Woodruff County news., 1902-07-17
THIS MAN HAS 4 SCHEME.
James Madison Lively, of New York, Proposes a Plan to Fi-
 nance Is:hmian Canal.
SAYS IT WILL BEAR INSPECTION.
Sends His Ideas to the President- The President May Examine MT. Lively's Propositions. But 1t Ts Not At All Certain That He Will Fol low It.

Oyster Bay, July 13.-President | Roosevelt has received an official com | munication from James Madison Lively, of New York, proposing a plan to finance the proposed isthmian l canal. MT. Lively suggests that his proposition TWILL BEAR INSPEC- TION AND TEST TO THE LAST l ANALYSIS" MT. Lively details the steps necessary to be taken prior to the actual beginning of the isthmian canal project, and then proposes Ito place in designated depository of the United States government a ma jority of the capital stock of the canal construction company, together with a deed of trust for 100years, approved by the attorney-general of the United States. This deed and the majority, carrying control of the company's stock, would be the base of the Bond issue. Provided, the company's stock should be $500,O00,000, it's directors would resolve to make $300,000,000 of it preferred stock, and guarantee to pay annually dividend or interest of 2H per cent, payable semi-annually on the preferred stock for 100 years, into the treasury or depository.
 "The company could then issue bonds for $15O,OoO,0O0 on what is termed by financiers the Colonial sys- tenn, bearing per cent. interest, pay able semi-annually at the United States treasury. The funds would provide a sinking fund of 1 per cent. of the issue, to be deducted annually for the redemption of the bonds at stated periods at the option of the holders, to the amount only of'money tor such redemption in the treasury. To secure the bonds, the company would deliver to the United States treasurer the $3OO,oOo,o ,ooo of preferred stock
 ''In the distribution of the money received in the Isthmian canal financial problem, it will be observed that in the process $3,00O,OO0,0o of the pre- ferred stock bearing 21a per cent. dividend, paying semi-annually, is paid into the depository designated Oy tIIC ChllCu olSuCb nC bond issue is to be $150,000,000, which bears an annual interest of per cent, payable semi-annulaly, and 1 per cent. as the annual sinking fund, based on the face of the old bondissu for 100 years. There is still 1 per cent, based on the bond issue that is retained by the national treasury, to be disbursed by the United States commission appointed by the presi- dent. This fund can be expended by the commissioner in paying the sal aries of the commissioners, main t2ining and keeping the government forts that may be required to protect it's trusteeship, and also to pay the tonnage of the government vessels through the Isthmian canal. The entire tonnage that will seek passage through this canal from all the nations of the world as well as the ships of citizens of the United States, will thus be required to pay a fixed rate per tonnage for shipping of all kinds, and thereby rule uni form to all nations be adopted"
 At his leisure the president may ex- anime Mir. Lively's proposition, but it is not all certain that he will follow the suggestions embodied in it.