St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-12-15
Nothing Save National Aid
Can Prevent the Pauperi-
Zation of Thousands.
Premier Floquet Holds the
Purse Strings and May
Loosen Them.

PARIS, Dec. 14.-In the chamber of
deputies to-day NJ. Peytral, minister of
finance, submitted bill authorizing
the postponement for three months of
the payment of the Panama Canal COM
pany's liabilities, including interest
and the redemption of bonds. He said
that the lottery for prizes attached to
the bonds issued under the law of 1888
w0uld'continua in accordance with the
guarantees of that law. The postpone
ment of the payment of interest, he
said, would not apply to bonds which
had not been issued on Dec. l. This
derogatiOn of the civil law appeared to
the government to be iusti-
fed by the interest attached
to the canal project. The proposed
delay would give time TO consider fresh
arrangements for relieving the COM
pany'S embarrassments. He urged that
committee be Immediately appointed
10 consider the measure. M. Jumel
thought the danger was not imminent.
and did not justify the interruption of
and opposed the bill. He censured the
managers of the canal, and said it would
be impossible to leave the work of con-
struction in their hands any longer, as
they had been guilty of employing mis-
representations in order to attract capt.
tai. NJ. Peytral insisted upon urgency
for the measure. Delay would render it
useless. NJ. kergariou expressed the fear
that the government would be led into
guaranteeing the operations of the canal
company. NJ. Floquet, the prime
minister, said the government simply
asked for committee. They would
remain master OF the committees de-
cisions. The government were solely
solicltous for the small bondholders.
Ii the chamber should reject the bill
the company would be bankrupt. If
they adopted it the company would be
given time to make other arrangements
Urgency tor the bill was then granted
by vote of 333 TO 155. OF the COM
mittee appointed to consider the
Panama canal bill, seventeen are OPP
posed to it, two favor it and three
reserve their opinions. NJ. de Lesseps
and his colleagues have resigned from
the tribunal OF the Seine. At their
request the tribunal appointed NJ. Hue,
NJ. Baudelot, and NJ. de Nounandie to
settle up the Panama company's affairs.
The London Daily News says, re-
ferring TO the Panama Canal company's
crisis: 1t Is generally believed that
some action by the French government
will be necessary in order to prevent a
widespread financial panic. Finan-
ciers, on the other hand, believe that
the government could only succeed in
postponing the inevitable crash, and
that it would be better for the company
to liquidate now and let the present loss
be final one.
The Panama Canal Company an
nounces the immediate return of the
subscriptions for the unsuccessful issue
of bonds. NJ. Ferdinand de Lesseps
has resigned the presidency of the COM
pany.
In an interview, M. de Lesseps said
he was satisfied With the governments
action, which, he was confident, would
enable him to complete the canal. Most
complete accord reigned between the
government and the company. He was
unable to give the details, but COM
mission, of which NJ. Normandie was a
member, had already been appointed to
work with the present administration
and commission. The money required
would undoubtedly be found. 1t is re-
ported that in the event of the cham
ber rejecting the bill, combination.
headed by the governor of the Credit
Foncier. will be ready TO complete the
enterprise.