises and property at the
time of the payment, the value to be de-
termined by commissioners to be ap-
pointed by the President. This being
done the Secretary of the Treasury is
authorized to subscribe for $4,000
shares of the company's stocks for the
Government of the United States.
The present members of the board of
directors are then to resign and boare
Of seven is to be appointed in their stead
consisting of five on behalf Of the United
States and one each on behalf of Mica
ragua and Costa Rica The directors
on behalf of the United States are to be
appointed by the President and confirm
ed by the Senate. No two of them are
to be residents of any one State and no
person who has heretofore been inter-
ested in the canal company is to be
appointed to this office. They are also
prohibited from being interested in con-
tracts on the canal Each OF the direc-
tors except the President is to receive
salary of $1,000 per year and the Pres
ident is to have $6,0U0. All travelling
expenses are to be paid. Annual reports
are required.
There is provision against declaring
dividend except upon the net earnings
The company is authorized to contract
for the completion of the canal within
six years. The payments are restricted
to S20,000,000 annually. The canal is
to be large enough 'for the use of the
largest sea-going vessels at cost not to
exceed the estimate of the engineers and
not to exceed S115,000,000."
This amount is made Il permanent ap-
preparation for the work. to be used as
occasion may require. The bill gives
the Government lien upon the proper
ty to secure the repayment of the moneys
advanced, and the President is empower
ed to declare forfeiture Of the property
to the United States without the neces-
sity of judicial or other ascertainments
Thereafter full title is 10 rest in the
Government of the United States. The
President is authorized to suspend pay
ments at any time. The President is
also authorized to secure any change in
or modification of the terms or the con
cessiOn either from the concessionares
or from Nicaragua and Costa Rica. In
case or failuresin such negotiation the
President is empowered to negotiate for
another route across the sthmus. He
is further requested to open negotiations
for the abrogation of the Clayton-Bulwer
treaty or any other treaty found to be
IN existence and standing in the way
of the construction of the canal
The neutrality of the canal is guaran-
tecd, but the right to protect IL against
the Interruptions of business between
the Atlantic and Pacific coasts of the
United States is reserved.
At 4:30 p. m. the Senate went into
executive session and at 4:42 p. m ad-
journed.