Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1902-03-22

Washington, March Ex-senator
mian canals, yesterday presented TO the
senate the majority and minority re-
ports of that committee ON the ques-
ton of the validity Of the title Of the
new Panama Canal company and its
right to transfer the Panama canal
property to the United States for S40,-
100000. The objections Of the majority
to the title held by that company are
based largely on the relations of the
canal company to the governments of
France and Colombia, but the COM
mittee also discusses at length many
other phases of the question. Among
these is the rea tiOn of the shareholders
who subscribed $500, 100000 to the old
Panama company whose interests the
report holds, cannot be lightly regarded.
On this point the report says:
THE spectacle of the United States
congress authorizing the president, as
the agent of our government, to con-
duct trade with such corpora tiOn
(the new Panama Canal company
without consulting France as to the
claim Of independence it (the new
Panama company asserts, will be ell
tirely new in the history of nations and
its consequences cannot be lightly dis
regarded. Unfortunately the report of
the iSthmian canal commission re-
veals the fact that men who make this
offer are chief among those who de-
frauded these 100000 or 100000
Frenchmen Of 5OOOO,OOO"
Speaking further of the Oblga tiOns of
the new company to the old, the ma
jorty says: IF Mr.. Eifell and his as
sociates get $4O,OOO,OOO from the Amer
lean people it is well that they are
sheltered from the claims of these de-
frauded and despOiled bonaholders and
stockholders by the alleged despotism
of French courts. They would never
escape justice in American courts and
would be compelled to account for
every dollar Of the money to the bond
holders and to the stocks bearing in
terest. before applying any of it to the
profits of their speculation"
The minority report, which was pre-
pared by Senator Kittredge, com
pletely upholds the title of the new
Panama company, as will be seen from
the following extract which constitutes
its opening paragraph:
"rhe title of the new Panama COM
pany to its concessions and other prop
erty appears, from the facts and dOcu-
ments which have been laid before the
subcommittee, clear and free from any
complications. For transfer of it's
concessions to the United States the
consent Of Colombia is requisite, but
this consent has been given by the gov
ernment Of that country as fully as 1t
can now be given. In case of the pur-
chase of the canal by the United
States, definite concessions and def
mite rights must be obtained by treaty
between this country and Colombia,
and such treaty would necessarily in
vOlve consent to the sal by the COM
pany of its rights and property on the
isthmus to the United States. Such n
treaty Colombia has shown and de-
clared its readiness to make. On every
point the right of the new Panama
Canal company to transfer its property
to the United States is perfectly clear
Every link in the chain of it's title and
every step in the course by which it be-
came in position to sell it's property,
free and clear is plain and satisfac-
tory.
The report then reviews the entire
origin and history of the Panama Canal
company and finds that the affairs of
the old company We're disposed of by
French court in a straightforward
way when that company became in
solvent, and that the court had per-
feet right not only to appoint a liquida-
tor or receiver, but to confer upon him,
as was done. power ''to grant or con-
tribute to any new company all or part
of the corporate assets"
The various objections to the new
company's title are then considered and
replied to. AS reason why the new
company should desire to sell 1t is ex-
planned that 'since the company could
not raise the money to complete the
canal. the only practicable course was
to sell the property"