The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-02-16
FIGURES THAT SPEAK
Millions Of Dollars for Tbs Panama
Canal COmplny In America
INTERESTING STATEMENTS
Jess, SeIlgman TestIfIes Before the
Special lnvestig alton Com
mittee-Some Startling
Revelations Made.

NEw YORK. Feb. lS.-Big figures came
to the surface when the special committee
investigating the American end OF the
Panama scandal heard the testimony OF
Jesse Seiigman Of ]. W. Scligman d Co.,
one of tho members Of the American com
mit,cc. No testified hc first became per-
mancntly connected with the American
committee in March, iesl. His connection
resulted from the suggestion OF the Paris
house of Scligmaa, in behalf OF Ferdinand
DeIcsscps, that tho Seligmans should act
rs members Of the American committee
to protect the interests of the canal and
secure neutrality in the United States In
relation To IL. Similar communications
were sent 10 Drexcl. Morgan & 20. and
winsiow. Lanicr & Go. The chairmanship
had been offered hy Sclgman to General
Grant by authority Of DeLesseps, with
salary Of o.0pO for his life time. General
Grant declining. the American COMMITTEES
suggested Thompson.
In regard to tho compensation OF the
committee. Scligman said IL was first
agreed that $4,000 was to he divided
among Drcxei. Morgan & Co.. Winslow,
Lanicr a 10. and sciigman Co.
"For what purpose:' asked Colonel
Fellows.
"for tho payment of salaries for our
services. This agreement was subse-
qucn,ly modified. DE Lcsseps formed
pow erful banking syndicate abroad and
| in this country. ard allowed them 2 per
cent. ON the s:gr. .JD.,oo of stock and the
s.U,u0uCO Of bonds Of the canal COM
pany. The members of the syndicate in
! this country were the American commit-
tee. This committee had to pacify tho
Panama Railroad company. tho opposi-
ton OF Colombia had to lie resisted. and
the committee looked after much OF the
purchases Of material and supplies. and
gave a great deal Of time to furtherinR
the interests Of the canal In other ways"
"iIow much money was paid the Amer
lean committee altogether :''asked Colonel
| Fellows.
"Six million francs~ one-quarter OF
which was paid when tho committee was
formed, and the rest in six annual In
etailmcnts. To each Of tho banking
houses forming the American COMMITTEES
there was paid 100000"
Mr.. Scligrnan said that after the requi-
sit,on OF tho Panama railroad. the Ameri-
can committee became directors. The
controversy with tho Columbian govern.
mcnt was compromised by the payment
OF various sums at different times. The
American bankers of tho canal company
were Sci.gman & 20. In all S4o.uo.uo
were deposited with them to the credit OF
tie canal company.
When Congressman Patterson OF Ten
ncsscc. asked IL any of this money vas
left. Scligman laughed and said 1t was all
gone. Patterson asked why Thompson
was selected as chairman, adding: "He
was not n grcat nnancier, was hc?"
"No." said Seliglnan, "but he was .
great statesman"
Seligman also testified that Si60.0o0 had
been on deposit 10 the credi; of Chairman
Thompson m addition to tho s40,oO.OO.
"will your books show how that amount
was cxpendcd?" asked Patterson.
Sclgman said thoy would and promised
to produce them. Committee adjourned
to meet IN Washington.