La Junta tribune., 1899-01-28
CANAL BILL PASSED.
THE SENATE HAS AGREED rorr.
TAs 0ovss.asas win Costrel lt-Its Ne.-
tsAiisy Gaaraatssd-coadiiioas of the
Iseus Of Stock.

Washington. Jan. 23.-The Nicara-
~ grsa canal bill, as 1t passed the Senate,
continues the name OF the Maritime
Canal Company. 1t provides for the
issuance Of l,OOO.OOO shares Of stock
OF 500 each.
The canal company is required to
call In all the stock issued except that
had by the Nicaragua and Costa Rican
governments. The company II also re-
Quired to redeem and cancel bonds
and scrip heretofore issued by the
company and to satisfy all cash liabili-
ties. To enable the company to CON-
ply with these requirements, treasury
warrants 10 the amount of 5000. 600
are authorized with proviso to the
effect that only 10 much of the amount
shall be paid as shall be required to
pay the actual cash value OF the right.
privileges. franchises and property Mt
the time OF the payment. the value TO
be determined by commissioners to be
n appointed by the President
This being done, the secretary OF the
treasury In authorized to subscribe for
925. 600 shares Of the company's stock
for the government of the United
States, the present members OF the
board OF seven liz to be appointed. con-
sisting of five in behalf OF the United
States and one each In behalf of Mic
uIdk uN uuu SOStd ItlCu.
The directors on behalf OF the United
States are to be appointed by the Presi-
dent and confirmed by the Senate. No
two of them are TO be residents Of any
one state and no person who has here
tofore been interested In the canal
company is to he appointed to this Of
flee. They are also prohibited from
being interested in contracts on the
\ canal.
Each Of the directors. except the
President. is to receive a salary of So
600 year and the President IN to have
+ $1,000. All travelling expenses are to
be paid. Annual reports are required.
There is n provision against declar-
ing dividend except upon the net
earnings. The company is authorized
to contract for the completion of the
canal within six years. The payments
are restricted to $4,000 0OO annually.
The canal Is to be large enough for
the use of the largest sea-going vessels.
at IL cost not exceeding the estimate Of
the engineers and not to exceed S115,-
OOO.OOO''
This amount is made n 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 of
the moneys advanced and the Presi-
dent Is empowered to declare forfeit
ure of the property to the United
States without the necessity of judicial
or other nscertainment. The President
|, is authorized to suspend payments Mt
any time.
The President is also authorized to
secure any change in or modification
of the terms of the concession either
from the concessionaires or from Mic
aragua and Costa Rica.
In case of failure In such negotiating
the President is also empowered to me-
gotinte 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 con-
struction of the canal.
The neutrality of the canal is guar
anteed. but the right to protect 1t
against the Interruptions Of business
between the Atlantic and Pacific
coasts OF the United States Is reserved.