The times., 1901-04-03
The Panama Canal Syndicate.

According to a story published in
4 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 It is not surprising 10 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 10 the Nicaragua Canal, and
why the Stale Department has joined
so heartily with England in an effort to
/ revive the old exploded and buried
/ Clayton -Bulver Convention.
The scheme attributed to Mr. Morgan
/ is almost too gorgeous for the human
nina TO realize. II IS also calculated to
! put untold millions in the pockets of
/ it's promoters, if we may credit all we
hear. The trouble is that such thing
( is almost too good TO be true On the
/ Pacific side of the isthmus we are told,
and near he line of the proposed de
Lesseps ditch. are extensive and Won
to the best in Pennsylvania. and Of gold
in soft ore which may be worked with
2 pan. These. resources the syndicate
expect 10 utilize 10 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, viii be used in
backing the enterprise, and it's resul-
tant plant Is to be exclusively the prop
erty Of American citizens.
Nothing could read more smoothly.
II is possible. however. that, after a
new company had been chartered. and
construction was about TO begin. it
would be found necessary TO protect the
interests of British shareholders by re-
enacting the Clayton Bulwer Conyen-
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 j. 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 majority Of the old Panama Com
panys stock, would exchange their
holdings on reorganization basis for
The shares or bonds OF the new con-
cern. Such a 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 -conti-
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 TO beware Of the Greeks
when they come bearing gifts"