The true northerner., 1899-01-25
THE CANAL BILL.
Complete summary of the Measure
as Passed in the Senate.

Washington. Jan. 23.-The senate
or Saturday passed the Nicaragua ca
nal bill by vote of ~ to 6. A synopsis
Of the measure follows:
The Nicaragua canal bill as It passed
continues the name of the Maritime Canal
company. 1t provides for the issuance of
1,000. 600 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 aud 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 $5,OOO,OO0 are au-
thorized, with a proviso to the effect that
only SO much of the amount shah be paid
as shall be required TO pay the actual cash
value of the rights, privileges, franchises
end property at the time of the payment
the value TO be determined by commits
sioners 10 be appointed by the president.
This being done, the secretary of the
treasury is authorized to subscribe for
s25 900 shares of the companys 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
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 are to be appointed by the president
and confirmed by the senate. No two OF
them are 10 be residents Of any one state
and no person who has heretofore been in
terested in the canal company is TO be APP
pointed to this office. They are also pro-
Llbited from being interested in contracts
on the canal.
Each OF the directors except the presi-
dent is to receive a salary of s., 900 per year
and the president is TO have $4,000. 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 500. 600, 900 annually.
The canal is to be large enough 'for the
use of the largest sea going vessels at a cost
not TO exceed the estimate Of the engineers
and not 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 government lien upon
the property TO secure the repayment or the
moneys advanced. and the president is en-
powered TO declare forfeiture of the prop
erty TO the United States without the
necessity of judicial or other ascertain
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
incation 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
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 guaranteed.
but the right to protect 1t against the inter-
r,,ntions of business between the Atlantic
and Pacific coasts of the United States Is
I'D