exclusive jurisdiction, could determine what remedy was proper for frauds committed under color of its enactments, or restrain the attempt to commit fraud, and could determine in such case what justice demanded in behalf of the United States or its citizens with no power to interfere. But, by this bill, if it becomes a law, you invite in express terms capitalists of all nations to become the holders of stocks and bonds issued by a corporation you have created, operating in a foreign country, and beyond your jurisdiction. When $200,000,000 of stock shall have been issued and bonds without limit held by citizens of Germany, France, England, and the other nations of Europe, and questions shall arise, as they will arise, how far the United States is responsible, they will not, as in all former years, be able to determine the questions as those of internal policy, for the rights of citizens of other nations will be involved in the enterprise we have authorized. Thus the United States, leaving the old path of safety, will become involved in foreign affairs, and lose the impregnable position of neutrality in foreign conflicts which has been the foundation of our safety from the beginning.

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Besides all this, Nicaragua and Costa Rica, through whose territory this canal will pass in its course from the Atlantic to the Pacific, are feeble governments, not controlled by an intelligent people, already mixed up by treaty and otherwise with the European governments; and gentlemen will readily see from the nature of the concessions alleged to have been made to this Maritime Canal Company,' and the nature of the rights those governments have retained, that within a few years the United States will have to employ its powers in protecting this corporation in the rights it claims, a corporation, in fact, more foreign than domestic; and yet the United States, having granted these corporate powers, will be compelled to maintain them.

The probabilities are that the United States will be compelled at an early day to occupy the country with land forces and a naval force on each border. No one can say that this will occur, but it can be readily seen that such will almost certainly be the result, and if it does this republic will become as completely involved in the wretched contests and still more wretched methods of government which have impoverished the many and enriched the few as if it had been a part of the European system. If this Government once leaves its impregnable position of fostering only the well-being of its own people, which resulted in its present greatness, who shall predict, in the light of history, its effect on our free institutions?

"If this enterprise shall be successful under the policy of this bill, these enterprising corporators and others will reap a rich harvest and amass wealth; if disaster shall befall it, such as all enterprises of magnitude and all others are exposed to, these corporators of Europe and America and others connected with them will amass fortunes out of the stocks and bonds you authorize this corporation to issue, for when you enter upon this work in the manner and form proposed by this bill you can not escape the inevitable consequences. The judgment of the nations whose citizens you invite to invest their capital in this enterprise will demand that this Government

shall be held responsible for a great foreign work it has authorized to be constructed by a corporation composed of citizens of all nations, implying support and protection of this Government.

"Besides all this, with the national honor involved, and the great capitalists of this country who have become the holders of the stocks and bonds of this corporation demanding, on the many plausible pretenses that will be suggested, among others, that this Government having induced capitalists of all nations to engage in the enterprise, and that unexpected obstacles had been met, as in the case of the Panama Canal, the Government ought, in common honesty and in respect to national honor, to furnish proper relief, will Congress be able to resist their demands? I answer no; and if this bill becomes a law the early future will confirm my statement. "And thus, sir, this canal will be, even if this corporation shall fail, completed. Another great brood of ingenious and skillful financiers who live off of the labor of other men will amass kingly fortunes through the employment of Government in the old method, at the expense of the toiling millions. And yet the hundreds of millions of dollars which will be drawn in taxation from the mass of men of our own country will not add one cent to the value of their daily labor or in any possible degree ameliorate the hard fortune to which labor is subjected by these methods which have centralized the wealth of the world and consigned the great multitude of men to poverty. If the capitalists of Europe and America wish to construct this canal let them do so, for it will greatly foster the capital interests of both continents; but I protest against the purpose which this bill aims to accomplish, to cast the ultimate burden on the labor of this country while the benefits and profits will inure to capital of Europe and America.

