Willmar tribune., 1899-02-01
THE CANAL BILL.

Complete Summary of the Measure
as Passed in the Senate.
Washington, Jan. 23.-The senate
on Saturday passed the Nicaragua ca
nal bill by vote of AZ to 6. A synopsis
of the measure follows:
The Nicaragua canal bill as it passed
continues the name Of the Maritime Canal
company. It provides for the issuance Of
100000 shares Of stock Of 500 each. The
canal company Is required to call in all the
stock issued except that held by the Nicar-
aqua 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 $5000, 900 are au-
thorized. with 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. privileges, franchises
and property at the time Of the payment,
the value to be determined by commits
sioners to be appointed 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 a board of seven is to
be appointed in their stead, consisting of
each on behalf Of Nicaragua and Costa
Rtca
The directors on behalf of the United
States are to be appointed by the president
and confirmed by the senate. No two of
them are to be residents Of any one state
and no person who has heretofore been in
terested in the canal company is to be ap-
pointed to this office. They are also pro-
hibited from being interested In contracts
on the canal.
Each Of the directors except the presi-
dent Is to receive a salary of IS, 900 per year
and the president Is to have $1,000. 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 au-
thorized to contract for the completion of
the canal within six years. The payments
are restricted to $40. 100000 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 $115. .000. .000." This amount
Is made permanent appropriation for the
work, to be used as occasion may reouire
The bill gives the government a lien upon
the property to secure the repayment of the
moneys advanced, and the president Is en-
powered to declare forfeiture of the prop
erty to the United States without the
ment. Thereafter full titles to 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 mod
ifcatton Of the terms of the concession
either from the concessionaries or from
Nicaragua and Costa Rica.
In case Of failure in such negotiation the
president is also empowered to negotiate
for another route across the isthmus He
is further requested to open negotiations
for the abrogation Of the Clayton Bulwer
~ ho
existence and standing in the way Of the
construction Of the canal
The neutrality Of the canal is guaranteed
but the right to protect it against the inter-
ruptions Of business between the Atlantic
and Pacific coasts of the United States is
reserved