Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1902-03-27
VALIDITY OF CANAL TITLE.
Majority and Minority Reports Of the Senate
Committee.


Washington, March 81. - Senator
Morgan, from the committee on 18TH
mian canals, has presented to the sem
ate the majority and minority reports
OF that committee on the question of
the validity of the title of the new Pam
ANA Canal Company and its right to
transfer the Panama canal property to
the United States for sac, 900, 900. 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 Co
lombia, but the committee also dis
cusses at length many other phases of
the question. Among these is the rea-
tion of the shareholders who subscribed
$26O, OO0, 900 to the old Panama COM
pany, 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 conduct
II trade with such corporation (the
new Panama Canal Company without
consulting France as to the claim of in
dependence it (the new Panama Canal
Company asserts, will be entirely new
in the history Of nations, and its con-
sequences cannot be lightly disregarded.
"Among those is the serious danger
of the United States being drawn into
disagreeable relations with Il large and
influential body of the worthy people of
France, whose friendship for ny az been
cherished during the entire life Of our
republic, and had it's origin in magnan-
imous sacrifices for our country when
this country was in the travail of it's
birth. Unfortunately, the report of
the isthmian canal commission reveals
the fact that the men who made this
offer are chief among those who de-
frauded these 800, 900 or 500, 900
Frenchmen of $3.50, 600, O0O."
Speaking further of tho obligations
of the new company to the old, the ma
jority say:
"lf MIR. Eiffel and his associates get
$40 ,O00, 900 from the American people,
it is we'll that they are sheltered from
the claims of these defrauded and de-
spoiled bondholders and stockholders
by the alleged despotism of French
courts. They would never escape JUS
Itice in American courts, and would be
compelled to account for every dollar of
the money to the bondholders, and to
the stocks bearing interest, before APP
Flying any of it to the profits of their
pecn lation.'
The minority report, which was pre-
pared by Senator kttridge, completely
rpholds the title of the new Panama
Company, as will be seen from the fol-
lowing extract, which constitutes its
Opening paragraph:
"The 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 to be clear and free from
any complications. For transfer of
its concessions to the United States, the
consent of Colombia is requisite, but
this consent has been given by the gov.
eminent of that country as fully as it
can now be given. In case of purchase
OF the canal by the United States, diff
ferent concessions and different rights
must be obtained by treaty between
this country and Colombia, and such
treaty would necessarily involve the
consent of the senate to the transfer bv
the company Of its rights and property
on the ishtmus to the United States.
Such treaty Colombia has shown and
declared its readiness to make. In
every other point, the right of the new
Panama Canal Company to transfer its
property to the United States is per-
fectly clear. Every link in the chain
OF it's title, and every step in the course
by which it became in position to sell
its property, free and clear, is plain and
satisfactory"