"It is manifest this bill will become a law. It is easy to disguise such an enterprise and hold out delusive hopes to the laboring men, who constitute the great mass of our people and of the world, but I will attempt, in the best way I can, to prevent this stock-jobbing enterprise from being made a source of fortune to these corporators of Europe and America at the expense of the laboring men of this country, even if the greater evil of this measure can not be averted. I will press the amendment which I have already named:

Provided, however, That nothing in this act contained shall be so construed as to commit the United States to any liability whatever for or on account of said company; nor shall the United States be held in any wise liable or responsible in any form or by any said company may incur, nor be held as guaranteeing implication for any debt or liability in any form which any engagement or contract of said company, or as having assumed, by virtue of this act or otherwise, any responsibility for the acts or proceedings of said company in any foreign country, or contracts or engagements entered into in the United States.

"I freely admit that, in an enterprise of this magnitude, authorized by the United States in a foreign country, involving the commercial enterprises and the great capital interests of the world, the restriction which I have proposed may be almost as feeble as the spider's web; I admit this. The force of this movement, the struggle of the

great interests and great capital that will be involved in this enterprise will, if our former experiences are considered, render such a restriction or declaration of little avail, and yet, hoping for the best, I offer this amendment. It may possibly meet some wily argument that, from the nature of the unlimited powers conferred on this corporation, the United States in the beginning intended to assume, financially and otherwise, responsibility for this foreign enterprise, and guarantee the investments of the skillful financiers and enterprising capitalists of all nations, who are seeking to use the power and resources of the United States for their own aggrandizement.

"If it is adopted, it will at least stand as a protest of this present House of Representatives against the claim that will be made that the United States intended such guarantee. The times that are coming can only determine the strength of such a declaration as to the purpose of the United States in granting such an extraordinary charter, when the corridors of this hall shall be crowded with a powerful lobby demanding that the United States Treasury shall uphold and validate the hundreds of millions of dollars in stocks and bonds which its corporation shall have issued for the enrichment of the financial adventurers of Europe and America. I at least hope that the amendment I have suggested will be adopted."

The amendment proposed by Mr. Holman was agreed to. Mr. Wilson, of Minnesota, proposed the following amendment, which was also agreed

to:

SEC. 3. That no certificates of stock shall be issued until at least ten per cent. of the same shall be fully paid for in money at the par value of said stock, and the money deposited in the treasury of said company, and said stock so subscribed shall not be assignable until the whole of the same shall be so paid in, and no payment on account of capital of said company shall be made except in money; and said company is hereby prohibited from returning or rebating any part of the money so paid. No bonds in excess of the amount of capital paid and received shall be authorized or issued until such paid capital shall amount to the sum of five million dollars. No part of the capital stock paid in shall be at any time withdrawn or returned to the stockholders, or in any manner diverted from the proper uses of the corporation. Every person violating or aiding in the violation of the foregoing provision shall be deemed guilty of a misdemeanor, and on conviction thereof shall be punished by fine not exceeding ten thousand dollars, or by imprisonment not exceeding five years, or by both of such punishments, in the discretion of the court.

In support of the amendment, he said: "I am in favor of this bill, but I desire the amendment which has just been read incorporated. I have no doubt, sir, that a canal across that isthmus will be built within a short time, and I feel equally certain that the United States should permit no foreign country to build or control that canal. I think that is manifest public policy. I have listened with strict attention to the argument of the gentleman from Indiana, and other gentlethat we have no power under the Constitumen, tion to grant such a charter as this, and I must admit that, while I entertain doubts, I have not been convinced by their arguments. Indeed, no one can satisfactorily discuss that question in the limited time allowed to a speaker under this orVOL. XXIX.-14 A

der. But I incline very strongly to the opinion that the United States has the right to create this corporation, or the right to build the canal; and if I were sure that the United States could build and operate it without any jobbery, I am not ready to say that I would not favor that, so strongly am I impressed with the conviction that it is a work whose importance can hardly be overestimated. But, Mr. Chairman, we all know what has been the effect of the issuance of stock that represents no capital.

"It is an injustice to the whole people to permit any corporation, created to act as a common carrier, to issue one dollar of stock, except as the evidence of and to the amount of the capital actually paid into its treasury. Nothing has worked greater injustice to our people, and especially to the people of the West, than such fraudulent issues of unpaid-for stock. Nothing has so embarrassed the adjustment or regulation of freight charges.

