Note 116 — Chapter XXX

Mr. Otis says: “Among the most important concessions by the terms of this contract was one guaranteeing that all public lands lying on the line of the road were to be used gratuitously by the Company, also a gift of 250,000 acres of land, to be selected by the grantees from any public lands on the Isthmus. Two ports, one on the Atlantic and the other on the Pacific (which were to be the termini of the road) were to be free ports; and the privilege was granted of establishing such tolls as the Company might think proper. The contract was to continue in force for forty-nine years, subject to the right of New Granada to take possession of the road at the expiration of twenty years after its completion, on payment of five millions of dollars; on the expiration of thirty years on payment of four millions; and at the expiration of forty years on payment of two millions. Three per cent was to be paid to the New Granada government upon all dividends declared. The entire work was to be completed within eight years.”