The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1902-01-08
The PANAMA CANAL at COST.
offered to the United States at
SAo,Oo0,O0O Only.

Washington, January A formal
proposition to sell the Panama Canal
properties to the United States Gov
ernment for $40, 900, 600 was submitted
today to the authorities here. 1t was
made by NJ. Boeufve, representing the
company, to Admiral Walker, as
chairman of the Isthmian Canal COM
mission. NJ. Boeufve acted under
cable instructions received today from
the Panama Canal officials at Paris
Admiral Walker brought the PROPOSE
tion to the knowledge of the Secre-
tary of State and the President, going
directly to the State department, for
that purpose.
The submission of this offer carries
out plan which has been under con-
sideration for the last two weeks. The
first step was taken when M. Hutin
retired from the presidency of the
Panama Company. This brought
about an entire change in the man
agement, the main feature of the
change being that those in authority
desired to make a definite offer of the
Panama properties to this Govern
ment for $40, 000,0 900. There have been
numerous meetings at Paris with this
end in view, but the one which brought
about the final proposition was held
yesterday. It had been the intention
to make the offer through Edward
Lampre, secretary general of the com
pany, WHO is due to arrive at New
York on the steamer Acquitaine to-
morrow, but the meeting appears to
have taken a view that the offer
should be made without waiting for
the arrival of M. Lampre. According
ly the cable instructions were forward
ed to NJ. Boeufve. He went at once to
the Office of the Isthmian Canal COM
mission and advised Admiral Walker
of what had been the determination of
the company. In substance the nosi6-
cation of Admiral Walker was as fol-
lows:
"The Panama Canal Company de-
clares itself ready to transfer to the
Government of the United States on
payment of $40, 900, 600 it's properties
and concessions, estimated at that
amount by the Isthmian Canal COM
mission, in conforming with the terms
and conditions and estimates of said
commission.
Except to submit the proposition in
the foregoing terms there was no dis
cussion with Admiral Walker as to
what further steps were likely to be
taken, except to bring the proposition
to the attention of the Secretary Of
State and the President.
Admiral Walker called at the State
department at this noon and COM
municated to Secretary Hay the offer
which NJ. Boeufve had submitted in
behalf of the canal company. The mat
ter soon thereafter was brought to the
attention of the President.
It can be stated that the President
will communicate the proposition to
! Congress. This course will be pursued
because the Administration holds that
the canal question is now one for
legislative determination, and that as
Congress is about to consider the sub
ject it should have possession of all the
facts that have come to the executive
branch.
The offer as made to Admiral Walk
er, and later communicated to the
President and Secretary of State,
refers to the estimates of the isthmian
commission report. This feature of
the commissions report appears un-
der the caption, total value of the
Panama Canal,'' and is as follows:
Summing up the foregoing items
the total value of the properties is
found to be:
Excavations already done s27, ,474, :
O55, Panaam Railroad stock at par
s6, $50, 600, maps, drawings and records
81, 900, 000 To which add 10 per cent
to cover omissions, making the total
valuation Of the Panama Canal S40,-
600, 000."