The Portland daily press., 1900-03-29

eonpensation 81 TIE rats Of 80 per osntum
Of the rates fixed By this section, and
no more"
Paragraph (s) differs somewhat in the
two bills In respect to Language. but the
effect is Substantially the same. The
Senate text is;
"(s) The total compensation 70 be paid
out Of the Treasury as provided In this
ACT shall not, In respect Of any one fiscal
year, exceed the sum Of nine millions OF
dollars, of which nine millions Of dollars
not mora than two millions OF dollars
shall. In respect Of any ons nscal rear, be
paid a. compensation 10 the vessels de-
soribed in paragraphs eight and nine OF
CLAUSE (b) Of this section; and OF which
nine millions Of dollars not more than
seventy per centum shall be expended In
any one fiscal year In respect Of the vessels
engaged in the Atlantic Oosap trade,
except in case the Pacific Ocean trade
shalr not require. In respect Of the vessels
engaged In said aforementioned trade,
the expenditure Of the whole amount Of
thirty per csntum Of said nins millions OF
dollars In any suoh year; and the Score :
tary Of the Treasury shall make suoh
regulations for the payment OF said oom-
psnsstion as will cause any excess In the
total amount OF oompensation earned
under this lot in any Que fiscal year over
and above nine millions Of dollars TO be
deducted pro rata from the total oompen-
sation due each person or corporation on
titled to such compensation hereunder
during said fiscal year.
"(D The Secretary Of the Treasury u
hereby further authorized and directed to
contract with an. citizen or citizens Of
the United States (inoluding as such
oltissps corporations created under the
laws of the United States or any Of the
States thereby who shall apply 20 said
Secretary within i've years next after the
passage Of tSis Act for contract such
as is In this Act provided. and shall on
applying for such contract, give bond TO
the United States In . penal sum equal
to ten dollars per gross ton OF the vessel
or vessels 90 to be built pursuant 20
suoh bond, with security to the satisfac-
ton of the Secretary Of the Treasury,
COL dit loned that suoh Citizen or citizsns
will, within i've years next after the CIV
ing Of such bond, build, In the United
Etates, make ready for service and regis
ter for the foreign trade Of the United
States In this ssction mentioned one or
more of the GLASSES and description Of the
vessels mentioned aud described In
clauses (s) And (b) Of the section, and TO
be described In such boEd, wish which
such Citizen or citizens desire 20 engage
In the foreign or other trade for Will ch
compen sation is provided and as In this
Act describsd: that there shall be paid,
out Of any money In the Treasury not
otherwise appropriated, to such ownsr or
wnsrs Of suoh vessel or vessels 90 to be
built the same compensation for the same
length Of time In this section stated and
for the same service mentioned In clauses
(a), (b), and (c) Of this section; and such
citizsn or citizens SO contracting, and the
owner or owners of each of suoh vessels so
to be built shall be subj ct to all the
duties, liabilities and conditions In re-
speot of such 90 to be built
40 ars In this Aos provided ia
respect Of the owner or owners and In
respeot Of the vessel or vessels built In
the United Statss in this Act mentioned,
except in respect OF tbs duty to build
new vessels. But IL 10 shall happsn that
any such new vessel shall. without any
fault or want of diligence on the part Of
the obligors In such bond, fail eo be built
and registered - required BY this section
the Secretary OF the Treasury shall extend
the time Of the performance of the con-
ditions OF such bond for such period or
par iuds % snail appear to him to be just:
and In that case the right and obligation
Of such oblisors shall bs the same 90 II
the performa ance or breach of the condi-
ton of such bond had occurred " thin
the said hss years.
"(g) In case Of the lawful change Of
the ownership and registration under the
laws OF the United States Of any weasel
in respect OF which contract pursuant
to this Act shall exist at the time Of suoh
change, the new owner or owners Of suoh
vessel, being citizens Of the United
Etatsa, shall become entitled to all the
rights and shall be subtscs to all the
liabilities In reSreot OF suoh vessel that
the prior owner or owners would have
been entitled or subject to had the o wn-
ership not been changed.
"SEC. Q. Tbat every vessel In respect
OF which any contract, authorised BY this
Aot. shall be applied for or made. shall
be Of the Glass Al as classified. either by
the Record OF American and Boreign
Shipping or the United States Standard
Owners. Builders and Underwriters AS.
ISOLATION, or equivalent classification In
any other register of shipping OF at least
equal merit. All vessels under contract,
as provided for In this Act, shall be Of
Glass Al or its equivalent, as hsreinbe-
fore In this se,tion mentioned, durin Q
the whole period OF their service under
the contracts provided for In this Act"
In Section the Senate bill provides
simply that the subsidy shall not be al
lowed for period longer than twenty
years. The corresponding section OF the