Certificates of stock ordinarily soon pass out of the hands of the original holders into the hands of bona-fide holders for value, who have neither knowledge nor means of knowledge that such certificates are not what they purport to be

certificates of actual stock of the company. The purchaser of such certificates reasonably expects and insists that the tolls or freights charged by the corporation shall be fixed and kept so high as to pay a reasonable rate of interest on all the stock issued. If so, the people are compelled to pay interest on a fictitious capital, on certificates of stock issued without consideration; if not, the bona-fide purchaser of such stock, without any fault or negligence on his part, is deprived of any return for his money.

"Wrong and injustice to the whole people, or vented by preventing the issue of stock beyond to the purchaser of such stock, can only be prethe amount of money actually paid in. should learn wisdom from the past."

We

The following amendments were also adopted:

Add to section 2: "All bonds, stocks, and certificates issued for or as part of the capital of the company shall be issued at the principal office in the city of New York."

And add to the above amendment the following:

"All shares, stocks, bonds, certificates, or other securities of this company shall be disposed of only for cash, to be paid into the company treasury and used for corporate purposes: Provided. That this shall not apply to bonds or securities issued under Article L of the concession of Nicaragua to the canal association."

In line 11, section 3, after the word " company, insert" who shall also be citizens and residents of the United States."

Strike out in lines 4 and 5, section 3, "and a majority of whom shall be citizens and residents of the United States," and insert "the directors shall be citizens of the United States or of Nicaragua, and a majority of such directors shall be citizens and resi

dents of the United States."

Add to section 4 the following:

"Provided, That no change of concessions heretofore or hereafter granted by the Nicaraguan and Costa Rica Governments for or in behalf of the construction of said canal, which in any manner affects the rights of American citizens to the use of said canal, or which affects the right of the Government of the United States to have a voice in the governmental control of the use of same, shall be made until the consent of the Government of the United States to such change shall have been first given thereto."

Add to section 5:

"And nothing herein shall be construed to estop this Government from asserting at any time any rights or powers that may now exist by virtue of the laws of nations or that may be acquired through treaty stipulations with respect to the rights of transportation of the citizens of the United States or their property over this canal or the country through which the same may be constructed, or to transport troops or munitions of war in time of peace or war."

Add at the end of section 5 the following: "And nothing in this act shall be held or construed to in any manner involve the United States in any pecuniary obligations whatever, other than in respect of the payment of tolls as provided for in this act." Add as new section:

"Said company shall make a report on the first Monday of December in each year to the Secretary of the Interior, which shall be duly verified by the President and Secretary thereof, giving such detailed statement of its affairs and of its assets and liabilities as may be required by the Secretary of the Interior, and any false statement so made shall be deemed perjury and punishable as such. And it shall be the duty of the Secretary of the Interior to require such annual statement and to prescribe the form thereof and the particulars to be given thereby."

Add to section 6:

"Provided, That the construction of said ship-canal shall be commenced in good faith within three years."

Add to section 6:

66 Congress hereby reserves the right to alter, amend, or repeal this act, and to regulate the toll or tariff rates for the transportation of persons or property by this company or its assigns."

Add, as section 6, the following:

"SEC 6. That at any time hereafter the Government of the United States shall have the right, at its own option, to acquire by purchase the entire property of said company in said canal and its appurtenances at a price equal to the actual cost thereof, with interest on such cost at the rate of 5 per cent. per annum."

Strike out all after the word "act," line 41, page 3, to the word "may," in line 44, and insert:

"All shares, stocks, bonds, certificates, or other securities which the company may issue to raise the corporate capital shall be executed and issued at the principal office in the city of New York; and all such shares, stocks, bonds, certificates, or other securities shall be disposed of only for cash, to be paid into the company treasury and used for corporate purposes: Provided, That this shall not apply to bonds or securities issued under Article L (50) of the concession of Nicaragua to the canal association."

