The Caucasian. (Clinton, N.C.) 188?-1913, 1899-01-26
NICARAGUA CANAL BILL PASSED.
The Name of the Maritime Canal Company
is Continued.

Saturday the Senate passed the Mic
aragua Canal bill. There were only
. votes cast against the bill.
Inc Nicaragua Canal bill as it passed con-
tlnues the name of the Maritime Canal Com
pany. 1t provides for the issuance Of ], 1,00J,-
O0o 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 Rlcan 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 require
ment. Treasury warrants to the amount OF
$4,000, 900 are authorized, with provision 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.
franchise and property at the time Of the
payment, and the value to be determined by
commissioners to be appointed by the Presi-
dent. This being done, the Secretary OF the
Treasury is authorized to subscribe for $685.
OOO shares OF the companys stock Tor the
government of the United States.
The present members of the board OF d.
rectors are then to resign and a board OF
seven to be appointed in their stead, consist
ing OF five on behalf Of the United States
and one each on 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 of them 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 interested In contracts
on the canal. Each of the directors excep;
the President is to receive salary of 81, ,00O
per year, and the President is to have $4,000.
All travelling expenses are to be paid. An
nual reports are required.
There Is provision against declaring g
dividend except upon the net earnings. The
company is authorized to contract for the
completion of the canal within six years.
The payments are restricted to $40, ,000, ,O00
annually. 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 SIi5 900 600. ;
This amount is made permanent appropri
alton for the work, to be used as occasion
may require. The bill gives the govern.
ment lien upon the property to secure the
payment OF the moneys advanced. and the
President is empowered to declare forfeiture
of the property to the United States without
the necessity of judicial or other ascertain.
ment. Thereafter full title Is to rest in the
government of the United States.
F, The President is authorized to suspend
payments at any time. The President is also
authorized to secure any change or ani
modification of the terms of the concession
either from the concessionaires or from Mic
aragua aud Costa Rica. In case of failure IL
such negotiations, the President is empow-
cred to negotiate for another route acros
the isthmus. He Is further requested to oper
negotiations for the abrogation of the Clay.
ton-Bulwer treaty, or any other treaty fount
to be in existence and standing in the way o
the construction of the canal. The neutrality
Of the canal is guaranteed, but the right to
protect it against the Interruptions Of busi
ness between the Atlantic and Pacific coasts
Of the United States is reserved.