Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1902-07-17
THIS NAN HAS A Scheme
James Hadisea Lively, Of New
York, Proposes q Plan to Fl
nance Is-hmian Canal.
NYs n WILL DtM INSPECTION.
sesas Mis- Ideas t. the Pr~ssae.s-
rAs President Nay Exasi.e Nr.
Liveiy-s Prepssssses. Bss u n Vet
AZ All Certain Thas He WIN rsL
lev IT.

Oyster Bay. July i2-Presideut
Roosevelt has received an ofsiciaieon-
munication from James Madison
Lively. of New York. proposing a plan
to hn.nse the proposed isshmsAs
canal Mr.. Lively suggests that his
proposition WILL BEAR INSPEc-
TION AND TEST TO THE LAST
ANALYSIS Mr.. Lively details the
steps necessary to be taken prior to
the actual beginning of the isthmian
canal project. and then proposes Sto
place in a designated depository of
the United States government a ma
jority of the capital stock of thecanal
construction company. together with
. deed OF trust for iooyearS. approved
by the attorney-general Of the United
States This deed and the majority.
carrying control Of the eonpany's
stock. would be the base Of the 5ond
issue Provided the eompany's stock
should be $500. .ooo. 900. its director.
would resolve TO make oo.ooo 900 of
IL preferred stock. and guarantee to
pay annually . dividend or interest Of
2i- per cent. payable seni-annuslly
on the preferred stock for 100 years.
into the treasury or depository.
The company could then issue
bonds for $50. 600 600 on what is
termed BY fnanciers the Colonial sys-
TEN. bearing per eent. interest. pay
able semi-snnually at the United
States treasury The funds would
provide . sinking fund of 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
for such redemption in the treasury.
To secure the bonds. the company
would deliver TO the United States
treasurer the 500. 900 600 Of preferred
stock
In the distribution Of III. money
received in the eIsthmian eanzlfnaneial
problem. IL viii be observed that in
the process $500. 90 of the pre-
ferred stock bearing -. per cent
dividend. paying s>mi-anngaIly. Is
paid into the depository designated
BY the United States government. The
bond issue Ii 20 be Sl5o. .ooo. .Oo.0. which
bears an annual interest Of per
cent, payable semi-annulaly, and !
per cent as The anDral sinking fund
based on the face of the old bond issue
for 100 years- There is still 1 per
cent, based on the bond issue that
Is retained by the national treasury.
to be cisbursed 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
tanning and keeping the government
forts that may be required to
protect its 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 az well ss
the ships Of citizens of the United
States. viii thus be required to pay
. fixed rate per tonnage for shipping
Of all kinds. and thereby . rule uni
form 10 all nations be adopted"
At his leisure the president may ex-
anime Mr. Lively's proposition. but IL
Is not all certain that he viii follow
the suggestions embodied In it.