Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-14
CANAL BILL TAKEN UP
Bonds Given Same Privileges
as Other Bonds.
ACTION BY TIE SEN ATE
MR.. TELLER DISCUSSES THE PRO-
JECT GENERALLY.
Does Not Believe It VIII Be the Suc-
cess Which Its Friends Expect
Mr.. Elkins Reports.

Mr.. Aldrich reported to the Senate today
from the committee on finance substitute
for the Teller Panama canal bond bill In
presenting the report he said that the bill
has the effect of giving the 2 per cent canal
bonds the same privileges and rights ac-
corded to other 2 per cent bonds, and asked
for its immediate consideration
Mr.. Pettus at first objected to present
consideration. but a few minutes later
withdrew his objection, and the bin passed
without debate.
The committee on finance had considered
the bill introduced by Senator Teller in re-
lation to the per centum bonds issued for
the construction of the Panama canal, and
agreed unanimously to report a substitute,
as follows:
THAT the per centum bonds of tho
United States authorized by section of
the act entitled An act to provide for the
construction of a canal connecting the wa.
ters of the Atlantic and Pacific oceans ap-
proved June 2s, 1902 shall have all the
rights and privileges accorded by law to
other per centum bonds of the United
States, and every national banking associ-
alton having on deposit. as provided by law,
such bonds issued under the provisions OF
said section y of said act, approved June 2S,
1902, to secure It's circulating notes, shall
pay TO the treasury of the United States in
the months of January and July, a tax of
oneNfourth of 1 per centum each half year
upon the average amount of such of It's
notes in circulation as are based upon tho
deposit of said per centum bonds; and
such taxes shall be in lieu of existing taxes
on its notes in circulation imposed by Sec
tion 52l4 of the Revised Statutes"
Mr. Elkins asked and obtained the consent
of the Senate to make an oral report from
the committee on interstate commerce con-
corning the progress of the committees in
vestigation of the railroad rate question.
He said that the committee had found it
impossible to report bill ten days after
the conyening of Congress, as directed by
the resolution ordering the inquiry.
I'VE cSnnot report today" he said. but
/ am justified in saying that 1t is the belief
of the members that later the committee
Will be able to present measure"
He added that the committee had been in
session from April to June, and again since
November p last. and was giving all the
time possible to the question.
Canal Bill Taken Up.
The emergency canal appropriation bill
was then taken up. After the amendment
had been agreed to Mr., Teller discussed
canal matters in general
He called attention to the complaints which
he said had been made by the commission
of opposition in the Senate and elsewhere to
the canal enterprise. For himself he did
not believe that the canal would be the sue
cess which it's friends hoped Ii would be,
and he added that the conditions would be
found to be very different from what they
were in the Welland canal the Suez
canal; hence. the success OF those water
ways could not be considered as a criterion
for the Panama enterprise.
Defends Wallace.
Mr.. Teller in the course Of his speech in
dicated a preference for a sea-level canal.
He also defended ex-Chief Engineer Wall
lace, and Mr.. Hopkins of Illinois said that It
was not true that Wallace left the canal be-
cause he wanted more salary, but because
he could not build the canal in accordance
with the spirit of the law.