Evening star., 1904-04-28
THE CANAL PAYMENTS
MONEY HAS BEEN ADVANCED TO
THE COMPANY.
French Syndicate Will Draw Upon the
Treasury-Panama Wants a
Million at Once.

officially notify Secretary Shaw at any Time
that the United States is In complete legal
possession of the Panama canal and all the
property that belonged to the Panama
Canal Company, and that the s40,OOOoOO
purchase price may be paid to the proper
authorities. Secretary Shaw has the cash
ready to make the payment when he is in
formed that it may be done and to whom
the payment may be made.
Forty Millions Advanced.
Attorney General Knox has cablegrams
from Messrs Day and Russell, represent
atives of the Department of Justice in
Paris, saying that all the necessary deeds,
papers, &C., are In their hands, and that
French syndicate has advanced the S40,O co.
0OO to the canal company. This syndicate
will draw upon the Treasury Department
for the money Just what the details would
be were not known at the treasury today.
Secretary Shaw was at the Capitol with the
President. The French syndicate Will prob
ably telegraph to it's correspondents in New
York to draw upon the treasury or tele-
graph the treasury to pay to Its represent
atives in New York the money. II this
course is not followed then the draft Will
come by mail and may not get here for
eight or ten days. The belief at the treas
ury, however, is that the money will be
paid within day or SO.
Panama Wants Million.
The republic of Panama has asked the
Treasury Department to pay to its fiscal
agents in New York, j. P. Morgan & Co..
at once 81 100000 of the $40, 100000 that is
to be paid that country, and a check for
this amount will be drawn Immediately.
This check 1T is likely, will be drawn in
favor Of the Secretary of State, who will
indorse 1T to the republic of Panama The
remaining 100000 will be paid as des-
There
of that government in the United States
now authorized to receive the money, but
a minister will arrive here some time in
June and he will receive the money If
earlier arrangements are not made. A
draft for the 100000 balance will prob
ably be made out to Secretary Hay also
and be placed in his hands for assign
ment as Panama directs. If the republic
wants the money paid to Morgan & Co. it
will be turned over to that institution.
The Treasury Balance.
By reason of the constant heavy expendi-
lures Of the treasury this fiscal year the
government will not have as much spare
change when the $4,000 600 payments are
closed was at first thought. There was
today approximately working balance of
$51 900. 600 in the treasury.
In national bank repositories in New
York there Is accumulated about $27 500 600
to be used in connection with these pay
mentS- Inc $ZZ,ooOUOO necessary to make
up the total $4,000, 600 must be paid out
of the working balance of the department
or another call must be made on national
bank repositories for the amount needed.
Secretary Shaw is apparently disnclined to
do this, and will make the payment out of
the working balance. AS the figures stand
now this balance will be reduced to less
than $500 ,0O0-about s2S, 100000, to be
more accurate, depending upon the changes
in the receipts and expenditure account dur
ing the next few lays. The figure will be
around $30,O00,OO0 1t has always been a
tradition of treasury officials that the work.
ing balance ought not to go below $50 600,
coo, but the tradition will be violated this
time. Secretary Shaw, can at any time,
however, increase this working balance by
drawing upon repositories for government
money with them. After these repositories
have paid the amount ordered by Secretary
Shaw on the canal they will still have more
than $19oo00,0O0 of government money in
their vaults
Canal Property Transferred.
The canal property has been formally
turned over to Lieut.. Mark Brooke of the
Engineer Corps Of the United States army,
| now at Colon, and the United States ID
not only in legal control but actual control
4