New-York tribune., 1902-01-05
PANAMA'S OFFER MADE.
LAID BEFORE THE PRESIDENT
BY ADMIRAL WALKER.
PROPOSAL TO SELL FOR S4OO0oO0O WILL.
PROBABLY BE SENT TO CONGRESS
WITHOUT RECOMMENDATION
my TELEGRArH TO rur rRIpryE.l

IN if--sNhAt't To THE TRIBUNE
Washington. Jan. As foreshadoved bv The
Tribune's special dispatches both from Wash
ington and Paris last night. formal and def
mite proposition to-day was made bv representa-
I tlves Of the French shareholders to sell the
fanama Canal to this government for $4,000
Ouo The proposition was submitted to Admiral
John G. Walker, president OF the Isthnian Canal
Commission, by NJ. Boeufve. a member of the
: French Embassy, who acted under instructions
/ received this morning by cable from the resDon-
sloie officials of the Panama Canal Company in
farls. Admiral Walker Immediately called on
! secretary Hay and officially made known TO
! MN the receipt Of the proposition and Secretary
/ Hay soon laid it before President Roosevelt In
substance the notification delivered to Admiral
+ Walker follows:
The Panama Canal Company decI,rc. itself
fcndE tn transfer to the government of the
'"i'"" states on pHEincnt of &tO,e0O.OeU. it's
properties and concessions, estimated al TINT
""fouht by the Isthminn Canal Commission,
in conformity with the terms and conditions
"i '"e eSum"teS of that commission.
While this offer has all the binding force re-
/ qured to put the transaction on a plain strict
business basis, stil it is understood that no Of
/ hclal representations Will be made from Wash
Higtoi to the Panama Canal officers in Paris un-
III 'here has been full and free discussion of the
/ subject here between Admiral Walker and other
members of the Isthmian Canal Commission
On one side and NJ Edouard Lampre secI ctary
general of the French Panama Canal Company.
anG NJ. Boeufve, on the other side. NJ Lampr6
Is due TO arrive at New-Yor1 tomorrow on the
steamer Aquitaine it is known that he is
bringing the proposition for the sale just as it
was formulated by the new managers of the
company at tteir recent meeting in Paris Why
the Frenchmen resorted to the use Of the ca BILE to
lay their offer before this government ahead of
the arrival here of their duly authorized agent
IS not known although it is inferred that they
decided this was the wisest course in order
thoroughly to impress everybody concerned with
the earnestness of their proposition.
FAVORED BY THE WALKER COMMISSION.
That Admiral Walker and most of his asso-
ciates on the Isthmian Canal Commission will
favor the acceptance of the offer there is very
little room for doubt, since in their recent report
they fixed The value OF the French property az
the figure at which the Frenchmen have agreed
10 dispose of it outright to the United States.
The fact is, as pointed out in these dispatches
last night. that careful reading of the com
missions report shows a stronger leaning 10 the
Panama route than to the Nicaragua route. and
the spirit of the report is declared by many
capable judges 10 be ingenious argument all
the way through for the Panama project.
Whether or not the commission will amend its
report for submission TO Cougress is another
question. which probably VIII be determined en-
trely 10y the wishes OF the President and Secre-
tary OF state
PRESIDENTS PROBABLE ACTION
Nor can it yet be judged what action the
President viii take on the matter for the as
slstancc Of Congress II he should send a spe-
cial message on the subject soon after Con
gress reassembes next week, ~ecommeuding the
acceptance of the French offer and the neces-
sary legislation to give it effect. that action
might delay definite action on the canal en-
terprisc at this session by precipitating Ions
and acrimonious debate in both the House and
the Senate. In other words. by such course
as this the President would be assuming full
responsibility for the canal. and Congress might
not thus 10 surrender its prerogativc with
out first obtaining more light on the subject Of
the comparative merits of tho two routes than
il now losS, Sses For this reason il is be
leved the President viii transmit the offer
Congress without recommendation of any
kad, and leave that body to struggle with the
question as II may see tit The outcome of this
probably would be a request 20 the President
that the Isthmian Canal CoWmif5!On make
fJTther special investigation Of the Panama
scheme together with careful estimate of the
value OF the physical property along the route
owned by the French company. and also
estimate Of the actual amount of money
thus far expended In the work of construction.
embrace some additional engineering work by
the commission in order that every phase of this
important feature of the enterprise would be
thoroughly covered for the guidance of Con
gress.
THE HEPBURN NICARAGUA BILL.
1t is not yet known whether this new turn to
the canal question will damp the ardor Of the
House for the Hepburn Nicaragua bill That
measure IS special order the House Calen-
dar for next Tuesday, and if Mr. Hepburn in
sists on pushing it the House probably will not
have the courage to defeat its passage after a
perfunctory debate. in which most Of the mem
bers will scramble for opportunity to declare
themselves enthusiastically In favor Of con-
structing isthmian waterway. They will do
this to save themselves from the danger of an
embarrassing explanation to their constituents
when they return home next summer for re-
election. and then will pass the whole canal |
question up to the Senate for final disposition
is the wont of the House to do many
important measures that confront Congress in !
these days There is no evidence that the Sen
fears to deal with the question strictly on |
it's merits. and in doing this it probably will |
necessarily delay definite final canal legisla- |
tion at this session. now that the French propo-
sition has been put in a shape that demands |
earnest and careful consideration.
THE COMMISSIONS ESTIMATES.
The offer as made Admiral Walker and |
later communicated to the President refers to
the estimates Of the Isthmian Canal Commits |
sion's report. This feature of the report ap- |
pears under the caption Total Value of the |
Panama Canal" and is follows:
Summing up the foregoing items the total |
value of the property is found to be: EXCava- |
ton already done, S21, 1,474 ,033; Panama Railroad |
stock at par. $6,S50.000; maps drawings ana |
records S2.O00.000. To which add 10 per cent |
TO cover omissions. making the total valuation
of the Panama Canal S40O000OD.
THE COMPANY'S DECISION
Paris Jan. 4.-The directors of the Panama