The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-02-17


mites investigating the American and
Jesse Soiigman. Of J. and w. SeIigman &
Co., one of the members of the American
committee. He testified that he first be-
came permanently connected with the
American committee in March, 1881. His
connection resulted from the suggestion Of
the Paris house Of Seligman in behalf of
Ferdinand de Lesseps, that the Seligmans
should act a. . member Of the Amer
lean committee to protect the interests
OF the canal and secure the neutrality of
the United States in relation to it. SINH
lar communications were made to Drexel.
Morgan & Co., and Winslow, Lanier & Co.
The Craftsmanship had been offered by
Seligman to Gen. Grant by authority of
De Lesseps, with salary of SIS 600 for his
lifetime. Gen. Grant declining, the Amer
lean committee in December, 1880, sug-
gested Thompson. In regard to the CON-
pensation Of the committee Seligman con-
tinued:
1t was first agreed that s., 500, 900 was 70 be d.
vided between Drexel. Morgan 4 Co, Wilson,
Lanisr Co and seligman & Co. for the pay.
ment Of salaries ana for our services This
agreement was subsequently made. De Lesseps
and In this country and allowed US per cent.
on 800, 900 francs of stock and 800, 000, 900
frances Of bonds Of the canal company.
The members OF the syndicate in this country
were the American committee This committee
had to pacify the Panama Railroad Company.
The opposition of Colombia also had to be re.
sisted The committee looked after much OF
the purchases Of the material and supplies and
gave a great deal OF time to furthering the
interests Of the canal in other ways Six
millions OF francs was paid the American com.
mittee altogether. ne-Quarter OF which was
paid when the committee was formed, and the
rest in six annual installments. To each OF the
banking houses forming the American commit
tee there was paid 100000 After the acQuisi-
ton o! the Panama railroad. the American com.
mittee became directors. The controversy with
the Colombian government Vas compromised
BY the payment of various sums at different
times. The American bankers OF the caual
company were seiigmau 4 Co. In oil 50, 900 900
were depositsd with them 20 the credit of the
canal company.
When Congressman Patterson, of Ten
nessee. asked il any of this money was
left. Seligman laughed and said: 1t 10
all gone" Patterson asked Why Thomp-
son was selected for chairman. adding !:
HE was not a great financier. was he?''
"No," said Seligman, "but he was great
statesman" Seligman also testified that
$780, had been on deposit to the credit
of Chairman Thompson in addition to the
$4,000, 0OO "Will your books show how
tina: amount was expended?" asked Pat
terson. 6ellgman said they would and
promised to produce them. The COM
mittee then adjourned to meet in Wash
ington City.
New York, Feb. ll.--The special COM
mittee to investigate the Panama Canal
Company in this country, which ad-
journed yesterday TO meet at noon today,
had not at that hour completed its inves-
tigation of the books and papers submit
ted by Xavier Boyard yesterday and it
was announced that the hearing would
not begin until o'clock this afternoon.
The afternoon session was devoted to the
examination of Boyard, the American
representative of the lquidator of
the Panama Canal Company and
. director Of the Panama rail-
road. Geary remarked during the
the examination that the Pacific Mail
scandal was going to crop out during the
investigation, and asked Boyard if the
Panama road had not disseminated
against American interests because con-
trolled by French capitalists. Boyard re-
piled vehemently mo" He claimed that
the quarrel with the Pacific Mail had been
brought about by the latter company dirt
ing with the transcontinental lines.
Appleton was again called and testified
rs to the attitude of Hayes administration
toward the canal.
PARIS. Feb. 15.-M. lie Quay, adjudged
guilty of completely in the Panama canal
frauds. was today sentenced to five years
imprisonment and fine Of 5000 francs.
Provost. on the same charge, was SEN
fenced to three wears.