The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-01-23

safeguarded in Most Satisfactory
Style.
Washington, Jan. 22.-After a long
and weary debate the senate yesterday
passed the bill authorizing the con-
struction of the Nicaragua Canal by
the overwhelming vote Of As to 6. The
roll call showed Senators Bate, Caffery,
Cockren. Mantle, Martin and Smith op-
posed to the bill.
The bill was amended so as to remove
all possible objection to it. Senator
Spooner, Of wisconsin, who was OPP
posed to the measure as originally
drawn. offered an amendment that
safeguards completely the interests of
the United states and other amend
mcnts adopted make it impossible for
the Maritime Canal company to get pay
from the government for anything but
the actual value of it's property rights,
etc.
The Spooner amondment reads as
follows
That If the president shall be unable
to secure from the governments OF
Nicaragua and Costa Rica such con-
cnssious as win enable the United
States to build and pcrpetually own
and control said canal the president is
authorized to negotiate for control
of or right to construct, maintain
and perpctuallv control some other
canal connecting the Atlantic and Paci-
tiC oceans, and the president is request
ed To- negotiate tor the abrogation or
modification ot any and all treaty oo-
legations, if amy such exist, as shall in
any wise interfere with the corstruc-
tion, ownership and perpetual control
of any such canal: Provided, that nc
payments shall be made under the pro-
visions of this act to or for the benefit
OF the stockholders of the Maritime
canal company or for any of its prop
rrty. unless the president shall decide
To- construct canal under the c0nces-
sions granted to said company
BILL. AS 1T PASSED.
The Nicara qua canal bill as it passed
continues the name Of the Maritime
Canal company. 1t provides for the is
suing Of 81 900 shares of stock. or
500 each The canal company Is re-
uuired to call in all the stock issued
except that held by the Nicaragua and
Costa RiCan governments. The CONF
pany is also required to redeem ana
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 war
rants to the amount of $5G00,0O0 are au-
thorized, with a prOvisO to the effect
that only so much of the amount shall
he paid as shall be required to pay the
actual cash value of the rights, privil-
cges franchises and property at the
time of the payment, the value to be
determined 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 tn" compa.W's stock for the
government of the United States. The
present members of the board of di-
ractorS are then to resign and a board
of seven is ~ be appointed in their
stead. consisting of five on behalf of
the United States and one each on be-
half of Nicaragua and Costa Rica.
The directors on behalf of the United
states are to be appointed by the presi-
two f them are to be residents of any
ou- state. and no person who has here
lrfore been Interested in the canal COM
panN is To- b. a"pOinted to this office.
They are also prohibited from being
interested in contracts on the canal.
Each oE the directors. except the presi-
dent, is 90 receive n salary of $4,000 per
year, and the president is to have
5000 Al travelling expenses are to
be paid. Annual reports are required.
ThrI, l. u provision against declaring
Il dividend eNcrpt upon the net earn
ines
TO BIZ COMPLETED IN SIN YEARS.
The company is authorized to con-
tract fnI the completion of the canal
within six years. The payments are
restricted to 500 600 0O0 annually. The
canal is 80 be large enough for "the
use of large sCa-going vessels at a cost
no, 10 exceed the estimate of the on
gincers and not to exceed Sll5 600 600 NJ
This amount Is made a permanent ap-
preparation for the work, to be used
rs occasion may require.
The bin gives the government a llcr
upon the property to secure the repay
mtat Of the money advanced and the
president is empowered to declare for
feiture 81 the property t0 the United
states without necessity of judicial Oh
other aScertainments. Thereafter ful
title is 20 rest i'm the government O
the United States. The president is
authorized To suspend payments at any
time.
The president is also authorized Il
secure any change in or modification
Of the terms of the concession, eithe
from the concessionaires or from Nj
caragua and Costa RiCa In case o
failure in such negotiation the presiden
is empowered TO negotiate for anothe
route across the isthmus. He is fur
ther requested to open negotiations fO
the abrogation OF the Clayton Bulwe
treaty, or any other treaty found to b,
in existence and standing in the wa!
of the construction Of the canal
The neutrality of the canal is guar
anteed, but the right to protect i
against the Interruptions of bushes
between the Atlantic and the Pacih
coasts Of the United States is reserved