The daily morning journal and courier., 1902-01-21

1 lluSl us le'hCll III INtAA Nelt'SS'
 The offer from the new Panama Cana
 company to convey all it's property in-
 cluding all it's interest in the Panama
 railroad, to the United States, will
 make the estimated cost of the tive
 canals, as follows:
 Nicaragua, $1S9, 1884, ,062.
 Panama $1S4, ,233. .S5S.
 The transfer would give title to all of
 the land now held by both the Panama
 Canal company and the Panama Rail
 road company, which covers nearly all
 lands required for the construction of
 the canal The land held by private
 parties at Nicaragua must be acquired
 and it's acquisition may prove expen-
 sive.
 The question whether the new Pan-
 anna Canal company can make a valid
 title to a purchaser to the property l formerly belonging to the old company,
 it's predecessor, has been considered in
 the former reports of the commission. i But in view of the importance, in con- nection with the present offer, the re-
 suits of the investigations which have been made will be presented again. Besides the canal property which the old company acquired under conces-
 sion from the Colombian government,
 nearly all of the shares of the Panama
 Railroad company are owned by it. By
 purchasing these it obtained control of
 the concessions under which the road
 had been built. The latter concession
 will continue in force until 1866; the
 canal concession is to run for ninety flo yxyti ia1, ba canal shall be opened to public service and the date for this in the concession, according to its latest extension, iS De- tober 31, 1910. When these periods shall have expired the different properties are to belong absolutely to Colombia without compensation and the govern ment is under no obligation to extend either concession.
 The canal company is absolutely pro- hibited from ceding or mortgaging its rights under any consideration what ever to any nation or foreign govern ment under penalty of forfeiture. The contract with the railroad company contains like prohibition and declares further that the pain of forfeiture will be incurred by the mere act of attempt ing to cede or transfer its privilege to a foreign government. Such an act is declared absolutely null and of no value or effect
 But in order to permit the new Pan anna Canal company to enter upon the l which have resulted in the present offer, Colombia has waived l these qualificati tions and has authorized | the company to treat directly with the United States with a view to the use and occupation of the territory of the former for canal purposes, if our gov should select the Panama 'oute for an isthmian canal. After the ,ld company failed liquidator was ap- pointed by the French court to take ,harge of its property and affairs. When the new company was formed he vas authorized to contribute to it the lights. privileges, plans, documents, ,lant and unfinished work in his hands md under his control, and in considera- ion of this grant he was to receive 60 'er cent. of the net profits of the enter rise after having deducted all ex- ,enses, charges and stipulated divi- ends to be distributed by him among he parties in interest.
 This interest of the old company is { till under the attention of the liquida- l or and he must be party to any ar I angement that may be entered into l or sale and conveyance of the prop z rty As he derives his authority from i he tribunal that appointed him his ac- ion requires the approval and confirm { ton of the court. rl,a tha c lei | how that the 1iquidator has agreed to 1e proposition, and that he is acting c nder judicial authority. \ A deed to the property executed by ' le canal company and the liquidator equires the approval of the govern lent of Colombia, because of the pro ibition already referred to in the con- ,ssions and for the further reason that a le republic owns 50,00o shares. of 100 > 'ancs each, of the stock of the compa y, fully paid, of which it cannot be de- lived without it's consent. , Such a transfer of title thus approved if ould give the United States the same l. ght, title and interest in the premises lat the new Panama Canal company c' ,w has, but that would not be suf1f- " | would be valuable only be- A use their ownership by the United ates would remove the obstacles in a' e way of negotiations between the u 70 governments for the occupation of III ,lomban territory by the United ates for canal purposes but these III ncessions are unsatisfactory and in- ul and a new arrangement must u
 made if an isthnian canal is to be III by our government across oe Q Isthmus of Panama. pc The grant must be, not for term of =. ars, but in perpetuity, and strip of fo 'ritory extending from ocean to ocean a; q of sufficient width must be placed aa der the control of the United States 4,, e United States must have the right ~. enforce police regulations within this p a. lip, preserve order protect property Al. hts and exercise such other powers a are appropriate and necessary. The 4, siness relations between the railroads A q the canal companies and the Co., 'o nbian government must also be set q, and the consideration to be paid JIG the United States for the privileges as rights to be exercised in the future to st be agreed upon, free from all en- 1ol 'rassment due to past transactions. or The commission has no power to en- pr
 upon negotiations for the arrange Uni nt of these matters; they belong to co'
 treaty-making power, but the ac- In tance of the terms offered by the Inf V Panama Canal company should be tht