The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1899-01-28
THE NICARAGUA CANAL.
synopsis OF the Measure ns Passed by
the Senase-oniy Six Votes
I'm Opposition.

Washington. Jan. 23.-The senate ON
Saturday passed the Nicaragua email
bill, decided to make the antl-scalpng
bill the unfinished business. and con-
tinued without the completion of the
consideration of the Indian appropria-
tlon bill. A number Of amendments
were made 10 the Nicaragua canal bill.
and there were many short speeches
during the day. There was, however.
no opposition 10 vote when the time
came. and roll call on IL developed
only six votes in opposition TO finalpas-
sage.
The Nicaragua canal bill as Il passed
continues the name of the Maritime Canal
company. Ii provides for The Issuance OF
100000 shares OF stock OF sio0 each. The
canal company Is required 10 call In all tho
stock issued except that held by the Near
aqua aud Costa Rica governments.
The company is also required 10 redeem
and cancel all bonds and scrip heretofore
issued by the company and 10 satisfy all
cash liabilities. To enable the company TO
comply with this requirement treasury
warrants TO the amount OF 100000 are au-
thorized, with a proyiso 10 the effect that
only so much OF the amount shall be paid
as shall be required 10 pay the actual cash
value OF the rights, privileges, franchises
and property at the time OF the payment.
the value TO Inc determined by commits
sloners TO be appointed by the president
This being done, the secretary Of tho
treasury IS authorized TO subscribe for
$4,000 shares OF the cQmpany's stock for
the government OF the United States. The
present members OF the board OF directors
are then TO resign and "A board or seven Is
to be appointed In their stead. consisting or
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 CT any one state
and no person who has heretofore been In
terested I'm the canal company Is 10 DE APP
pointcd TO this Office They are also pro-
hibltcd from being interested In contracts
on the canal
Each OF tho directors except the presi-
dent is 20 receive salary OF 5000 per year
and the president Is TO have $4,000. All
travelling expenses are 20 be paid Annual
reports are required. There Is a provision
against declaring a dividend except upon
the net earnings. The company Is au-
thorzed 10 contract for the completion of
the canal within six years. The payments
are restricted to s2O,ooOo eco annually.
The canal Is TO be large enough "for the
use OF the largest sea going vessels az n cost
and not 70 exceed $il5. 600. " This amount
Is made permanent appropriation for the
work. 10 be used as occasion may require.
The bill gives the government n lien upon
the property 10 secure the repayment OF the
moneys advanced. and the president is en-
powered 20 declare forfeiture OF the prop
erty TO the United States without the
necessity OF judicial or other ascertain
ment. Thereafter full titles 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 20 secure any change in or modi-
fication OF the terms OF the concession
either from the concessonaries or from
Nicaragua and Costa Rica.
In case OF failure I'm such negotiation ~
president Is also empowered 10 negotfAt
for another route across the isthmtis. He
Is further requested TO open negotiation
for the abrogation OF the Clayton Bulwe(~
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 10 protect II against the inter-
ruptions OF business between the Atlantic
and Pacific coasts OF the United States In
reserved