The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-03
The Panama Canal Syndicate.

According to a story published in
New York yesterday the Panama Canal
scheme has been launched with telling
force upon the Administration by J. P.
| Morgan and his associates. among
whom 1t is not surprising to find re-
! ported Mr. Marcus A. Hanna. 1t is
stated that Mr. Morgan proposes to buy
out the French company, complete the
canal, and give extraordinary advan-
| tages to the United States Government
in the way of tolls. as well as consent
ing to American control of the water
way in time of war. and asks nothing
in return but permission to undertake
the task.
If the story be true. we have now
some such explanation as we have been
expecting of the reason why the Ad
ministration and its cohorts in Con-
gress all along have been so persistent
ly opposed to the Nicaragua Canal, and
why the State Department has Joined
so heartily with England in an effort to
revive the old exploded and buried
Clayton Bulwer Convention.
The scheme attributed to Mr.. Morgan
is almost too gorgeous for the human
mind to realize. II is also calculated TO
put untold millions in the pockets of
its promoters, if we may credit all we
hear. The trouble is that such a thing
is almost too good to be true. On the
Pacific side of the isthmus we are told,
and near the line of the proposed de
Lesseps ditch. are extensive and Won
derful deposits OF anthracite coal. equal
to the best in Pennsylvania, and of gold
in soft ore which may be worked with
a pan. These resources the syndicate
expect to utilize TO enormous profit, and
it Is asserted that J. p. Morgan told
the President the other day that the
work would not cost the Government
a single cent, and that it would be COM
pleted before 1910. Only American
money. it is claimed, will be used in
backing the enterprise. and its result
tant plant is to be exclusively the prop
erty of American citizens.
Nothing could read more smoothly.
1t is possible. however, that, after a
new company had been chartered. and
construction was about to begin. IL
would be found necessary to protect the
interests of British shareholders by re-
enacting the Clayton Bulwer Conven-
ton. AS soon as the matter of charter
should. be out of the way, there is little
doubt that the English financial fol-
lowing of ]. P. Morgan would desire
and receive some of the shares, and
subscribe for some Of the bonds. AS
likely as not the Frankfort Paris, and
Vienna branches Of the Rothschild fam
lily, who probably now own or control
a ma jority of the old Panama Com
pany's stock, would exchange their
holdings on reorganization basis for
the shares or bonds of the new con-
Germ. Such variety of ownership
naturally would suggest the propriety
OF making the canal neutral. and open
on equal terms to the commerce of all
nations.
Too much scrutiny cannot be applied
to a project which, in addition to being
primarily a gigantic stock deal. is
heartily favored by the trans CONT |
Mental railway interest whose expo
nents declare that any inter-oceanic
waterway in this hemisphere would !
ruin their transportation systems. The !
proposition demands the most careful |
analysis. It may be all right, but it is |
proper for us 10 beware Of the Greeks |
when they come bearing gifts"