Doc. No. 75. 



179 



mmty individual, or companies ^vhatsoever, the right of constructing a 

 ■ship canal, railroad, or any other communication across its territory be- 

 tween the two oceans, or the right of navigating by means of steam -ves- 

 sels any of its rivers or lakes which may be occupied by the company 

 while this contract continues in force. But should this contract become 

 forfeited or annulled, then the State shall be privileged and free to contract 

 with any other individuals or companies, as it may deem proper. 



Art. 33. In case any dispute or controversy shall arise during the ex- 

 istence of this contract between the State and the company, the same 

 shall be determined by a reference to five commissioners, to be chosen in 

 the following manner, viz: two to be named on the part of the State, two 

 named by the company, and the fifth to be selected by the four thus ap- 

 pointed, who shall hear and determine the matters in controversy and de- 

 cide upon the same; which decision of the said commissioners shall be 

 final and without appeal, and binding upon both the State and the com- 

 pany. 



Art. 34. It is further provided, that in the event of the four corarois- 

 sioners thus chosen not being able to agree upon the selection of the fifth, 

 the State and the company shall then choose three individuals, out of 

 which number they shall select one to act as such fifth commissioner; 

 but should they disagree in such selection, then the choice shall be made 

 out of said number by lot. 



Art. 35. After the period of the eighty -five years herein granted to the 

 company shall have expired, the company shall surrender to the State 

 the canal or roads, and its dependencies, revenues, and privileges, free 

 from all indemnity for the capital which may have been invested in the 

 said work. But it is, nevertheless, stipulated that the company shall 

 receive fifteen per cent, annually, out of the net profits of the canal, for 

 the period often years after such surrender, provided the cost of the same 

 shall be less than twenty millions of dollars; but should the cost be 

 twenty millions of dollars, or more, then the company shall receive said 

 fifteen per cent, for the period of twenty years after such surrender. 



Art. 36. It is expressly stipulated, on the part of the State of Nicara- 

 gua, that the vessels, products, manufactures, and citizens of all nations 

 shall be permitted to pass, upon the proposed canal, through the territory 

 ■of the State, subject to no other or higher duties, charges, or taxes than 

 shall be imposed upon those of the United States; provided, always, that 

 such nations shall first enter into such treaty stipulations and guarantees, 

 respecting said canal, as may hereafter be entered into between the State 

 of Nicaragua and the United States. 



Art. 37. It is finally stipulated that this contract, and the rights and 

 privileges which it confers, shall be held unalienable by the individuals 

 composing the company herein named, and their associates; and that it 

 shall never, in whole or in part, be transferred or assigned to any other 

 company, nor in any way become dependant upon, or connected with, 

 any other company, whatever may be the objects of the same. 



Art. 38. The present contract shall be ratified by the legislature of the 

 State in the shortest possible period; and on the part of David L. White 

 shall be ratified immediately after, as agent of the company which he 

 represents, in virtue of the powers conferred on himi lo this effect. 



