River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1899-01-26
THE NICARAGUA CANAL.
Synopsis of the Measure as Passed by
the Sennte-onIy Six Votes
In Opposition.

Washington, Jan. 23.-The senate on
Saturday passed the Nicaragua canal
bill, decided to make the anti-scalping
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 a roll call on it developed
only six votes in opposition TO final pas
sage.
The Nicaragua canal bin as it 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 the
stock issued except that held by the Near
aqua and Costa Rica 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 81, 900, 600 are au-
thorized, 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
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
$4,000 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 behalf of the United States and one
each on behalf of Nicaragua and Costa
Rca.
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-
hibited from being interested in contracts
on the canal.
Each of the directors except the presi-
dent is to receive salary of S., 900 per year
and the president is to have $1,000. 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 to $50, 900 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 s115, 900 000." This amount
Is made a 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 modi-
flcation 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 Clayton 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 II against the inter-
ruptions of business between the Atlantic
and Pacific coasts of the United States is
reserved.