The bill as amended passed the House on Jan. 4, 1889. The Senate non-concurred in the House amendments, and a conference committee reported as follows on Feb. 4:

The committee of conference on the disagreeing votes of the two Houses on the amendments of the House to the bill (S. 1,305) to incorporate the Maritime Canal Company of Nicaragua, having met, after full and free conference, have agreed to recommend and do recommend to their respective Houses as follows:

That the Senate recede from its disagreement to the amendment of the House numbered 1, and agree to the same with an amendment as follows: Substitute for the words proposed to be stricken out and the words proposed to be inserted the following: "May issue stock to the amount of the just value of such estate, property, and rights, and for work and labor done or materials provided in the execution of the work of constructing said ship-canal; and the stock issued for these purposes shall be deemed paid-up stock and shall not be liable to any further calls or assessments"; and the House agree to the same.

That the Senate recede from its disagreement to the amendment of the House numbered 2, and agree to the same with amendments as follows:

In line 2, after the word "any," insert the word "pecuniary."

In line 7, strike out the words "or otherwise." In lines 9, 10, and 11 strike out all after the words "United States."

And the House agree to the same.

That the Senate recede from its disagreement to the amendment of the House numbered 3, and agree to the same with an amendment as follows: Strike out all words proposed to be inserted, and insert in lieu thereof the following:

"All shares, stocks, bonds, certificates, or other securities which the company may issue to raise the corporate capital shall be executed and issued at the principal office in the city of New York."

And the House agree to the same.

That the Senate recede from its disagreement to the amendment of the House numbered 4, and agree to the same with an amendment as follows: Strike out all the words proposed to be inserted, and insert in lieu thereof:

SEC. 3. That no certificates for stock, except as otherwise provided in this act, shall be issued till at least 10 per cent. of the par value thereof shall be fully paid for in money, and such money deposited in the treasury of said company; and there shall be at least $1,000,000 in money paid on such subscriptions into the treasury of said company within one year from the passage of this act; and said company is hereby profrom returning or repaying any part of the money so paid. No part of the capital stock paid in shall be at any time withdrawn or returned to the stockholders, or in any manner diverted from the proper uses of the corporation. Any violation of the provisions of this section shall subject the charter to forfeiture."

And the House agree to the same.

That the Senate recede from its disagreement to the amendment of the House numbered 5.

That the Senate recede from its disagreement to the amendment of the House numbered 6, and agree to the same with an amendment as follows: Substituting for the words proposed to be stricken out and the words proposed to be inserted the following:

"And the majority of whom shall be citizens and residents of the United States."

And the House agree to the same.

That the Senate recede from its disagreement to the amendments of the House numbered 7 and 8.

That the Senate recede from its disagreement to the amendment of the House numbered 9, and agree to the same with amendments as follows: Line 3, after the word "verified," insert the words "on oath"; line 5, after the word "any" insert the word "willfully"; and the House agree to the same.

That the Senate recede from its disagreement to the amendments of the House numbered 10, 11, 12,

and 13.

That the Senate recede from its disagreement to the amendment of the House numbered 14, and agree to the same with an amendment as follows: Strike out all the words proposed to be inserted, and insert in lieu thereof the following:

"This act shall expire and be of no force or effect at the end of three years unless the construction of said canal shall be commenced and prosecuted in good faith within that time."

And the House agree to the same.

The report was vigorously discussed in the House, but finally adopted, Feb. 6, by a vote of 178 yeas to 60 nays. The President approved the measure Feb. 20.

On Dec. 19, 1888, Mr. Edmunds, of Vermont, introduced in the Senate the following joint resolution which was referred to the Committee on Foreign Relations:

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Government of the United States will look with serious concern and disapproval upon any connection of any European Government with the construction or control of any ship-canal across the Isthmus of Darien or across Central America, and must regard any such connection or control as injurious to the just rights and interest of the United States and as a menace to their welfare.

Resolved, That the President be, and he is hereby, requested to communicate this expression of the views of Congress to the governments of the countries of Europe.

The resolution was reported back without amendment Jan. 4, 1889, and was discussed in open session on the following day. Mr. Sherman, of Ohio, said: "This joint resolution is a statement of a line of public policy adopted by the United States nearly seventy years ago. It

has been announced in a more or less formal manner by almost every President of the United States since that time in the annual messages to Congress. It has always been sanctioned in various ways by Congress. It is the simplest declaration of public policy, that the Government will not view with satisfaction the establishment by any foreign government of the control over the construction of any canal across the Isthmus of Panama or in Central America.

