The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1899-01-28
THE CANAL BILL.
Complete Summary of the Measure
as Passed In the senate.

Complete Summary of the Measure
AS Passed In the senate.
Washington, Jan. 23.--The senate
on Saturday passed the Nicaragua ca
nal bill by vote Of AZ to 6. A synopsis
of the measure follows:
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
etock issued except that held by the Nicar-
aqua and Costa Rican governments.
The company Ia also required to redeem
and cancel all bonds and scrip heretofore
issued by the company and to satisfy all
cash liabilities. To ena ble.lhe company ia
comply with this requirement treasury
warrants to the amount OF 5000. 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
value OF the rights. privileges. franchises
and property at the time OF tho payment,
the value TO be determined by commis-
sioners to be appointed by the president.
This being done. the secretary OF tho
treasury is authorized TO subscribe for
Oh. 700 shares Of tho company's 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 10
be appointed In their stead, consisting Of
five on behalf Of the United States and one
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 here tofore 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 $4,000 per year
and the president Is to have $4,000 All
travelling expenses are 70 be paid. Annual
reports are required. There is a provision
against declaring u dividend except upon
the net earnings. The company Is ali-
thorized to contract for the completion OF
the canal within six yenrs. The payments
are restricted to $50 900, 600 annually.
The canal is to be large enough FOR the
use Of the largest sea going vessels a a cost
not to exceed the estimate OF the engineers
and not TO exceed sis. 900 OO0." This amount
Is made q 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 tho
moneys advanced. and the president is en-
powered to declare forfeiture OF tho 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. Tho
president Is authorized TO suspend pay
ments at any time. The president Is also
authorized to secure any change in or mod
!ncation 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
In further requested 10 open negotiations
for the abroga ton Of the Clayton Bulwer
treaty, or any other treaty found 10 be In
existence and standing In the way OF the
construction OF the canal.
The neutrality OF the canal ia guaranteed,
but the right TO protect II against the Inter-
ruptions of business between the Atlantic
end Pacific coasts Of The United States 10