Tazewell Republican. [volume] (Tazewell, Va.) 1892-1919, 1899-01-26
THE CANAL BILL.

The Nircaagua Canal bill as it passed
continues the name of the Maritime Canal
Company. 1t provides for the issuance
of 900 600 shares of stock at 500 each.
The canal company is required to call in
all the stock issued except that held by
the Nicaragua and Costa Rican COVER
ments 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 S., 100000 are authorized, with
proviso to the effect that only so much
of the amount shall be paid as shall be re-
quired to pay the actual cash value ofthe
rights, privileges, and property at the time
of the payment. the value to be determin-
ed by commissioners to appointed by the
President. This being done, the Secre-
tary of the Treasury is authorized to sub
scribe for 925 900 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 board Of
seven is to be appointed in their stead,
consisting of five on behalf of the United
States and one each in 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 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 inter
rested in contracts on the canal, each OF
the directors, except the president is TO
receive salary of 5000 per year, and the
president is TO receive $4,000, All travel
ling expenses are tobep paid. Annual reports
are required.
There is a provision against declaring
dividend except upon the net earnings.
SIX YEARS THE TINE.
The company is authorized to contract for
the completion ofthe canal within six year.
The payments are restricted to $50, ,OOo
annually. The canal is to be large enough
''for the use Of the sea.going vessels, at
cost not to exceed the estimates of the en-
gineers, and not exceed Sll5, 600, 900"
This amount is made permanent appro-
priation for the WORK, to be used as oc-
casion may require. The bill gives the
government lien upon the property to
secure the repayment Of the money ad-
vanced, and the President is empowered
to declare forfeiture Of the property to
the United States without the necessity OF
judicial or other ascertainment. There
after, full title is to rest in the government
of tie United States.
The President is authorized to suspend
payments at any time. Tne President Is
also authorized to secure any change in
modification of the terms of the conces-
sion, either from the concessionaires or
from Nicaragua and Costa Rica.
In case of failure in such negotiation the
President is. empowered to negotiate for
another route across the Isthmus. He is
futher 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 gua anteed,
but the right to protect it against the In
terruption of business between the Atlantic
and Pacific coasts of the United States is
reserved.