Evening star., 1902-01-13
THE PANAMA CANAL
Further Investigation by the Senate
Committee
N. LAMPRB QUESTIONED CLOSELY
Senator Morgan Says He Would
Not Have 1t Anyway.
W Fl A T AS DISCLOS ED

A meeting of the committee on inter-
oceanic canal was held at II o'clock this
morning. NJ. Edouard Lampre secretary
general of the Panama Canal Company
and NJ. Jules Boeufve of the French en-
basSy were present, and the investigation
begun on Saturday into the proposition of
the Panama Canal Company was contin-
ued. The questions asked today were
largely in further explanation of matters
that were covered at the meeting on Sat
nrday. M. Lanlpre was particularly ques-
toned this morning in regard to the rights
OF the French people who are stockholders
in the Panama Canal Company, and in re-
gard to the assets of that company. Facts
relating to the Panama railroad, which is
owned by the Panama Canal Company,
We're developed and the enormous dvi-
dends declared on the stock of that COM
pany, which, 1t was declared. amounted
to 81 per cent On the capitalization, were
gone into.
The committee adjourned at - o'clock
with an understanding that 1t would reas-
semble at O'Clock tomorrow afternoon.
when both NJ. Lampre and NJ. Boeufve will
be present to answer any further questions
that may be considered desirable by the
members Of the committee if a further ex-
animation should be decided upon.
Upon the adjournment of the meeting
Senator Morgan, chairman of the commit
tee, went over the report of testimony
taken Saturday with NJ. Lampre in order
that the latter might make such corrections
as he desired. This testimony of Saturday
covered about 10 typewriter pages. and
the work of reading it over and suggesting
corrections consumed two or three hours
Nothing Definite to Offer.
The result of the investigation has been
to discover that the representative of the
Panama Canal Company has nothing of a
definite nature to offer the United States
government in regard to the sale of the
Panama canal plant. He could only say
that the entire plant would be turned over
to the government for $40 OO0 600 and that
written instructions and a formal offer to
this erect were on the way to this country
from France.
When asked by Senator Morgan whether
the S40.000.000 would secure all the assets
of the Panama Canal Company he repiied
that it would. When further asked if it
Would secure the cash in the treasury of
that company he said it would not include
the ca sh.1*FStsstsz4
Senator Morgan to a Star reporter ey-
pressed himself satisfied that the prop
osition to turn over the Panama canal
property to the United States was merely
a movement in the interests of procrasi-
nation, and he did not believe it would re-
suit in anything desirable, and i'm fact. he
was convinced that for very many reasons
this country could not afford to accept the
Panama Canal Company at any price. or
for nothing at all. because in so doing 1t
would destroy the interest of many thou
sands of French people who are stockhold-
ers In the Panama Canal Company, and
might bring on a difficulty between this
country and the French government.
The testimony has satisfied Senator Nor
gan that the canal company has kept alive
a pretepse of building canal at Panama
for the purpose of keeping the project alive
50 that 1t might be sold to the United States
When asked whether the Panama Canal
Company intended to complete the canal
M. Lampre replied No" When asked
whether that company did not see good
thing in the United States government as
purchaser for it's unfinished canal when
the time should come, NJ. Lampre did not
reply. 1t was evident that he did not like
the character Of questions that We're being
asked him by Senator Morgan Senator
Morgan was very candid in his conversa-
ton with the representative of the Panama
Canal Company during the investigation
and showed that he could not think the
proposition to sell the Panama canal to this
government for $40, 600 900, when it was for
merly offered for 500 000, 600, and declared
to be worth fully that amount. was in keep
ing with a fair treatment of the stockhold-
ers and the bondholders of the Panama
scheme. He remarked that when man
invests his money in a corporation in this
country he has protection which would not
permit the sale of such corporate interests
In the manner in which it is now proposed
to sell the Panama canal to the American
government
Senator MOrHan's Valuation.
Il wouldn't give you 371a cents for your
canal" said Senator Morgan. You know
as Frenchman that the French republic
and the American republic have been
friendly for over a hundred years. France
came to our assistance when we were
fighting our battle for independence against
Great Britain. France in all the years
that have followed has never levied tribute
nor declared war against us. AS you have
indicated. there are 100000 Frenchmen who
hold interests great or small in the Panama
Canal Company. This government cannot
afford to make enemies of these 100000 and
their children, relatives and friends by buy
ing something which under our laws we
have no right to buy without the full con-
sent of every man interested, even though
he has but a francs interest in the con-
Germ. When / say / would not give 3t12
cents for the Panama canal / mean that 1
would not take 1t under any circumstances.
because 1t would not be fair to those who
have their money invested in the COM
pany.
AS stated, Senator Morgan is satisfied
that nothing can come of the offer of the
Panama canal to this government for $40
600, 600. The representative of the company
could not indicate anything regarding the
terms of the sale, whether it would be in
cash or on time or what, If any, conditions
would be attached to 1t, further than the
mere statement that the canal in its present
condition would be turned over to this gov
sernment for S40,000,0 900. If any definite
proposition arise from France in time to be
submitted to the committee it will be taken
up and considered, but there is a decided
lack of disposition to delay action the
canal bill in order to see what sort of a
proposition will come from France.