"The declaration is in a very moderate and simple form. I think the joint resolution ought to be agreed to unanimously by every member of both Houses of Congress, and I have no doubt it will receive the approbation of the President of the United States.

"To discuss the subject at length would be very interesting, but we should have to go into a long and elaborate history, and I have not deemed it necessary to do so on this occasion. "I will state the occasion that gave rise to the introduction of the joint resolution.

"Undoubtedly the Panama Canal scheme is laboring under very great embarrassments. It has recently, in a measure, failed or suspended, and the authorities of France have provided for its suspension. A great many French people as well as Americans and Englishmen and people of other countries are interested in the building of the Panama Canal under a local charter. The Government of France has hitherto always disclaimed any connection with the enterprise as a government, but it has been conducted by the private management of De Lesseps and others under a Central American company. However, recently, on account of the failure of De Lesseps and the necessity of large sums of money being raised, it has been proposed by a friendly power, the Government of France, that it should itself assume the construction of this canal or undertake some control or ownership or jurisdiction over it, or exercise some power which is inconsistent with the established doctrine of the American Government.

"We thought that under those circumstances it was but an act of friendly caution to express the opinion so often expressed in this country that the Government of the United States would not look with satisfaction upon the exercise of any such power.

"It was thought by the Committee on Foreign Relations, this public fact being known as a

matter of history, that we should at least say that we can not allow the French Government to proceed to assume an act of authority or power over this canal as a government; and we announce our well-known decision upon the subject. That was the occasion. If there ever was an occasion demanding the exercise of the announcement of this doctrine it is now."

Mr. Edmunds said: "The joint resolution was induced in its introduction by the circumstance that I thought the honor and candor of the United States required us in a formal and friendly way to restate the American doctrine upon this subject before our friends and neighbors, the Republic of France, had been drawn into an official support of the De Lesseps scheme at Panama, so that they could not say to us afterward, You sat silent and acquiesced in our engaging in this enterprise, and you ought not now to complain'; and that the honorable thing to do as between friendly nations was for us to say now in a friendly and temperate way how we should regard the intervention, not only of France, but of any European power in the matters to which the resolution alludes."

Mr. Call, of Florida, opposed the resolution. He said: "I hope the joint resolution will not be adopted. If there is any reason which can be vindicated upon argument and proper consideration for prohibiting any great work of beneficence to mankind, I can not see how it can be brought to bear upon this question.

The construction of a canal across the Isthmus of Panama is a work that will promote the welfare of every human being in the world. That this Government should interpose obstacles upon the plea that it may promote the extension of monarchial institutions or the systems of government that prevail in Europe does not address itself to my mind with any kind of reasonable

ness.

"The Monroe doctrine was predicated entirely upon the assumption that the system of European governments might be promoted by their colonization upon this hemisphere. This country is now strong enough to defy without fear of results any efforts of that kind; and it can control the matter in its diplomatic relations without preventing or obstructing the construction of this great work necessary to the commerce of the world, necessary to the cheapening of the articles of necessity, of human consumption, to every human being in this country and in every other country.

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Why should not the Panama Canal be built? Does it interfere with the power of this country? Does it in any way interfere with any of its public policies? Does it increase the power of the French or any other government to restrict the extension of republican institutions or the colonization of this country by people of republican sympathy and friendly to our form of government? Its influence in that respect amounts to nothing.

"In my judgment, for us to interpose any obstacle, to say that any European nation shall not contribute as a government to the construction of a great public work, is going back to the barbarous ages.

"Sir, for one, I am free to say that I shall regard with pleasure any effort on the part of the

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French Government or any other associated power to build this great work, which can only promote the welfare of every family and every human being, and increase the number of their comforts and cheapen the productions which are necessary for them.

