Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1899-01-26

| Washington, Jan, 22-The senate
passed the Nicaragua canal bill. 1t
continues the name of the Maritime
Canal company. 1t provides for the is
suanCe of 100000 shares of stock OF
500 each. The canal company is re-
CURED to call in all stock issued except
that held by the Nicaragua and Costa
4tcan governments. The company Is
also required to redeem and cancel al!
bonds and scrip heretofore issued and
10 satisfy all cash liabilities To en-
able the company to comply with this
requirement, treasury warrants to the
amount OF $4,000. 900 are authorized
with a pG0Viso to the effeCS that only
50 much of the amount shall be paid
as shall I've required to pay the actual
| cash value of the rights of property at
the time vi payment the values to be
determined by commissioners appoint
ed by the president. This being done,
the secretary Of the treasury in author
lied TO subscribe for 925, 0Ca1 shares Of
the compSnys stock for the govern
ncnt of the United States The present
members II the board OF directors are
then to resign and a board Of seven is
80 he appointed in their stead, consist
ing of tiVa on behalf of the United
States amt one :ach on behalf of Mica
ragtIa ana Costa Rica. The directors
| on behalf Of the United States are to
! he appoin&ed by the president and CON
1rmed by the senate. No two of them
SHALL be residents of any one
state and no person who has
heretofore been interested in the canal
company will be- appointed They are
also prohibited from being Interested
in contracts Of the canal Each Of the
directors, except the president, will re-
ceive Il salary of $4,000 q year, and the
president $4,000 All travelling eX-
penses. will be paid Annual reports
are required, There is a provision
against declaring a dividend except
upon net earnings. The company is an
| thorined to contract for the completion
| of the canal within six years. Pay
ments are restricted to $4,000. 600 an
nually. The canal is to be large
enough TOR the use Of the largest sea-
| going vessels at a cost not to exceed
the estimate Of the engineers and not
to exceed Stt5008,000." This amount
is made permanent appropriation Tor
! the work to be used as occasion may
/ require. The bill gives the govern
ment lien upon the property to Sc
cure the repayment of moneys ad-
Vanced and the president is empowered
! to declare the forfeiture of the prop
erty to the United States with the nee
| essary judicial or other ascertain
ment. Thereafter full titles are to rest
in the government of the Un..ed
States. The president is authorized to
suspend payments at any time; also %
secure any change in or modification
of the terms OF the concession either
from the concessionaries or from Mic
aragua aud Costa Rica. In case OF
failure in such negotiation, the presi-
dent is also empowered to negotiate
for another route across the isthmus.
We is further required to open nego-
tiations for the abrogatiun of the
/ Clayton Bulwer treaty, or any other
treaty in the way OF the construction
ot the canal, The neutrality of the
canal is guaranteed. but the right to
nrotect ii against the Interruptions oil
business between the Atlantic and
Pacific coasts Of the United States Is
deserved. A motion resulted In the pas
sage of the bill, As to S. The six votes
against it were cast by Messrs. Bate,