The Union times. [volume] (Union, S.C.) 1894-1918, 1899-01-27
SENATE PASSES CANAL BILL
MEASURE Is FAVORED BY A VOTE
OF GS TO q.
GOVERNMENT LIBERAL SUBSCRIBER
lion Shares at 500 Each to
Construct Water Way.

The sensteS5aturday passed the Mica
ragua canal bill, decided to make the
anti-scalping bill the unfinished busi-
ness and continued without the COM,
pletion the consideration of the In
dian appropriation bill. A number of
amendments were made to the Nicara-
qua canal bill, and there were innu-
merable short speeches during the
day. There was, however, no opposi-
tion to vote when the time came, and
roll call on it developed only six
votes in opposition to final passage.
The Nicaragua canal bill, as it pass
ed, continues the name of the Maritime
Canal Company.
1t provides for the issuance of ], ,OOO,-
COO shares of SlG0 each. The canal
company is required to call in all the
stock issued except that held by the
Nicaragua and Costa Rican govern
ments. The company is also required
to redeem and cancel all bonds and
scrip heretofore issued by the com
pany and to satisfy all cash liabilities.
To enable the company to comply
with this requirement.. treasury war;
rants to the amount of $4,000, 900 are
authorized, with a proviso to the effect
that only so much of the amount shall
be paid as shall be required to pay the
actual cash value of the rights, privi-
leges, franchises and property at the
time of the payment, the value to be
determined by commissioners to be
appointed by the president. This
being done, the secretary of the treas
nry is authorized to subscribe for 95,-
600 shares of the company's 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 be-
half of the United States, and one
each on behalf of Nicaragua and Costa
Rica.
The directors on behalf of the
United States are to he appointed by
the president and confirmed by the
senate.
No two of them are to be residents
OF any one state, and no person who
has heretofore been interested in the
canal company is to be appointed to
this Office. They are also prohibited
from being interested in contracts on
the canal.
Each of the directors, except the
president, is to receive n salary of So,
600 per annum, and the president is
to have 5000. All travelling expenses
are to be paid Annual reports are
required. There is n provision against
declaring n dividend except upon the
net earnings.
The company is authorized to con-
within six years. The payments are
restricted to $40, ,000,O 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 $115,-
ooo, 1000. This amount is made
permanent appropriation for the work
to he used as occasion may require.
The bill gives the government lien
upon the property to secure the re-
payment of the moneys advanced, and
the president is empowered to declare
forfeiture Of the property to the
judicial or other entertainments
Thereafter a full title is to rest in the
government of the United States.
The president is also authorized to
secure any change i'll or modification
of the terms of the concession, either
from the concessionaires or from
Nicaragua and Costa Rica In case Of
allure in snch negotiations the presi-
dent is also empowered TO negotiate
for another route across the isthmus
He is further requested to open ne
gotations for the unrogation of the
Clayton-Bulwer treaty or any other
treaty found to be in existence and
standing in the way of constructio
The neutrality Of the canal is grant
ed, but the right to protect it against
the interruptions of business between
the Atlantic and Pacific coasts Of the
United States is reserved.