The citizen. (Frederick City, Md.) 1895-1923, 1899-01-27
CANAL BILL PASSED
Nicaraguun Waterway Meas
ure Goes Through Senate.
OPPOSITION SUDDENLY GIVES WAY
Only Six Votes Cast AguiuSt the H,or.
gan BiII--It Provides For the is
sunncc of One Million Shares
of Stock at 500 Each.
WASHINGTON. Jan. z5.-rne n

WASHINGTON, Jan. z5.--Tne nSlri
against the passage of the Morgan MIC
araSua canal bill collapsed suddenly in
the senate ut a late hour Saturday. that
measure being put on its third reading
and approved without even the formali-
ty of roll call.
The Nicaragua canal bill as passed
continues the name of the Maritime Ca
nal company. 1t provides for the issue
of 1000 900 shares of stock at 500 each.
The canal company is required to call
In all the stock issued except that held
by the governments of Nicaragua and
Costa Rica. It is also required to re-
deem and cancel all bonds and scrip
heretofore issued and to satisfy all cash
liabilities. To enable the company to
comply with these requirements trcasu-
ry warrants to the amount of $1,000. 900
are authorized. with q proviso to the
effect that only so much of the amount
shall be paid as may be required to nay
the usual cash value of the rights, priv
ileges franchises and property at the
time of the payment the value TO be de-
termined by commissioners to be ap-
pointed by the president.
This being done the secretary of the
treasury is authorized to subscribe fol
925, coo shares of the companvs 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
place, consisting of five on behalf of the
United states and one each on behalf
o1lNiaIragua and Costa Rica The di-
rectors 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 the same
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 interested in
contracts on the canal Each of the dl-
rectors except the president is to re-
ceive salary of $4,000 a year and the
president is to have $4,000. All travelling
expenses are to be paid. Annual reports
are required. There is a provision
against declaring a dividend except on
the net earnings.
The company is authorized to con-
tract for the completion of the canal
within six years. The payments are
restricted 10 $2OO0O,OOO annually The
canal is to be large enough "for the use
OF the largest seagong vessels, AT a cost
not to exceed the estimate of the en-
gineers, and not to exceed $l15, 900 O00."
This amount is made a permanent ap-
preparation for the work. to be used as
occasion may require.
The bill gives the government a lien
on the property to secure the repayment
of the money advanced, and the presi-
dent is empowered to declare forfeiture
of the property to the United States
without the necessity Of judicial or 9TH
er proceedings to ascertain it's value.
Thereafter full title is to rest in the
government of the United States. The
president is authorized to suspend pay
meEtS at any time, and also to secure
any change in or modification of the
terms of the concession either from the
concessionares or from Nicaragua and
Costa Rica. In case of failure i'm such
negotiations the president is empowered
to negotiate for another route across
the isthmus. He is further required 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 guaran-
teed, but the right to protect it against
Interruptions of business between the
Atlantic and Pacific coasts of the Unit
ed States is reserved.