Mr. President, I hope that we shall not be bound by the prejudices and fears which originated years ago, when this country was weak, now when we can defy the world, that we should be restricted within narrow limits by European colonization upon the Western Hemisphere. Sir, if France should establish a monarchical government in Panama or Central America and this country should see fit to declare that it should not be done, it would disappear in a moment. But what connection has the construction of this great work with the establishment of monarchical systems or institutions on this hemisphere? "It is not difficult to see that it has none whatever.

The question of the construction of a waterway over the Isthmus of Panama for the commerce of the world and the question of monarchy or republic, of aristocratic or democratic institutions, have no connection with each other. It is even difficult to see how any one can even make a pretense to that effect."

On Jan. 7, the subject was discussed in secret session for more than five hours, and several propositions to amend were voted down. The resolution was then passed by the following vote:

YEAS-Aldrich, Allison, Bate, Berry, Brown, Chandler, Cockrell, Coke, Colquitt, Cullom, Davis, Dawes, Dolph, Edmunds, Eustis, Evarts, Farwell, Faulkner, Frye, George, Gibson, Gorman, Hale, Hawley, Hoar, Ingalls, Jones of Arkansas, Manderson, Mitchell, Morgan, Morrill, Paddock, Palmer, Payne, Platt, Plumb, Pugh, Quay, Ransom, Saulsbury, Sawyer, Sherman, Spooner, Stewart, Teller, Vest, Walthall, Wilson of Iowa, Wilson of Maryland-49.

NAYS-Blackburn, Hampton, Vance-3. ABSENT― Beck, Blair, Blodgett, Bowen, Butler, Call, Cameron, Chace, Daniel, Gray, Harris, Hearst, Hiscock, Jones of Nevada, Kenna, McPherson, Pasco, Reagan, Riddleberger, Sabin, Stanford, Stockbridge, Turpie, Voorhees-24.

The resolution in the House was submitted to the Committee on Foreign Relations, which reported it favorably and asked that it be recommitted, with leave to report at any time. This action was taken and the committee reported again March 2; but nothing further was done.

Counting the Electoral Votes.-The Senate, on Jan. 23, 1889, and the House, on Jan. 28, passed the following concurrent resolution in regard to the counting of the electoral votes.

Resolved by the Senate (the House of Representatives concurring), That the two Houses of Congress shall assemble in the Hall of the House of Representatives, on Wednesday, the 13th day of February, 1889, at 1 o'clock in the afternoon, pursuant to the requirement of the Constitution and laws relating to the election of President and Vice-President of the United States; and the President of the Senate shall be the presiding officer; that two persons be appointed tellers on the part of the Senate, and two on the part of the House of Representatives, to make a list of the votes as they shall be declared; that the result shall be delivered to the President of the Senate, who shall announce the state of the vote and the persons elected to the two Houses assembled, as aforesaid, which shall be deemed a declaration of the persons elected President and Vice-President of the United States; and, to

gether with a list of the votes, be entered on the journals of the two Houses.

At the time appointed the two Houses assembled in the Hall of the House of Representatives and Mr. Ingalls, of Kansas, took the chair as President pro tem. of the Senate. Mr. Manderson, of Nebraska, and Mr. Harris, of Tennessee, were the tellers appointed for the Senate, and Mr. Ermentrout, of Pennsylvania, and Mr. Baker, of New York, were the tellers appointed for the House. The counting of the vote proceeded rapidly; and there were no objections, and no discussion arose during the process. The following is the result as certified by the tellers:

LIST OF VOTES FOR PRESIDENT AND VICE-PRESIDENT OF THE UNITED STATES FOR THE CONSTITUTIONAL TERM TO COMMENCE ON THE 4TH DAY OF MARCH,

At 2.20 o'clock the count was completed and the Senate retired.

Alaskan Fisheries.-On Feb. 25, 1889, Mr. Stockbridge, of Michigan, introduced in the Senate a bill to amend section 1963 of the Revised Statutes, and to provide for the better protection of the fur-seals and salmon fisheries of Alaska. It was referred to the Committee on Fisheries, and reported back, Feb. 27, so amended as to apply only to the salmon fisheries; and the title was changed so as to read: "A bill to provide for the protection of the salmon fisheries of Alaska." The measure passed the Senate without a division, in the following form: