Show NEW L RABB CANAL uncle sam is Asked a to aid the company I 1 bl BI guaranteeing ITS BONDS the company to execute a aMort mortgage Kage to the united states stock limited to tol etc washington dec 21 the new nicaragua canal bill reported by senator sherman is drawn on substantially the same lines as the bill reported from th the e committee to the lat last congress including as it does a proposition to guarantee the bonds of the tile company to the extent of to aid it in the construction of the canal the new bill however contains some additions which increase the tile obligations of the company as well as the security of tho government rement for instance tho the real and personal bonal prope property and franchises of the tile company lipana are in included ru 1 ed in the liabilities it is provided that alt all block stock heretofore subscribed for or issued shall be called in and cancelled all bonds issued shall bo be redeemed and cah cancelled celled and all outstanding obligations satisfied the act takes effect the dates are changed to make the bonds issue january 1893 and mature in in 1953 but they are also made redeemable dee deer mable at the pleasure of the united states after 1913 the section requiring the company to execute a mortgage to the tile united states as aft security arity lor for the guarantee is is amended by the tile addition of a c clause ause requiring the mortgage to contain a provision for a sinking fund for the payment 0 of f the bond bonds sat at maturity if the company shall hall t default in in the payment of the interest or in in other respects before the tile canal shall be put in operation the right of foreclosure shall abonce at once attach in favor of the I 1 united the bill excludes from front the expenditures that may be taken into account the consideration paid or agreed to be paid to the nicaragua construction company or other parties for expenditures by them and for concession concessions to nicaragua and asta costa wes and the tile total amount principal rinel pal and interest of the bonds that t that ph at may be issued for the first payment I 1 is fixed at instead of 4 as appears in the original bill perhaps the most important change changes in the bill hill are thoe those made ili in the section relative to the issue of stock in the new bill this is limited to 1 I 1 12 to be retained by the company t the lie amount stipulated to be a delivered eli vered to the government governments of nicaragua and costa kica according to the concessions and the remainder to be issued to the united states full paid and not subject to assessment to be voted by the president of the united states or hia his p proxy ro a at t stockholders meetings and but three ayd directors are to bo be selected from the holder holders of stock other than thai owned by the united states in ili the last st section an amend amendment men t is made so that ton tell instead of six of the fifteen directors dir ectore shall sh all be applin led by the president of the tile united states not mo more ro than five of whom shall be from one political party |