The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1899-01-26
THE NIcARAGUAN CANAL.
Synopsis of the Measure for Its Con-
structon Passed by t.e
Senate.

Washington, Jan. 23.-The senate ON
Saturday passed the Nicaragua canal
bill, decided to make the anti-scaIping
bill the unfinished business, and con-
tinued without the completion of the
consideration of the Indian appropria-
ton bill. A number of amendments
were made to the Nicaragua canal bill,
and there were many short speeches
during the day. There was, however,
no opposition to a vote when the time
came, and roll call on it developed
only six votes in opposition to final pas
sage.
The Nicaragua canal bill as It passed
continues the name Of the Maritime Canal
company. 1t provides for the issuance of
l.oO0. 600 shares of stock of 500 each. The
canal company Is required to call in all the
stock issued except that held by the Nicar-
| aqua 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 $5,060,000 are au-
| thoriZed. with a proviso to the effect tina I
only so much of the amount shall be paid
as shall be required to pay the actual ca sh
value of the rights, privileges, franchises
and property at the time of the payment,
| the value to be determined by commits
sioners TO be appointed by the president.
ih1s being done, the secretary of the
treasury Is authorized to subscribe for
921,UO0 shares OF the companys 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 10
| be appointed in their stead, consisting of
five on behalf OF the United States and, one
A. oh hahc ~
R:ca.
The directors on behalf of the United
States are to be appointed by the president
ana confirmed by the senate. No two of
them are 10 be residents Of any one state
and no person who has heretofore been IN
terestea IN the canal company is to be ap-
pointed to this Office. They are also pro-
| hibited from being interested in contracts
| on the canal
Each OF the directors excep, the pres1-
dent is to receive salary of 5000 per year
and the president is to have $500. All
| travelling expenses are TO be paid. Annual
| reports are required There is a provision
! against declaring a dividend except upon
the net earnings. The company Is au-
thorized to contract for the completion Of
the canal within six years. The payments
are restricted 10 $50. OK. 600 annually.
The canal is to he 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, 0O0, 00O." This amount
| is made 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 president is en-
powered to declare forfeiture of the prop
erty to the United States without the
necessity Of judicial or other ascertain
ment. Thereafter full titles to rest in the
government Of the United States The
president Is authorized to suspend pay
ments at any time. The president is also
authorized to secure any change in or mod
ification of the terms of the concession
either from the concessionaries or from
Nicaragua and Costa Rica.
In case Of failure in such negotiation the
president is also empowered to negotiate
for another route across the isthmus He
Is further requested to open negotiations
for the abrogation Of the C1ayton-Bulwer
treaty. or any other treaty found to be in
existence and standing in the way Of the
construction of the canal
The neutrality of the canal is guaranteed,
but the right to protect 1t against the inter-
| ruptions Of business between the Atlantic
and Pacific coasts of the United States Is
reserved.