Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-03-13
THOMPSON WAS DUPED. !.
Report of the Congressional Committee on
the Panama JubiIee-Princeiy sums
Paid Banks for the Use of Their Names.

Report of the Congressional Committee on
the Panama JubiIee-Princeiy sums
Paid Banks for the Use of Their Names.
NEW YORK, March 1.-THE Congress
sionai Committee appointed to look In
to the conduct OF the affairs Of the Pan
ANA Canal, the Pacific Mail Steamship
and the Panama Railroad Companies
made its report public to-day.
Among other things the committee
finds that. of the three great banking
firms, J. & w. Seligman, Drexel. Morgan
& Co. and Winslow, Lanier & Co., who
were the financial agents Of the Panama
Canal Company in this country, the
frst-named concern confessed TO spend
ing 100000 900 francs. Neither OF the
others is credited with any expenditures
TO advance the interest OF the Panama
Canal Company.
Another finding Of the committee is
that the three banking-houses named
above received apparently for the loan
of their names, and for nothing else, to
this enterprise, the minimum sum OF
81, 200, 600. Four hundred thousand
dollars apiece, or $780, 600 year was
paid those houses, without the knowl-
edge OF ex-Secretary Of the Navy X.
w. Thompson, Chairman OF the Amer
lean Committee, created TO popu
the Panama Canal scheme. Tho
had all the time supposed thai
the most important factor In
prise, and was himself re-
| sos, 900 year for his sery
the Canal Company went
ton, his salary was chop
he remaining in compa
that the members o. the Cyihn... r, Gf
which lie was still Chairman, were each
receiving $50, Geo a year.
What influence" the report says,
was eXerted upon the financial puolc
! opinion OF the United States by the
names OF these three great banking
houses, what indirect credit and popu-
iarity was given to the enterprise
through their numerous correspondents
and connections throughout the coun-
try. 1t is perhaps impossible now to es-
innate; but TO effect this was the object
Of the formation OF this American COM
mittee, a committee which testiiies that
10 had no regular. meetings, and some
members Of which were never present
at a meeting, or knew of any minutes
kept by the committee, while each OF
these houses were receiving $1,000
This fact, il it is a measure Of the gem
eral conduct and management OF the
Panama Canal Company, may possibly
explain why IL was compelled to go into
| liquidation as soon as IL did.
The report also states that "Hour
committee has examined the matter
sufficiently to be able to say that, so far
as the treaty Of 1876 with New Granada
is concerned, aud so far as the conces-
! sion granted TO and contracts made
with the present Panama railroad cor
pOration, there is no clear ground for
! the assertion that any exclusive right
/ TO cross the Isthmus was ever In terms
granted or by implication secured eth
er to an American corporation or to cit
liens Of the United States, TO the eXcu-
! sion of citizens Of any other country"
"Your committee reports that 1t has
not found any evidence to show that
| corrupt or improper means were USED 10
stifle the investigation or discussion OF
these resolutions in fact, in spite of the
arguments OF Mr.. Thompson and the
counsel employed by him TO assist the
| Crapo resolution was reported back TO
! the House in a somewhat modified form,
! but with report ringing with true
! American patriotism and a manly, yet
conservative assertion of the Monroe
doctrine as it is generally understood in
/ the United States.
"Your committee cannot refrain from
calling attention to what seems to be
an obvious deduction from the facts
shown, that it is in the interest OF the
United States that the American peo-
pie should absolutely contrOi some out
| let across the Isthmus, at some point
which shall be used for the benefit OF
! American trade in general, as an open
and continuous competitor, aifording no
opportunity for eutangling subsidies
rom great competing lines or chance OF
falling into the grasp Of any monopoly
! through stock manipulation.