Tazewell Republican. [volume] (Tazewell, Va.) 1892-1919, 1902-01-09
FORMAL OFFER
TO SELL CANAL
Panama Properties May Be Had for
$4O,OOO,OOO.
NO DISCUSSION OF THE MATTER
Proposition Laid Before Secretary Of STATE
and the PreSident-Wil Be Given
to Congress for Consideration.

Washington, Jan. A formal propo-
sition to sell the Panama Canal proper
ties to the United States Government for
$40 100000 today was submitted to the
authorities here. 1t was made by Nj.
Boeufve, representing the company, to
Admiral Walker, as chairman of tue 18th
main Canal Commission. NJ. Boeufve
acted under cable instructions received to-
day from the Panama officials at Paris
Admiral Walker brought the proposition
to the knowledge of the Secretary of State
and the President going directly to the
Department for that purpose.
The submission of this offer carries out
a plan which has been under consideration
for the last two weeks. The first step was
taken when NJ. Hutin retired from the
presidency of the Panama Company This
brought about an entire change in the
management, the main feature OF the
change being that those in authority de-
sired to make definite offer of the Pana-
ma properties to this government for S4O,
900, 900. There have been numerous
meetings at Paris with this end in view,
but tue one which brought about the final
proposition was held yesterday. 1t had
been the intention to make the offer
through Edgard Lampre, secretary general
of the company, who is due to arrive at
New York OIL the steamer Aquitain to-
morrow; but the meeting appears to haye
taken a view that the offer should be
made without waiting for the arrival Of
Mr.. Lampre. Accordingly, the cable in
were forwarded to NJ. Boeufve.
He went at once to the office Of the 18TH
main Commission and advised Admiral
Walker Of what had been the determine.
tion of the company.
NO DISCUSSION.
In substance, the notification to Ad-
miral Walker was as follows:
"The Panama Canal Company declares
itself ready to transfer to the Government
of the United States on payment OF $4O,-
O0O, 600, its properties and concessions, es'
timated at that amount by the lsthmain
Canal Commission, in conformity with the
terms and conditions of the estimates OF
said commission"
Except to submit the proposition in the
foregoing terms, there was no discussion
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 De-
partment at noon and communicated 10
Secretary Hay the offer which M. Boeufve
had submitted in behalf of the Canal Com
pany. The matter soon thereafter was
brought to the attention Of the President.
1t can be stated that the President will
the proposition to Congress.
This course will be pursued because the
holds that the canal ques-
tion is now purely one for legislative de-
termination, and that as Congress is about
to consider the subject it should have pos
session of all facts that have come to the
knowledge of the executive branch.
The offer as made to Admiral Walker
and later communicated to the President
and Secretary of State refers to the es-
Inmates of the Isthmain Commissions re-
port. This feature of the commissions
report appears under the caption Total
Value of the Panama Canal" and is as
follows:
Summing up the foregoing items, the
total value of the property is found to be:
Excavation already done, $27, ,474, ,O33.
"Panama Railroad stock at par $780,
600.
"Maps, drawings and records, $1,000
900.
"To which add 10 per cent, to cover
omissions, making the total valuation OF
the Panama Canal 40,0O0,000."