The daily morning journal and courier., 1902-04-24
PANAMA CANAL TREATY.
INSTRUMENT SIGNED AT VASE
 INGTON YESTERD1Y.
Lease of Route, Constructive Opera tons, Control of Terminal Cities, anu Harbors, and a Payment of $7,0O0 - 900 to Colombia.

Washington, April 23,-Secretary Hay treaty regarding the Panama Canal This instrument is undoubtedly the one concerning which so much has been mistakenly published in the press of late. It is not a mere protocol, as gen. erally stated. but a full treaty, and will be sent to the senate at the presi- dents discretion, but presumptiVely not till a canal act in the nature of the Spooner bill has been passed.
 According to the best information which can be gathere in the diplomatic circle, it consists of twenty-seven artl- cles, involving oncessions and obliga- tions on both sides. It provides for a perpetual lease of a strip of land for the purposes of canal route, six miles wide, the lease to run by hundred-year periods, and to be renewable at the op- tion of the United States. Customs du- ties, port dues, etc., are to be suspended as against the United States for such machinery and other material as may be needed for the work of construction. The Colombian government guarantees dlI lllt ldCllllleS ilcGCcGoiy ec St'ii J ''h the constructive operations, police and sanitary measures, and the like. 1t grants unreservedly to the Panama company the power to dispose of it's en- tre right title, and interest to the United States; and, if it should De found necessary for our government to acquire any more public land than will come in this ordinary course, the duty of fixing a price will devolve upon a mixed commission, the membership of which is provided for. The terminal cities, Panama and Colon, the waters of the two bays, and the adjacent isl- ands, are all brought substantially un- der the control of the United States government, by an arrangement for joint administration.
 These are some of the most important of the provisions: No price is fixed by Colombia for her concessions; but it is agreed that, upon the exchange of rati- fications between the two governments, ours shall pay to Colombia the sum of seven million dollars. In exchange for this, Columbia agrees to forego all rev. enues from rental and every other source connected with the canal for fourteen years from the date of the final ratification. Meanwhile Colombia and the United States are to agree up- on the terms of rental for the first hundred years. It may take the form of lump sum to be paid in cash, and do away with any further payments, or that of an annual stipend to be paid for the remaining eighty-six years of the first period of the lease.
 In case the two governments cannot come to an agreement on this head, the whole question is to be turned over to tribunal consisting of five mem- bers, two of them named by the United States, two by Colombia, and the fifth to be the presiding member of the In- ternational Arbitration Court of The Hague, or the presiednt of one of the republics not allied to either party. Both governments bind themselves to abide by the decision of this board of ap- peal as final, but no decision made by it Is to affect the provision already made for the final fourteen years that the treaty runs.