The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-01-22
CANAL BILL PASSES SENATE.
NAME OF MARITIME CANAL COM
PANY TO DE RETAINED.

Shares of Stock of Which the Gov
eminent VIII Take 925, ,OO0-Of the
Seven New Directors, Five VIII
Represent the United States, One
Costa Rica and One NIcaragua--Ca-
nal VIII Be Neutral.
Washington, Jan. 21-The Senate to-day
passed the Nicaragua canal bill, decided
to make the anti-scalping bill the unfin-
ished business, and continued without
completion the consideration of the Indian
appropriation bill
A number of amendments were made to
the Nicaragua canal bill, and there were
innumerable short speeches during the
day. There was, however, no opposition to
a vote when the time came, and roll cali
on it developed only six votes in opposl-
ton to final passage.
The six votes against the bin were cast
by Senators Bate, Caffery, Cockrell, Man
tie, Martin and Smith.
The anti-scalping bill was taken up On
vote of SO to q, but no eqffort was then
made to continue its consideration. The
effect on the vote was to give it the first
place on the calendar, but with the under
standing that it shall not be pressed in
opposition to the peace treaty or the ap-
preparation bills
The House bill to construct a bridge
across the Savannah river from the main
land to Hutchinson's Island was passed.
To Issue a Million Shares.
The Nicaragua canal bill, as it passed,
continues the name Of the Maritime Canal
Company, 1t provides for the issuance of
1000, 900 shares of stock at 500 each. The
canal company IS required to cali in all
the stock issued, except that held by the
Nicaragua and Costa Rican governments.
The company is also required to redeem
and 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
warrants to the amount of $5,O00000 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, privileges; fran
ehises and property at the time of the
payment. the value to be determined by
commissioners to be appointed by the Pres
ident. This being done, the Secretary of
the Treasury is authorized to subscribe
for 925, 600 shares of the company's stock
for the government of the United States.
Company's New Directors.
The present members of the board of
directors are then to resign and board
of seven is to be appointed in their stead
consisting of five on behalf of the United
States and one each on behalf of Nicara-
qua and Costa Rlca. The directors on
behalf of the United States are to be ap-
FoI b1r
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 be-
ing interested in contracts on the canal
Each of the directors except the President
is TO receive a salary of 5000 per year,
and the president Is to have $1,000. All
travelling expenses are to be paid. An
nual reports are required.
There is a provision against declaring
a 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 SO
900 600 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 ex-
ceed $1f5 COOK ,000." This amount is made a
permanent appropriation LOT the WoIk, 10
be used as occasion may require.
Gives Government "a Lien.
The bill gives the government a lien
upon the property 10 secure the repayment
of the moneys advanced, and the Presi-
dent IS empowered to declare forfeiture of
the property to the United States without
the necessity of judicial or other ascertain
ment. Thereafter full title is to rest in
the government Of the United States.
The President is authorized 10 suspend
payments at any time. The President is
also authorized to secure any change in or
modification of the terms of the conces-
sion, either from the concessionaires or
from Nicaragua and Costa Rica.
In case of failure in such negotiations
the President is empowered to negotiate
for another route across the isthmus He
is further requested to open negotiations
for the abrogaton of the Clayton Bulwer
treaty. or any other treaty found to be in
existence and standing In the way Of the
construction of the canal.
Neutrality Guaranteed.
The neutrality Of the canal is guaran-
teed. but the right 10 protect It against
the Interruptions of business between the
Atlantic and Pacific coasts of the United
States is reserved.
At 4:30 O'Clock p. M, the Senate went
into executive session, and at 4:42 o'clock
o. m. adjourned.
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