The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-03-13
THoMpsoN WAa pUPED.
Report of the Congressional Committee
ON tho Panama tumble.

Report OF the congressional COMMITTED
ON tho Panama tumble.
NEw YoRE, March l2,-Ihe congress
sional committee appointed to look into
the conduct of the affairs OF the Panama
Canal, tho Pacific Mail Steamship and
the Panama Railroad companion made
its report public yesterday.
Among other things the committee
finds that OF the three great banking
firms, j, & W. Seligman, Drexel, Nor
gan 4 Co, and Winslow, Lanier 4 Co.,
who were the financial agents Of the
Panama Canal Company in this coun.
try, the first named concern confessed
to spending 100000 francs. Neither
of the others is credited with any eX'
penditures to advance the interest oil
tho Panama Canal Company,
Another finding OF the committee ia
that the three banking houses named
above received apparently Tor the loan
OF their names, and for nothing else, to
this enterprise, the minimum sum OF
ST. 0,000. -Four hundred thousand
dollars apiece, or $4,000 q year was
paid those houses, without tho knowl-
edge OF ex-Secretary Of tho Navy r. W.
Thompson, chairman OF the American
committee, created to popularizo the
Panama Canal scheme. Thompson had
all tho time supposed that he was the
most important factor in the enter
prise, and was himself receiving but
$4,000 u year for his services. When
tho canal company went into liquida-
ton, his salary was chopped to $l2,50O,
he remaining in complete Ignorance
that tho members Of the committee, OF
which lie was still chairman, were each
receiving $4,000 a year.
"What influence" the report SAYS,
twas exerted upon the financial public
opinion Of the United States by the
names OF these three great banking
houses, what indirect credit and popu.
larity was given to tho enterprise
through their numerous correspondents
and connections throughout the oun
try, it is perhaps impossible now to
estimate but to effect this was tho OBJ.
ject OF the formation OF this American
committee, q committee which testities
that it had no regular meetings, and
some members Of which were never
present at a meeting, or knew OF any
kept by the committee, while each OF
these houses we're receiving 100000.
This fact, ii it is u measure OF the gen.
eral conduct and management Of the
Panama Canal Company, may possibly
explain why it was compelled to go into
liquidation as soon rs it did"
The report also states that "Your
committee has examined the matter
sufficiently TO be able to say that, 80 far
us the treaty Of 1916 with New Granada
is concerned, and so far as the con
cesslon 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 aver in terms
granted or by implication secured either
to an American corporation or to citi-
ZEN OF the United States, to the exClus-
ion of citizens Of any other country"
"Your committee reports that it has
not found any evidence to show that
corrupt or improper means were used
TO stitle the investigation or discussion
OF these resolutions in fact, in spite OF
the arguments of Mr.. Thompson and
tho counsel employed by him to assist,
the Grape resolution was reported back
TO the house in u somewhat modified
form, but with a report ringing with
true American patriotism and a manly,
yet conservative, assertion OF the Mon
roe doctrine as it is generally under
stood in the United States.
"Your committee can not refrain
from calling attention to what seems to
be an obvious deduction from the facts
shown, that it ia in the interest OF the
United States that the American people
should absolutely control some outlet
across tho Isthmus, at some point which
shall be used for the benefit OF Ameri-
can trade in general, rs an open and
continuous competitor, atEording no op-
portunity for entangling subsidies from
great competing lines or chance Of fall
ing into the grasp Of any monopoly
through stock manipulation"