The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-03-21

Washington. March l9--Senator Nor
gan from the committee on isthmian
canals today presented to the senate
the majority and minority reports of
that committee on the question OF the
validity OF the title OF the new Panama
Canal Company and its rights to trans
fer the Panama canal property to the
United States for $4,000. 600.
The objections OF the majority TO the
title held by that company are based
largely upon the relations OF the canal
company to the governments of France
and Colombia. but the committee also
discussed at length many other phases
Of the question. Among these is the
relations of the shareholders. who sub
scribed 5000. 600 to the old Panama
Company. whose interests. the report
holds. cannot be lightly regarded. On
this point the report says:
THE spectacle of the United States
congress authorizing the pre- resident as
the agent OF our government, to con-
nuct trade with Such q corporation.
without consulting France as to the
claim Of independence it (the new Pan
anna Con- rany ~ pSSertS, will be entirely
new in the history of nations, and 1T
consequences cannot be lightly disre-
garded.
Among these is the serious danger
Of the United States being drawn into
disa agreeab BILE relations with large anC
influential body of the worthy people of
France, whose friendship for US has
been cherished during the entire life
our republic. and had its origin In mag
unanimous sacrifices for our country
when this government was in the tra-
vail of its birth. Unfortunately. the
report of the isthmian canal committee
reveals the fact that the men who make
us this offer are chief among those who
defrauded these six or eight hundred
thousand Frenchmen OF $3.50. 600 Co.,
Speaking further of the OBLIGATIONS OF
| the new company to the old, the ma
| jority say:
eff Mr.. Eifell and his assistants get
| $40, ,000,0 0G0 from the American people i
| is we'll thXt they are sheltered from th
claims of these defrauded and despoilec
hondholders end stockholders by the al
legged despotism of French courts. The
would never escape justice in American
courts and would be compelled to ac-
count for every dollar of the money to
the bondho,Cers and TO the stock bear
| ing interest. before applying any of II
to the profits of their sneculation."
The minority report, which was pre-
pared by Senator Kittridge. completely
upholds the title Of the new Paname
Company as will Re seen from the fol
| lowing extract which constitutes its
| opening paragraph:
1.-THE title of the new Panama Com
many to it's concessions and other prop
erty appears from the facts and docu-
r?ents which have been laid before the
sub committee and is clear and free
from any complications. For a transfer
Of its concessions to the United States.
the consent Of Colombia is requisite.
hut this consent has been given by the
government of that country as fully as
It can now he given. In case of pur
chase of the canal by the United States
different concessions and different
rights must he obtained by treaty be-
tween this country and Colombia, anc
such a treaty would necessarily involve
a consent TO the sale bv the company
Of it's rights and property on the 18TH
mus to the United States. Such q
Dtreaty Colombia has shown and declar-
ed it's readiness to make. On every
other point the right OF the new Pan
anna Canal Company TO transfer itS
property to the United States Is per-
cectly clear Every link in the chain
of its title and every step In the course
hv which 1t beceme in a position to sell
its property. free and clear. Is plain and
satisfa ctory."
The minority also finds that the af-
fairs Of the Old company were disposed
of by a French court In a straight
| forward way when that company be-
came insolvent and that the court had
a perfect right. not only TO appoint a
liuuida.or or receiver. but tn confer
upon him. as WIS Gone. power Ito
| grant or contribute to eny new COM
many all or part OF the corporate as
sets