The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1899-01-28
THE NICARAGUAN CANAL.
synopsis of the Measure for Its Con-
structon Passed by the
senate.

Washington, Jan. 23.-The senate on
Saturday passed the Nicaragua canal
bill, decided TO make the anti-scal ping
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 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 II passed
continues the name of the Maritime Canal
company. 1t provides for the issuance of
100000 shares of stock OF 500 each. The
canal company Is required to call In all tn
stock issued except that held by the Near
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 oil
cash liabilities. To enable the company 10
comply with this requirement treasury
warrants 10 the amount of 81, 100, 900 are au-
thorized, with 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, franchises
and property at the time OF the payment.
the value TO be determined by commits
sioners to be appointed by the president.
This being done, the secretary of the
treasury Is authorized TO subscribe for
g2j.UO0 shares of the company's stock for
the government Of the United States. The
present members OF the board of direct ors
are then TO resign and a 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 Nicaragua and Costa
Rica.
The directors on behalf of the United
States are TO be 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 IN
terested in the canal company Is to be APP
pointed to this office. They are also pro-
Eibited from being interested In contracts
on the canal.
Each of the directors except the presi-
dent is TO receive salary of $1,000 per year
and the president is TO have $1,000. All
travelling expenses are TO be paid. Annual
reports are required. There is provision
against declaring dividend except upon
the net earnings. The company is au-
thoriZed 10 contract for the completion OF
the canal within six years The payments
are restricted 10 so. 100000 annually.
The canal is to he large enough for the
use of the largest sea going vessels at a cost
and not to exceed $ll50O0,00O." 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 RIGA.
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 Clayton-Bulwe
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 II against the inter-
ruptions OF business between the Atlantic
and Pacific coasts of the United States Is
reserved