Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1899-01-30

Washington, Jan. 22.-The senate
passed the Nicaragua canal bill. 1t
continues the name Of the Maritime
Canal company. 1t provides for the is
suance of 100000 shares of stock of
$I00 each. The canal company is re-
CURED to call in all stock issued except
that held by the Nicaragua and Costa
Rican governments. The company is
also required to redeem and cancel all
bonds and scrip heretofore issued and
to satisfy all cash liabilities. To en-
able the company to comply with this
requirement, treasury warrants to the
amount of $500O,000 are authorized
with proyiso 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 Of property at
the time of payment, the values to be
determined by commissioners appoint
ed by the president. This being done,
the secretary of the treasury in author
lied to subscribe for 5000 shares of
the company's stock for the govern
ment OF the United States. The present
members Of the board sof directors are
then to resign and a board of seven is
to be appointed in their stead consist
ing of five on behalf of the United
States and one each on behalf of Mica
ragua and Costa RIGA. The directors
on behalf of the United States are to
be appointed by the president and con-
drmed by the senate. No two of them
shall be residents of any one
state and no person who has
heretofore been interested in the canal
company will be appointed. They are
also prohibited from being interested
in contracts of the canal. Each of the
directors, except the president, will re-
ceive salary of $4,000 year, and the
president $4,000. All travelling ex-
penses will be paid. Annual reports |
are required. There is a provision
against declaring a dividend except
upon net earnings. The company is au-
thOrized to contract for the completion
of the canal within six years. Pay
nually. The canal is to be large
enough ''for the use of the largest sea-
going vessels at cost not to exceed
the estimate Of the engineers and not
to exceed $4,000, 00O." This amount
is made permanent appropriation Tor
the work, to be used as occasion may
require. The bill gives the govern
ment lien upon the property to Sc
cure the repayment of moneys ad-
vanced and the president is empowered
to declare the forfeiture of the prop
erty to the United States with the nee
essary judicial or other ascertain
ment. Thereafter full titles are to rest
in the government of the Un4.ed
States. The president is authorized to
suspend payments at any time; also 20
secure any change in or modification
Of the terms of the concession either
from the concessionaries or from Mic
aragua and Costa RIGA. In case of
failure in such negotiation, the presi-
dent is also empowered to negotiate
for another route across the isthmus.
He is further required to open nego-
tiations for the abrogation Of the
Clayton-Bulwer treaty, or any other
treaty in the way of the construction
of the canal. The neutrality of the
canal is guaranteed, but the right to
protect it against the Interruptions of
business between the Atlantic and
Pacific coasts of the United States is
reserved. A motion resulted in the pas
sage of the bill, 48 to 6. The six votes
against it were cast by Messrs. Bate,