New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-07-23


SO seesman gOoo + sf T. ssmps Treas $500
Duncan Dn@ Sherman Co IS 5s2 10000
We'll Con- l4s0OV NJ, 40 OH H6
Wells Fargo Co. 81 go S. L. Isaacs Ash. LS5o
Charles diversified. 4OOl Total.
From Our Own Correspondent
PANAMA o. s. c., July 49, 1866.
The ne from the interior is of great importance ~
many persons in your city but especially 10 those VINO are
interested in
THE PANAMA RAILROAD.
The committee apposs>s TO examine the contract IN
connection with the transfer Of the oihe Panama
Railroad eonclud ed in London on the 9th of February
,s66 between Gen Mosquera then Minister from this
Repnblc 10 England and Mr. William Henry Cotterl),
have submitted their report From the divers opinions
expressed on the subject they select the following:
FIRST In regard to the transfer Of the right which TINS lie
public eOnormsby to the contract OF April 10 lso TO re-
deem the road within nine for the sum OF s3OO0O
On this clause the report reads thus:
The thing be examined in the fitness Of the time for
such negotiation the present Convenient time TO nego
tiate tbe reserves # the Panama Railroad
To this the committee resolves IN the ahrmauVe anu
then report their proceeds in this manner:
This judgment does not rest on the erroneous consideration
BY who advised TIE sale OF the reserve in 1860
lion with this the year preceding by Mur
los Administration namely that the said Panama Railroad
have been projected with view Of opening TO the worlds
new of transit across the American CONT
for its object the search for NOrthWest passsgedeovera
last in tie year $50 by CaP NSCise Gi t n S5s
through the Straits OF Magellan the 0y underasne OF mem
all being carried into execution is the Pacnc Karoad whch
yi according the latest calculation brought within
The knowledge Of your Committee the enormous sum OF
The other undertakings appear to be forgotten
thrown aside for the present. Y zee ereqt he
great TorE OF eHniEs an faeroseaRie eoHG! through onr
sn9Atsaed daiioRs If the powerful industry Of this
Feed in STetnT down rrier dividing the union Of the two
then all the undertakings thar not coRfned 20 DE
and that great work bronghtto head without far
seeing stIuatons being laid down securing TO country
be fathera manifestation very eloquent one certainly q
the energy Of the AngoSaxon race than the result OF SOUND
calculation That expensive road will only deprive US Of the
California traffic. it will be great interior thoroughiare
opening the immense and the present unknown re-
kons through which about take its courses bat an
IperooeaDc route IL will not be held OF mach importance
The Panama Raj road which has cost only ss000O0 aud
which already yielded abundant remuneration for the
capital invested will be able compete advantageously with
The great American road if the Company high
tariff charged passengers and merchandise for Calor
The report then goes show that the Panama Rail
road has no rivalry 10 dread and adds:
mo other road will be able to dispute with that OF
able traffic Of the Pacific Coast now going on around Cape
Horn"
had been threatened by Tehuantepec, Honduras and Mic
nragua routes, the report SAYS:
years have id5 and we h@ YsD not y these S
he opinion the value Of the Panama Railroad being de-
tskins being popery estmsted il is Of e creates;
20 celebrate 9th Company reforming that of
1s5O such will compensate the valuable concessions
which are disposed to make. Oar treasury viii
could be useuy expended in different works Of public utility
which the country so urgently demands
After abiding TO the value of such at the
present time and the necessity for the Republic
themselves against eyentuaues the report goes on to
say is ,eepce. of the worlds commerce on
he part and the tempting profits OF the Panama Railroad
COMPANY on The Gta are eGITs % we D1o
yde against this danger II our duty TO use every eot ID
- h n nav iDy satisfy the necessities Of the universal
ac which viii all come through this channel when mod
pirate tariff deprves other routes Of the economic advantages
khey possess ARd arps that important result
long the Company 6isv it'eV IN situation permanent
undertaking We ought 70 exert ell our efforts II removing
the the Company and proper interests
in harmony. In order that the Rairoed may fulfil
lie object in an ecacous satisfactory manner with
xspdiy and economy which to be desired 1t requisite
tbst the Company undertake and carry out extensive works
fhe which may be estimated to approach Of
49,. bitch viii be exDendel on the Isihuus Of
bms When tie tariff is reduced 10 less burden
nome limits will immediately aud definitely abandon
rontes nov psed; opening Of routes would
owe be posstle and the Ihmus OF Panama converted
into AOurishng center Of the @ereshte To1 VIII a. sno
sS RAILROAD b. reason OF It's gn rates of
and pssss has only diminished the traffic by Cape Horn 70
most profitable undertaking q Us kind 10 the whole world and
prosperity goes on increasing from day 20 s the COM
pany declared dividend Of 40 per cent on STOCK anu
nce an interest equal to "a per cent per anaTm On e
.n,t ~ this drain the shares quoted at from 25 to
B5 when gold quoted at l26: II also shows that
reduced rates will increase the travel OF inc sa
sale Of the rights held BY this Republic in the under
taking. .-,...,, .,
An estimate is arrived by the Committee IN the follow
Ing manner They first begin by making comparisons OF
the value of money &C. In l1ItaPonon WIN st'f h
The road itself through its capital Of 81 more than
doubled by the quoted pnce Of Its shares and producing
m interest equal to per cent upon t2OS so lhs
amount they consider as the true value OF the under
iakiDg"
The third section shows that the rights held by this Re
public tCoumbia in the Panama Railroad we're Sold uI-
xr the contract OF Fob 1866 for the Of s. 600 0OO
Reyse in instruments or rather that MI C0terei pur-
bhssed railroad for go 100000 one half OF which only
u receivedsv the Government for privilege extending
over year. Comparing this contract with the one pro,
posed BY Col I0s~9 May u, 1865, 1t was sscertained
O giving to the S9% S
therefore II was found tnat adopting the London con-
loser, to the extent Of RdeS soS so T
tnues the report, "by the contract Nav o. 1866 the
Company bound down to extend Ia road to that part
of the bay Of Panama which would offer, q Low tide
permanent anchorage for ships drawing eg fhons Al
least; il also renowned all claims which is boeyed to
have against Republic for damages sustained during
The not Of the 18th Of April 1885, and agreed Cher
stipulatons tending TO make the undertaking p-
ductve which not laid down in the London contract
Afer other remarks the clause concludes as fol
Your Committee opinion thai you o~gAt
enee the dispositions in accordance with the rules Of the
House the matter submit to examination the CORE
Bpondng project Of approving decree which you ought 10
Negative in the fret debate"
The fourth section recommends the making Of a new
contract with the Panama Railroad terms that will
secure INSTEAD Of money down, which could In short
time be consumed unproductveyl considerable annual
revenue and further that the nation should give pre-
ference to the present company especially as in compl
ig the work they brayey faced and Overcame obstacles
Of grave character. The report then reads follows
According the first basis II the project the property Of
the road is conceded in pepstuty to the Company Per
petuity is what eharactezes property temporary possession
h nfeound-psrPaEy Is the powerful germ OF development
and aggrandisement."